Banking (Special Provisions) Act 2008

14 Orders and regulations: retrospective provisions

(1) Subsections (2) and (3) apply to any order made under section 3, 4, 6 or 12 (a “relevant order”).

(2) A relevant order may—

(a) provide for any provision made by the order to have retrospective effect as from any appropriate time or any specified later time;

(b) make provision for or in connection with, or in consequence of, nullifying the effect of transactions or events taking place after the time in question.

(3) “Appropriate time”, in relation to a relevant order, means —

(a) the specified time on the date of a statement published by the Treasury of their intention to make an order that would have the same general effect as the relevant order;

(b) the specified time on the date on which any transfer was effected by or under a previous relevant order.

(4) It is immaterial whether the statement mentioned in subsection (3)(a) is published before or after the passing of this Act.

(5) Regulations under section 10 may provide for any of their provisions to have retrospective effect as from any time which is not earlier than 3 months before the day on which this Act is passed.