The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) Order 2023

Modification of the FCA’s and PRA’s rule-making powers U.K.

3.—(1) Sections 137A(1), 137G(1) and 192XA(1) of FSMA(1) (the FCA’s general rules, the PRA’s general rules and PRA rules applying to holding companies) have effect as if modified by inserting at the end of [F1 each provision]—

“or for the purposes of, to facilitate, or in consequence of, the Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument 2023.”.

(2) Section 138A of FSMA(2) (modification or waiver of rules) is modified so it [F2 also] applies in relation to [F3 HSBC UK Bank plc and any undertaking in its group]—

(a) in the absence of an application by [F4 HSBC UK Bank plc or the relevant undertaking in its group];

(b) without any requirement for consent by [F5 HSBC UK Bank plc or the relevant undertaking in its group];

(c) without the requirement that the regulator be satisfied about the matters referred to in subsection (4); and

(d) subject instead to the condition that it appears to the regulator that modification or waiver (as the case may be) is necessary for the purposes of, to facilitate, or in consequence of, the Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument 2023.

Textual Amendments

F1 Words in art. 3(1) substituted (23.6.2023) by The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 (S.I. 2023/694), arts. 1(2), 3(3)

F2 Word in art. 3(2) inserted (23.6.2023) by The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 (S.I. 2023/694), arts. 1(2), 3(4)(a)(i)

F3 Words in art. 3(2) substituted (23.6.2023) by The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 (S.I. 2023/694), arts. 1(2), 3(4)(a)(ii)

F4 Words in art. 3(2)(a) substituted (23.6.2023) by The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 (S.I. 2023/694), arts. 1(2), 3(4)(b)

F5 Words in art. 3(2)(b) substituted (23.6.2023) by The Amendments of the Law (Resolution of Silicon Valley Bank UK Limited) (No. 2) Order 2023 (S.I. 2023/694), arts. 1(2), 3(4)(b)

Commencement Information

I1 Art. 3 in force at 13.3.2023 at 8.00 a.m., see art. 1(2)

(1)

Sections 137A and 137G are in Part 9A, which was substituted for Part X by section 24(1) of the Financial Services Act 2012 (c. 21). Section 192XA was inserted by section 5(1)(b) of, and paragraph 7 of Schedule 3 to, the Financial Services Act 2021 (c. 22).

(2)

Section 138A is in Part 9A, which was substituted for Part X by section 24(1) of the Financial Services Act 2012.