Financial Services and Markets Act 2023

75 Banking Act 2009: miscellaneous amendments U.K.

(1) The Banking Act 2009 is amended as follows.

(2) In section 7A (effect on other group members, financial stability in UK etc)—

(a) in subsection (1), for “(4)(b)(ii)” substitute “(4), (4B)(b),”;

(b) after subsection (1) insert—

“(1A) Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind of bail-in liability.”

(3) In section 83ZD (appointment of person to carry out investigations in particular cases), in subsection (3)(a), for “83ZN” substitute “83ZR”.

(4) In section 89H (recognition of third-country resolution actions), in subsection (7), in the definition of “third-country resolution action”—

(a) in the words before paragraph (a), for “, third country parent undertaking or a bank, building society, credit union or investment firm” substitute “or third-country parent undertaking”;

(b) in paragraph (a), omit “or a bank, building society, credit union or investment firm”.

(5) In section 182 (interpretation: “payment system”)—

(a) in subsection (1), after “arrangements” insert “, or proposed arrangements,”;

(b) in subsection (5), after “operates” insert “, or is intended to operate,”.

(6) In section 244 (immunity), in subsection (2)(c) after “2000,” insert “of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023,”.

Commencement Information

I1 S. 75 not in force at Royal Assent, see s. 86(3)

I2 S. 75 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ww)