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Introductory Text
Part 1 Special Resolution Regime
Introduction
1.Overview
2.Interpretation: “bank”
3.Interpretation: other expressions
Objectives and code
4.Special resolution objectives
5.Code of practice
6.Code of practice: procedure
Exercise of powers: general
7.General conditions
8.Specific conditions: private sector purchaser and bridge bank
9.Specific conditions: temporary public ownership
10.Banking Liaison Panel
The stabilisation options
11.Private sector purchaser
12.Bridge bank
13.Temporary public ownership
Transfer of securities
14.Interpretation: “securities”
15.Share transfer instrument
16.Share transfer order
17.Effect
18.Continuity
19.Conversion and delisting
20.Directors
21.Ancillary instruments: production, registration, &c.
22.Termination rights, &c.
23.Incidental provision
24.Procedure: instruments
25.Procedure: orders
26.Supplemental instruments
27.Supplemental orders
28.Onward transfer
29.Reverse share transfer
30.Bridge bank: share transfers
31.Bridge bank: reverse share transfer
32.Interpretation: general
Transfer of property
33.Property transfer instrument
34.Effect
35.Transferable property
36.Continuity
37.Licences
38.Termination rights, &c.
39.Foreign property
40.Incidental provision
41.Procedure
42.Supplemental instruments
43.Onward transfer
44.Reverse property transfer
45.Temporary public ownership: property transfer
46.Temporary public ownership: reverse property transfer
47.Restriction of partial transfers
48.Power to protect certain interests
Compensation
49.Orders
50.Sale to private sector purchaser
51.Transfer to temporary public ownership
52.Transfer to bridge bank
53.Onward and reverse transfers
54.Independent valuer
55.Independent valuer: supplemental
56.Independent valuer: money
57.Valuation principles
58.Resolution fund
59.Third party compensation: discretionary provision
60.Third party compensation: mandatory provision
61.Sources of compensation
62.Procedure
Incidental functions
63.General continuity obligation: property transfers
64.Special continuity obligations: property transfers
65.Continuity obligations: onward property transfers
66.General continuity obligation: share transfers
67.Special continuity obligations: share transfers
68.Continuity obligations: onward share transfers
69.Continuity obligations: consideration and terms
70.Continuity obligations: termination
71.Pensions
72.Enforcement
73.Disputes
74.Tax
75.Power to change law
Treasury
76.International obligation notice: general
77.International obligation notice: bridge bank
78.Public funds: general
79.Public funds: bridge bank
80.Bridge bank: report
81.Temporary public ownership: report
Holding companies
82.Temporary public ownership
83.Supplemental
Building societies, &c.
84.Application of Part 1: general
85.Temporary public ownership
86.Distribution of assets on dissolution or winding up
87.Interpretation
88.Consequential provision
89.Credit unions
Part 2 Bank Insolvency
90.Overview
91.Interpretation: “bank”
92.Interpretation: “the court”
93.Interpretation: other expressions
Bank insolvency order
94.The order
95.Application
96.Grounds for applying
97.Grounds for making
98.Commencement
Process of bank liquidation
99.Objectives
100.Liquidation committee
101.Liquidation committee: supplemental
102.Objective 1: (a) or (b)?
103.General powers, duties and effect
104.Additional general powers
105.Status of bank liquidator
Tenure of bank liquidator
106.Term of appointment
107.Resignation
108.Removal by court
109.Removal by creditors
110.Disqualification
111.Release
112.Replacement
Termination of process, &c.
113.Company voluntary arrangement
114.Administration
115.Dissolution
116.Dissolution: supplemental
Other processes
117.Bank insolvency as alternative order
118.Voluntary winding-up
119.Exclusion of other procedures
120.Notice to FSA of preliminary steps
121.Disqualification of directors
122.Application of insolvency law
Miscellaneous
123.Role of FSCS
124.Transfer of accounts
125.Rules
126.Fees
127.Insolvency Services Account
128.Evidence
129.Co-operation between courts
130.Building societies
131.Credit unions
132.Partnerships
133.Scottish partnerships
134.Northern Ireland
135.Consequential provision
Part 3 Bank Administration
136.Overview
137.Objectives
138.Objective 1: supporting private sector purchaser or bridge bank
139.Objective 1: duration
140.Objective 2: “normal” administration
Process
141.Bank administration order
142.Application
143.Grounds for applying
144.Grounds for making
145.General powers, duties and effect
146.Status of bank administrator
147.Administrator's proposals
148.Sharing information
Multiple transfers
149.General application of this Part
150.Bridge bank to private purchaser
151.Property transfer from bridge bank
152.Property transfer from temporary public ownership
Termination
153.Successful rescue
154.Winding-up or voluntary arrangement
155.Disqualification of directors
156.Application of other law
157.Other processes
158.Building societies
159.Credit unions
160.Rules
161.Fees
162.Evidence
163.Partnerships
164.Scottish partnerships
165.Co-operation between courts
166.Interpretation: general
167.Northern Ireland
168.Consequential provision
Part 4 Financial Services Compensation Scheme
169.Overview
170.Contingency funding
171.Special resolution regime
172.Investing in National Loans Fund
173.Borrowing from National Loans Fund
174.Procedure for claims
175.Rights in insolvency
176.Information
177.Payments in error
178.Regulations
179.Delegation of functions
180.Functions under this Act
Part 5 Inter-Bank Payment Systems
181.Overview
182.Interpretation: “inter-bank payment system”
183.Interpretation: other expressions
Recognised systems
184.Recognition order
185.Recognition criteria
186.Procedure
187.De-recognition
Regulation
188.Principles
189.Codes of practice
190.System rules
191.Directions
192.Role of FSA
Enforcement
193.Inspection
194.Inspection: warrant
195.Independent report
196.Compliance failure
197.Publication
198.Penalty
199.Closure
200.Management disqualification
201.Warning
202.Appeal
203.Fees
204.Information
205.Pretending to be recognised
206.Saving for informal oversight
Part 6 Banknotes: Scotland and Northern Ireland
207.Overview
Key terms
208.“Banknote”
209.“Issue”
210.“Authorised bank”
211.“Commencement”
Authorisation to issue
212.Repeal of old authorising enactments
213.Saving for existing issuers
214.Consequential repeals and amendments
Regulations and rules
215.Banknote regulations
216.Banknote rules
Specific issues
217.Backing assets
218.Information
219.Ceasing the business of issuing notes
220.Insolvency, &c.
221.Offence: unlawful issue
222.Financial penalty
223.Termination of right to issue
224.Application to court
Bank of England
225.Organisation
226.Discretionary functions
227.Exemption
Part 7 Miscellaneous
Treasury support for banks
228.Consolidated Fund
229.National Loans Fund
230.“Financial institution”
231.Reports
Investment banks
232.Definition
233.Insolvency regulations
234.Regulations: details
235.Regulations: procedure
236.Review
Banking (Special Provisions) Act 2008
237.Compensation: valuer
238.UK financial stability
239.Number of directors
240.Meetings
241.Chair of court
242.Quorum
243.Tenure
244.Immunity
245.Weekly return
246.Information
247.Bank of England Act 1946
Financial Services Authority
248.Variation of permission
249.Functions
250.Information
Central banks
251.Financial assistance to building societies
252.Registration of charges
253.Registration of charges: Scotland
Funds attached rule (Scotland)
254.Abolition for cheques
Financial collateral arrangements
255.Regulations
256.Supplemental
Part 8 General
257.“Financial assistance”
258.“Enactment”
259.Statutory instruments
260.Money
261.Index of defined terms
262.Repeal
263.Commencement
264.Extent
265.Short title