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Introductory Text
Part 1 Special Resolution Regime
Chapter 1 Introduction
1.Overview
2.Interpretation: “bank”
3.Interpretation: other expressions
Chapter 2 Pre-resolution powers of the Bank of England
3A.Removal of impediments to the exercise of stabilisation powers etc
3B.Safeguards relating to directions under section 3A
Chapter 3 Special resolution action
Objectives and code
4.Special resolution objectives
5.Code of practice
6.Code of practice: procedure
Mandatory write-down, conversion etc of capital instruments
6A.Cases where mandatory write-down, conversion, etc applies
6B.Mandatory write-down, conversion, etc of capital instruments and liabilities
6C.Mandatory reduction instruments: implementation of requirements of section 6B
6D.Mandatory reduction instruments: supplementary matters
Valuation before mandatory write-down of capital or stabilisation action
6E.Pre-resolution valuation
Exercise of powers: general
7.General conditions
7A.Effect on other group members, financial stability in UK etc
8.Specific Condition: private sector purchaser, bridge bank or asset management vehicle
8ZA.Specific conditions: asset management vehicle
8A.Specific condition: bail-in
9.Specific conditions: temporary public ownership
10.Banking Liaison Panel
The stabilisation options
11.Private sector purchaser
11A.Private sector purchaser: marketing
12.Bridge bank
12ZA.Asset management vehicle
12A.Bail-in option
12AA.Bail-in: sequence of write-down and conversion of capital instruments and liabilities
12B.Bail-in administrators
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 and senior managers
21.Ancillary instruments: production, registration, &c.
22.Termination rights, &c.
23.Incidental provision
24.Procedure: instruments
25.Procedure: orders
26.Supplemental instruments
26ZA.Onward share transfer instruments
26A.... reverse share transfer instruments
27.Supplemental orders
28.Onward transfer
29.Reverse share transfer orders
29A.Interpretation: “resolution company”
30.Resolution company: share transfers
31.Resolution company: reverse share transfer
32.Interpretation: general
Transfer of property
33.Property transfer instrument
34.Effect
35.Transferable property
36.Continuity
36A.Directors and senior managers
37.Licences
38.Termination rights, &c.
39.Foreign property
39A.Banks which are recognised central counterparties
39B.Property transfer instrument: delisting
40.Incidental provision
41.Procedure
41A.Transfer of property subsequent to resolution instrument
42.Supplemental instruments
42A.Private sector purchaser: reverse property transfer
43.Onward transfer
44.Resolution company: reverse property transfer
44A.Bail in: reverse property transfer
44B.Property transfer instruments: special bail-in provision
44BA.Property transfer instruments and special bail-in provision: supplementary matters
44C.Report on special bail-in provision
44D.Bridge bank: supplemental property transfer powers
44E.Bridge bank: supplemental reverse property transfer powers
45.Temporary public ownership: property transfer
46.Temporary public ownership: reverse property transfer
47.Restriction of partial transfers
48.Power to protect certain interests
48A.Creation of liabilities
Bail-in option
48B.Special bail-in provision
48C.Meaning of “protected deposit”
48D.General interpretation of section 48B
48E.Report on special bail-in provision
48F.Power to amend definition of “excluded liabilities”
48G.Priority between creditors
48H.Business reorganisation plans
48I.Bail-in administrator: further functions
48J.Bail-in administrator: supplementary
48K.Bail-in administrator: money
48L.Powers in relation to securities
48M.Termination rights, etc
48N.Directors and senior managers
48O.Directions in or under resolution instrument
48P.Orders for safeguarding certain financial arrangements
48Q.Continuity
48R.Execution and registration of instruments etc
48S.Resolution instruments: general matters
48T.Procedure
48U.Supplemental resolution instruments
48V.Onward transfer
48W.Reverse transfer
48WA.Bail-in option: recovery of expenses
Replacement of provisional valuation
48X.Replacement of Bank’s provisional valuation
48Y.Consequences of a replacement valuation
Termination rights etc
48Z.Termination rights etc
Compensation
49.Orders
50.Sale to private sector purchaser
51.Transfer to temporary public ownership
52.Transfer to resolution company
52A.Bail-in option
53.Onward and reverse transfers etc
54.Independent valuer: compensation scheme order or bail-in compensation order
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
60A.Further mandatory provision: bail-in provision
60B.Principle of no less favourable treatment
61.Sources of compensation
62.Procedure
Independent valuer: valuation under section 6E or 48X
62A.Independent valuer: sections 6E and 48X
Resolution administrator
62B.Resolution administrator
62C.Resolution administrator: further functions
62D.Resolution administrator: supplementary
62E.Resolution administrator: money
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
70A.Suspension of obligations
70B.Restriction of security interests
70C.Suspension of termination rights
70D.Suspension: general provisions
71.Pensions
72.Enforcement
73.Disputes
74.Tax
75.Power to change law
Treasury
76.International obligation notice: general
77.International obligation notice: resolution company
78.Public funds: general
78A.Pre-conditions for financial assistance: duty of Bank to give information
79.Public funds: resolution company
79A.Private sector purchaser: report
80.Resolution company: report
80A.Transfer for bail-in purposes: report
81.Temporary public ownership: report
81A.Accounting information to be included in reports under sections 80, 80A(2)(b) and 81
Groups
81AA.Cases where mandatory write-down, conversion etc applies: banking group companies
81B.Sale to commercial purchaser and transfer to bridge bank
81ZZBA.Sale to commercial purchaser and transfer to bridge bank: supplemental powers in relation to certain holding companies
81ZZBB.Assessment of conditions for section 81ZZBA
81ZBA.Transfer to asset management vehicle
81ZBB.Transfer to asset management vehicle: supplemental powers in relation to certain holding companies
81ZBC.Assessment of conditions for section 81ZBB
81BA.Bail-in option
81BB.Bail-in option: supplemental powers in relation to certain holding companies
81BC.Assessment of conditions for section 81BB
81C.Sections 81AA to 81ZBB: supplemental
81CA.Section 81BA and Section 81BB: supplemental
81D.Interpretation: “banking group company” &c.
82.Temporary public ownership
83.Supplemental
Chapter 4 Information, investigation and enforcement
Powers to gather information
83ZA.Information
83ZB.Reports by skilled persons
Appointment of investigators
83ZC.Appointment of persons to carry out general investigations
83ZD.Appointment of person to carry out investigations in particular cases
83ZE.Investigations etc in support of foreign resolution authorities
Conduct of investigations
83ZF.Investigations: general
83ZG.Powers of persons appointed under section 83ZC
83ZH.Powers of persons appointed as a result of section 83ZD
83ZI.Admissibility of statements made to investigators
Information and documents: supplemental provision
83ZJ.Information and documents: supplemental provision
83ZK.Protected items
83ZL.Entry of premises under warrant
83ZM.Retention of documents obtained under section 83ZL
83ZN.Offences etc
83ZO.Prosecution of offences under section 83ZN
83ZP.Offences under section 83ZN by bodies corporate etc
Enforcement of relevant requirements
83ZQ.Injunctions: prevent failure to comply with relevant requirement
83ZR.Regulatory sanctions
83ZS.Determination of sanctions
83ZT.Procedure: warning notice
83ZU.Procedure: decision notice
83ZV.Procedure: general
83ZW.Appeal
83ZX.Injunctions: failure to comply with certain section 83ZR sanctions
83ZY.Publication
83ZZ.Co-operation
83Z1.Delegation of enforcement functions
Enforcement of share transfer orders
83Z2.Enforcement: share transfer orders
Chapter 5 Special cases
Banks not regulated by PRA
83A.Modifications of Part
Building societies, &c.
84.Application of Part 1: general
84ZA.Bridge bank: share transfer instruments
84A.Bail-in option: building societies
84B.Further provision: conversion of building society into company
84C.Further provision: transfer of business of building society to company
84D.Transfer to a bridge bank or Bail-in option: modifications of this Act and other legislation
85.Temporary public ownership
86.Distribution of assets on dissolution or winding up
87.Interpretation
88.Consequential provision
89.Credit unions
Investment firms
89A.Application to investment firms
Recognised central counterparties
89B.Application to recognised central counterparties
89C.Recognised central counterparty rules
89D.Recognised central counterparty membership
89E.Recognition of transferee company
89F.Recognised central counterparty compensation orders
89G.Interpretation: “recognised central counterparty” &c.
Chapter 6 Third-country resolution actions
Third-country resolution actions
89H.Recognition of third-country resolution actions
89I.Effect of recognition of third-country resolution action by Bank of England
89J.Third-country instruments: supplementary provision
Chapter 6A RESOLUTION OF UK BRANCHES OF THIRD-COUNTRY INSTITUTIONS
89JA.Resolution of UK branches of third-country institutions
Chapter 7 General provisions
89K.Insolvency Proceedings
89L.Restrictions on disclosure of confidential information
89M.Giving of notices, documents etc under Part 1
Part 2 Bank Insolvency
Introduction
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 PRA of preliminary steps
120A.Notice to the regulators and the Bank of England 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
129A.Banks not regulated by PRA
130.Building societies
131.Credit unions
132.Partnerships
133.Scottish partnerships
134.Northern Ireland
135.Consequential provision
Part 3 Bank Administration
Introduction
136.Overview
137.Objectives
138.Objective 1: supporting private sector purchaser or resolution company
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
145A.Power to direct bank administrator
146.Status of bank administrator
147.Administrator's proposals
148.Sharing information
Multiple transfers
149.General application of this Part
150.Resolution company to private purchaser
151.Property transfer from resolution company
152.Property transfer from temporary public ownership
152A.Property transfer from transferred institution
Termination
153.Successful rescue
154.Winding-up or voluntary arrangement
Miscellaneous
155.Disqualification of directors
156.Application of other law
157.Other processes
157A.Banks not regulated by PRA
158.Building societies
159.Credit unions
159A.Application to investment firms
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 ... Payment Systems and service providers
Introduction
181.Overview
182.Interpretation: ... key terms
183.Interpretation: other expressions
Recognised systems and service providers
184.Recognition order : payment system
184A.Recognition order: DSA service provider
185.Recognition criteria : payment system
185A.Recognition criteria: DSA service provider
186.Procedure
186A.Amendment of recognition order
187.De-recognition
Regulation
188.Principles
189.Codes of practice
190.System rules
190A.Service provider rules
191.Directions
192.Role of FCA and PRA
192A.Power of Bank to require FCA to refrain from specified action
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
202A.Injunctions
Miscellaneous
203.Fees
203A.Records
203B.Annual report
203C.Policy statement
204.Information
205.Pretending to be recognised
206.Saving for informal oversight
206A.Service providers
206AA.Service providers connected with a recognised payment system that uses digital settlement assets
206B.International obligations
PART 5A Wholesale cash distribution
Introduction
206C.Overview and purpose
206D.Policy statement
206E.Interpretation: “wholesale cash distribution”
206F.Interpretation: other terms
Recognised persons
206G.Wholesale cash oversight orders
206H.“Market significance” and “systemic significance”
206I.Procedure
206J.Amendment or revocation of a wholesale cash oversight order
Regulation
206K.Principles
206L.Codes of practice
206M.Directions
206N.Role of the FCA, PRA and Payment Systems Regulator
Enforcement
206O.Inspection
206P.Inspection: warrant
206Q.Independent report
206R.Compliance failure
206S.Publication
206T.Penalty
206U.Closure
206V.Management disqualification
206W.Warning
206X.Appeal
206Y.Injunctions
Miscellaneous
206Z.Fees
206Z1.Records
206Z2.Annual report
206Z3.Requirement to provide information
206Z4.Disclosure of information
206Z5.Saving for informal oversight
Companies wholly owned by the Crown
206Z6.Power to disapply regulation and enforcement provisions
Part 6 Banknotes: Scotland and Northern Ireland
Introduction
207.Overview
Key terms
208.“Banknote”
209.“Issue”
210.“Authorised bank”
211.“Commencement”
Authorisation to issue
212.Repeal of old authorising enactments
213.Authorisation to issue banknotes
214.Consequential repeals and amendments
214A.Power to designate banks as “authorised banks”
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.
Enforcement
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
Bank of England
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
...
256A.State aid
256B.Bank of England” and “Prudential Regulation Authority”
Part 8 General
257.“Financial assistance”
258.“Enactment”
258A.Investment firm”
259.Statutory instruments
260.Money
261.Index of defined terms
262.Repeal
263.Commencement
264.Extent
265.Short title