Pt. 1 Ch. 6, 7 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 103

Words in s. 89H(4)(a) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(a) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(i) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(ii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Word in s. 89H(4)(c) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(iii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(e) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(c) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

S. 89H(6) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(3) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(a) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(b) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(c) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(d)(i) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(4)(a), 86(3); S.I. 2023/779, reg. 4(ww)

Words in s. 89H(7) omitted (29.8.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 75(4)(b), 86(3); S.I. 2023/779, reg. 4(ww)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(d)(iii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(e) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Word in s. 89I(5) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 23(a)

Words in s. 89I(6) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(2); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89I(9) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89I(9) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

S. 89I(9A) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 23(b)

S. 89H(2) excluded (16.12.2022) by S.I. 2019/855, reg. 97A(1) (as inserted by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 19)

http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/2023-08-29Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-20Expert Participation2023-08-29Part 1Special Resolution RegimeChapter 6Third-country resolution actionsThird-country resolution actions
89H.Recognition of third-country resolution actions(1)

This section applies where the Bank of England is notified of third-country resolution action in respect of a third-country institution or third-country parent undertaking.

(2)

The Bank must make an instrument which—

(a)

recognises the action, or

(b)

refuses to recognise the action, or

(c)

recognises part of the action and refuses to recognise the remainder.

An instrument within paragraph (a), (b) or (c) is a “third-country instrument” (as is an instrument under section 89I(4)(b)).

(3)

The Bank may only make a decision under subsection (2) with the approval of the Treasury.

(4)

Recognition of the action (or a part of it) may be refused only if the Bank and the Treasury are satisfied that one or more of the following conditions are satisfied—

(a)

recognition would have an adverse effect on financial stability in the United Kingdom ...;

(b)

the taking of action in relation to a branch located in the United Kingdom of a third-country institution is necessary to achieve one or more of the special resolution objectives;

(c)

under the third-country resolution action creditors (including in particular depositors) located or payable in the United Kingdom would not, by reason of being located or payable in the United Kingdom, receive the same treatment as creditors (including depositors) who are located or payable in the ... country concerned and have similar legal rights;

(d)

recognition of, and taking action in support of, the third-country resolution action (or the part) would have material fiscal implications for the United Kingdom;

(e)

recognition would be unlawful under section 6 of the Human Rights Act 1998 (public authority not to act contrary to Human Rights Convention) ....

(5)

The recognition of third-country resolution action (or any part of it) is without prejudice to any normal insolvency proceedings.

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

In this section—

...

“group” has the meaning given by section 474 of the Companies Act 2006,

...

“third-country group company” means an undertaking—

(a)

which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and

(b)

in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking),

third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;

“third-country parent undertaking” means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom;

“third-country resolution action” means action under the law of a country or territory outside the United Kingdom to manage the failure or likely failure of a third-country institution or third-country parent undertaking

(a)

the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking ..., broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and

(b)

the objectives of which are broadly comparable, in relation to the country or territory concerned, to the objectives in section 4 as they apply in relation to the United Kingdom;

...

89I.Effect of recognition of third-country resolution action by Bank of England(1)

This section applies where an instrument under section 89H recognises any third-country resolution action (or a part of it).

(2)

The third-country resolution action (or part) produces the same legal effects in any part of the United Kingdom as it would have produced had it been made (with due authority) under the law of that part of the United Kingdom.

(3)

For the purposes of supporting, or giving full effect to, the third-county resolution action (or the part), the Bank of England may exercise, in relation to a third-country institution, a third-country parent undertaking or another third-country group company, one or more of the stabilisation options, or one or more of the stabilisation powers, available to the Bank in relation to a similar entity in the United Kingdom.

(4)

But, for the purposes of exercising a power by virtue of subsection (3), provision which could otherwise be made under this Part in a mandatory reduction instrument, share transfer instrument, property transfer instrument or resolution instrument may instead be made in—

(a)

the instrument made under section 89H recognising the third-country resolution action (or part), or

(b)

a further instrument made by the Bank of England under this section.

An instrument under paragraph (b) is a “third-country instrument” (as is an instrument under section 89H(2)(a), (b) or (c)).

(5)

This Part (other than this section) applies in relation to the exercise of any power by virtue of subsection (3), subject to subsections (6) to (9A) and any other necessary modifications.

(6)

Section 4 (special resolution objectives) has effect as if after subsection (9) there were inserted—(9A)

Objective 8 is to support third-country resolution action with a view to promoting objectives which, in relation to the country or territory concerned, correspond to Objectives 1 to 7 in relation to the United Kingdom.

.

(7)

Sections 7 to 8ZA do not apply.

(8)

Section 60B (principle of no less favourable treatment) applies in relation to compensation arrangements in the case of third-country instruments in relation to any third-country resolution action (or a part of it) as if—

(a)

references to the initial instrument were to the first third-country instrument under section 89H recognising that action (or part), and

(b)

in subsection (3) the reference to the coming into effect of the initial instrument were a reference to the taking of the third-country resolution action recognised (or recognised in part) by that instrument.

(9)

Section 81B, 81ZBA and 81BA have effect in relation to the exercise of a stabilisation power in respect of a third-country group company as if for subsections (2) and (3) (in each case) there were substituted—(2)

Condition 1 is that third-country resolution action has been taken in respect of a third-country institution, a third-country parent undertaking or another third-country group company, in the same group.

(3)

Condition 2 is that the Bank of England is satisfied that the exercise of the power in respect of the third-country group company is necessary, having regard to the public interest in the stability of the financial systems of the United Kingdom and the country or territory concerned.

(3A)

In subsections (2) and (3) “third-country resolution action”, “third-country institution”, “third-country parent undertaking”, and “third-country group company” have the meaning given by section 89H(7).

.

(9A)

Sections 81ZZBA, 81ZZBB, 81ZBB, 81ZBC, 81BB and 81BC do not apply.

(10)

Section 89H(7) applies for the purposes of this section.

89J.Third-country instruments: supplementary provision(1)

Section 23 (incidental provision) applies to a third-country instrument as it applies to a share transfer instrument.

(2)

Section 24 (procedure: instruments) applies to a third-country instrument as it applies to a share transfer instrument, except that references in that section to the bank are to be read as references to the third-country institution, third-country parent undertaking or other third-country group company, to which the third-country instrument relates.

(3)

Section 76 (international obligation notice: general) applies in relation to the making of a third-country instrument under section 89H or 89I as it applies in relation to the exercise of a stabilisation power, except that—

(a)

for the purposes of section 76(3), section 4 is to be read subject to the modification in section 89I(6), and

(b)

in subsection (4), the reference to a bank is to be read as a reference to a third-country institution, a third-country parent undertaking or another third-country group company, in respect of which a third-country instrument is made.

(4)

Section 77 (international obligation notice: bridge bank) applies where the Bank of England has, by virtue of section 89I, transferred all or part of the business of a third-country institution, a third-country parent undertaking or another third-country group company, to a bridge bank as it applies where the Bank of England has transferred all or part of the business of a bank or banking group company to a bridge bank.

(5)

Section 89I(7) applies for the purposes of this section.

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<p>
Pt. 1 Ch. 6, 7 inserted (1.1.2015) by
<ref eId="cosge2n23-00329" href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref eId="cosge2n23-00330" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref eId="cosge2n23-00331" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/103">103</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-e8683344e60c46b9f5a94992e0a8485a" marker="F2">
<p>
Words in s. 89H(4)(a) omitted (31.12.2020) by virtue of
<ref eId="d12e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc191355791187" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc160317736935" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/a">Sch. 1 para. 41(2)(a)</ref>
(with
<ref eId="cc116930514177" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d12e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc182574686232" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc160867382491" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc177718280312" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d12e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc116587877859" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-317a20d92f37f6ca8843ec0dc8f5c895" marker="F3">
<p>
Words in s. 89H(4)(c) substituted (31.12.2020) by
<ref eId="d47e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc163709515752" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/i">Sch. 1 para. 41(2)(b)(i)</ref>
(with
<ref eId="cc189785640609" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d47e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc174715167172" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc182328059157" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc112444512963" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d47e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc172618269380" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-d2d94f1cc7730c2768b3d0ecf78d0d70" marker="F4">
<p>
Words in s. 89H(4)(c) substituted (31.12.2020) by
<ref eId="d81e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00028" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc164017426500" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/ii">Sch. 1 para. 41(2)(b)(ii)</ref>
(with
<ref eId="cc00030" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d81e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00032" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00033" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00034" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d81e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00036" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-435b3e4d55d1ee6e04c25a2f5e4ad12c" marker="F5">
<p>
Word in s. 89H(4)(c) omitted (31.12.2020) by virtue of
<ref eId="d115e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00039" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00040" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/iii">Sch. 1 para. 41(2)(b)(iii)</ref>
(with
<ref eId="cc00041" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d115e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00043" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00044" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00045" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d115e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00047" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-19708f0711613877ac6e6ce321d518cd" marker="F6">
<p>
Words in s. 89H(4)(e) omitted (31.12.2020) by virtue of
<ref eId="d149e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00050" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc158795858784" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/c">Sch. 1 para. 41(2)(c)</ref>
(with
<ref eId="cc175951222310" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d149e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc141431482818" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00055" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00056" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d149e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc104141026328" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-93fafca155f1664c640729b83d95136c" marker="F7">
<p>
S. 89H(6) omitted (31.12.2020) by virtue of
<ref eId="d183e4" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc148001841348" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc193542682498" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/3">Sch. 1 para. 41(3)</ref>
(with
<ref eId="cc112238443151" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d183e16" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00065" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00066" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00067" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d183e29" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00069" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-1753575f57c44056472b3b20eb9c51b1" marker="F8">
<p>
Words in s. 89H(7) omitted (31.12.2020) by virtue of
<ref eId="d217e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc128465380895" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc154925604195" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/a">Sch. 1 para. 41(4)(a)</ref>
(with
<ref eId="cc138785508521" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d217e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00076" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc122034480785" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc199786455089" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d217e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00080" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-99e8f3c231cb11802ea4aed3ead11d23" marker="F9">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref eId="d251e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00083" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00084" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/b">Sch. 1 para. 41(4)(b)</ref>
(with
<ref eId="cc00085" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d251e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00087" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00088" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00089" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d251e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00091" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-024686daa8a5b78961f5b5f3c76c39c5" marker="F10">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref eId="d285e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00094" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00095" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/c">Sch. 1 para. 41(4)(c)</ref>
(with
<ref eId="cc00096" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d285e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00098" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00099" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d285e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00102" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-e80f1ead003ad9e3313705d5726bc22a" marker="F11">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref eId="d319e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00105" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00106" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/d/i">Sch. 1 para. 41(4)(d)(i)</ref>
(with
<ref eId="cc00107" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d319e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00109" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00110" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00111" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d319e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00113" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-edbd4e3ac28f2e902a3e3cf52819eacb" marker="F12">
<p>
Words in
<ref eId="c4ldtxqt5-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89H/7">s. 89H(7)</ref>
substituted (29.8.2023) by
<ref eId="c4ldtxqt5-00007" href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref eId="c4ldtxqt5-00008" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/75/4/a">ss. 75(4)(a)</ref>
,
<ref eId="c4ldtxqt5-00009" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">86(3)</ref>
;
<ref eId="c4ldtxqt5-00010" href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref eId="c4ldtxqt5-00011" class="subref" href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/ww">reg. 4(ww)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-60f7a16fba96849bd5e71ce0f4c47d7d" marker="F13">
<p>
Words in
<ref eId="c4ldtxqt5-00017" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89H/7">s. 89H(7)</ref>
omitted (29.8.2023) by virtue of
<ref eId="c4ldtxqt5-00018" href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref eId="c4ldtxqt5-00019" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/75/4/b">ss. 75(4)(b)</ref>
,
<ref eId="c4ldtxqt5-00020" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">86(3)</ref>
;
<ref eId="c4ldtxqt5-00021" href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref eId="c4ldtxqt5-00022" class="subref" href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/ww">reg. 4(ww)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-26353a34e52f1c99ddb94eaec9d803ad" marker="F14">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref eId="d387e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00127" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00128" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/d/iii">Sch. 1 para. 41(4)(d)(iii)</ref>
(with
<ref eId="cc00129" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d387e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00131" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00132" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00133" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d387e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00135" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-c1830cd08e8a588baf84db2314ef8293" marker="F15">
<p>
Words in s. 89H(7) omitted (31.12.2020) by virtue of
<ref eId="d421e5" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="cc00138" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="cc00139" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/e">Sch. 1 para. 41(4)(e)</ref>
(with
<ref eId="cc00140" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref eId="d421e18" href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref eId="cc00142" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref eId="cc00143" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref eId="cc00144" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref eId="d421e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cc00146" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-a270dcbf362a32353b24ab9af4b796e8" marker="F16">
<p>
Word in s. 89I(5) substituted (28.12.2020) by
<ref eId="c5c6uyrw4-00016" href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref eId="c5c6uyrw4-00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="c5c6uyrw4-00018" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/23/a">23(a)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-bd99c1f0d686e64658b4fa1670fbeb42" marker="F17">
<p>
Words in
<ref eId="c9b5ldr44-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/6">s. 89I(6)</ref>
substituted (31.12.2020) by
<ref eId="c9b5ldr44-00007" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="c9b5ldr44-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c9b5ldr44-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/2">Sch. 1 para. 42(2)</ref>
;
<ref eId="c9b5ldr44-00010" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c9b5ldr44-00011" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-fbde022c7f0559f509c66986a96df46d" marker="F18">
<p>
Words in
<ref eId="c9b5ldr44-00017" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/9">s. 89I(9)</ref>
substituted (31.12.2020) by
<ref eId="c9b5ldr44-00018" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="c9b5ldr44-00019" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c9b5ldr44-00020" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/3/a">Sch. 1 para. 42(3)(a)</ref>
;
<ref eId="c9b5ldr44-00021" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c9b5ldr44-00022" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-82e570e90d3c27eeb3c5eb35d418dfa7" marker="F19">
<p>
Words in
<ref eId="c9b5ldr44-00028" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/9">s. 89I(9)</ref>
substituted (31.12.2020) by
<ref eId="c9b5ldr44-00029" href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref eId="c9b5ldr44-00030" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c9b5ldr44-00031" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/3/b">Sch. 1 para. 42(3)(b)</ref>
;
<ref eId="c9b5ldr44-00032" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c9b5ldr44-00033" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-0c9ce434f6634d1eaa2ca96df6231e32" marker="F20">
<p>
S. 89I(9A) inserted (28.12.2020) by
<ref eId="c5c6uyrw4-00007" href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref eId="c5c6uyrw4-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="c5c6uyrw4-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/23/b">23(b)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="key-d40064098b8312801b783256ef9ac9e0" marker="C1">
<p>
<ref eId="cue2ojuu4-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89H/2">S. 89H(2)</ref>
excluded (16.12.2022) by S.I. 2019/855, reg. 97A(1) (as inserted by
<ref eId="cue2ojuu4-00007" href="http://www.legislation.gov.uk/id/uksi/2022/1331">The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331)</ref>
,
<ref eId="cue2ojuu4-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2022/1331/regulation/1/2/b">regs. 1(2)(b)</ref>
,
<ref eId="cue2ojuu4-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2022/1331/regulation/19">19</ref>
)
</p>
</note>
</notes>
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<dc:identifier>http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/2023-08-29</dc:identifier>
<dc:title>Banking Act 2009</dc:title>
<dc:description>An Act to make provision about banking.</dc:description>
<dc:type>text</dc:type>
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<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-05-20</dc:modified>
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<ukm:Number Value="1"/>
<ukm:EnactmentDate Date="2009-02-12"/>
<ukm:ISBN Value="9780105450184"/>
</ukm:PrimaryMetadata>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/ukpga/2009/1/notes"/>
<ukm:Alternatives>
<ukm:Alternative Date="2009-02-25" URI="http://www.legislation.gov.uk/ukpga/2009/1/pdfs/ukpgaen_20090001_en.pdf" Title="Explanatory Note"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:Alternatives>
<ukm:Alternative Date="2009-02-13" URI="http://www.legislation.gov.uk/ukpga/2009/1/pdfs/ukpga_20090001_en.pdf" Title="Print Version"/>
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</meta>
<body eId="body">
<part eId="part-1">
<num>
<b>Part 1</b>
</num>
<heading>Special Resolution Regime</heading>
<chapter eId="part-1-chapter-6" uk:target="true">
<num>
<ins class="first" ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<noteRef uk:name="commentary" href="#key-d24a5b6f42961d432f0670ae6dc83586" class="commentary"/>
Chapter 6
</ins>
</num>
<heading>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Third-country resolution actions</ins>
</heading>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-chapter-6-crossheading-thirdcountry-resolution-actions">
<heading>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Third-country resolution actions</ins>
</heading>
<section eId="section-89H">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">89H.</ins>
</num>
<heading>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Recognition of third-country resolution actions</ins>
</heading>
<subsection eId="section-89H-1">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(1)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">This section applies where the Bank of England is notified of third-country resolution action in respect of a third-country institution or third-country parent undertaking.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-2">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(2)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">The Bank must make an instrument which—</ins>
</p>
</intro>
<level class="para1" eId="section-89H-2-a">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">recognises the action, or</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-2-b">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">refuses to recognise the action, or</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-2-c">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(c)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">recognises part of the action and refuses to recognise the remainder.</ins>
</p>
</content>
</level>
<wrapUp>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">An instrument within paragraph (a), (b) or (c) is a “third-country instrument” (as is an instrument under section 89I(4)(b)).</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-89H-3">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(3)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">The Bank may only make a decision under subsection (2) with the approval of the Treasury.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-4">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(4)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Recognition of the action (or a part of it) may be refused only if the Bank and the Treasury are satisfied that one or more of the following conditions are satisfied—</ins>
</p>
</intro>
<level class="para1" eId="section-89H-4-a">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">recognition would have an adverse effect on financial stability in the United Kingdom </ins>
<noteRef href="#key-e8683344e60c46b9f5a94992e0a8485a" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">...</ins>
<abbr class="acronym" title="European Economic Area"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">;</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-4-b">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">the taking of action in relation to a branch located in the United Kingdom of a third-country institution is necessary to achieve one or more of the special resolution objectives;</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-4-c">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(c)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">under the third-country resolution action creditors (including in particular depositors) located or payable in </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-317a20d92f37f6ca8843ec0dc8f5c895-1627557063529" ukl:CommentaryRef="key-317a20d92f37f6ca8843ec0dc8f5c895">
<noteRef uk:name="commentary" href="#key-317a20d92f37f6ca8843ec0dc8f5c895" class="commentary"/>
the United Kingdom
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> would not, by reason of being located or payable in the </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-d2d94f1cc7730c2768b3d0ecf78d0d70-1627557123037" ukl:CommentaryRef="key-d2d94f1cc7730c2768b3d0ecf78d0d70">
<noteRef uk:name="commentary" href="#key-d2d94f1cc7730c2768b3d0ecf78d0d70" class="commentary"/>
United Kingdom
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">, receive the same treatment as creditors (including depositors) who are located or payable in the </ins>
<noteRef href="#key-435b3e4d55d1ee6e04c25a2f5e4ad12c" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">... country concerned and have similar legal rights;</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-4-d">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(d)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">recognition of, and taking action in support of, the third-country resolution action (or the part) would have material fiscal implications for the United Kingdom;</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89H-4-e">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(e)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">recognition would be unlawful under section 6 of the Human Rights Act 1998 (public authority not to act contrary to Human Rights Convention) </ins>
<noteRef href="#key-19708f0711613877ac6e6ce321d518cd" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">...</ins>
<abbr class="acronym" title="European Union"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">.</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-89H-5">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(5)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">The recognition of third-country resolution action (or any part of it) is without prejudice to any normal insolvency proceedings.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-6">
<num>
<noteRef href="#key-93fafca155f1664c640729b83d95136c" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(6)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-7">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(7)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">In this section—</ins>
</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<noteRef href="#key-1753575f57c44056472b3b20eb9c51b1" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">...</ins>
<abbr class="acronym" title="European Union"/>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">“group” has the meaning given by section 474 of the Companies Act 2006,</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<noteRef href="#key-1753575f57c44056472b3b20eb9c51b1" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">...</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">“third-country group company” means an undertaking—</ins>
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and</ins>
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking),</ins>
</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first" ukl:ChangeId="key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158" ukl:CommentaryRef="key-99e8f3c231cb11802ea4aed3ead11d23">
<noteRef uk:name="commentary" href="#key-99e8f3c231cb11802ea4aed3ead11d23" class="commentary"/>
</ins>
</ins>
<term refersTo="#term-third-country-institution">
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution" ukl:ChangeId="key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158" ukl:CommentaryRef="key-99e8f3c231cb11802ea4aed3ead11d23">third-country institution</ins>
</ins>
</term>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution last" ukl:ChangeId="key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158" ukl:CommentaryRef="key-99e8f3c231cb11802ea4aed3ead11d23">” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;</ins>
</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">“third-country parent undertaking” </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-024686daa8a5b78961f5b5f3c76c39c5-1627557445351" ukl:CommentaryRef="key-024686daa8a5b78961f5b5f3c76c39c5">
<noteRef uk:name="commentary" href="#key-024686daa8a5b78961f5b5f3c76c39c5" class="commentary"/>
means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">;</ins>
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">“third-country resolution action” means action under the </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-e80f1ead003ad9e3313705d5726bc22a-1627557496282" ukl:CommentaryRef="key-e80f1ead003ad9e3313705d5726bc22a">
<noteRef uk:name="commentary" href="#key-e80f1ead003ad9e3313705d5726bc22a" class="commentary"/>
law of a country or territory outside the United Kingdom
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> to manage the failure or likely failure of a third-country institution </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-edbd4e3ac28f2e902a3e3cf52819eacb-1695657539081" ukl:CommentaryRef="key-edbd4e3ac28f2e902a3e3cf52819eacb">
<noteRef uk:name="commentary" href="#key-edbd4e3ac28f2e902a3e3cf52819eacb" class="commentary"/>
or third-country parent undertaking
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"></ins>
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<noteRef href="#key-60f7a16fba96849bd5e71ce0f4c47d7d" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
...
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">, broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and</ins>
</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">the objectives of which are broadly comparable, in relation to the </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-26353a34e52f1c99ddb94eaec9d803ad-1627557776097" ukl:CommentaryRef="key-26353a34e52f1c99ddb94eaec9d803ad">
<noteRef uk:name="commentary" href="#key-26353a34e52f1c99ddb94eaec9d803ad" class="commentary"/>
country or territory concerned
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">, to the objectives in section 4 as they apply in relation to the United Kingdom;</ins>
</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<noteRef href="#key-c1830cd08e8a588baf84db2314ef8293" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">...</ins>
</p>
</content>
</hcontainer>
</subsection>
</section>
<section eId="section-89I">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">89I.</ins>
</num>
<heading>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Effect of recognition of third-country resolution action by Bank of England</ins>
</heading>
<hcontainer name="wrapper1">
<subsection eId="section-89I-1">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(1)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">This section applies where an instrument under section 89H recognises any third-country resolution action (or a part of it).</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-2">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(2)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">The third-country resolution action (or part) produces the same legal effects in any part of the United Kingdom as it would have produced had it been made (with due authority) under the law of that part of the United Kingdom.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-3">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(3)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">For the purposes of supporting, or giving full effect to, the third-county resolution action (or the part), the Bank of England may exercise, in relation to a third-country institution, a third-country parent undertaking or another third-country group company, one or more of the stabilisation options, or one or more of the stabilisation powers, available to the Bank in relation to a similar entity in the United Kingdom.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-4">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(4)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">But, for the purposes of exercising a power by virtue of subsection (3), provision which could otherwise be made under this Part in a mandatory reduction instrument, share transfer instrument, property transfer instrument or resolution instrument may instead be made in—</ins>
</p>
</intro>
<level class="para1" eId="section-89I-4-a">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">the instrument made under section 89H recognising the third-country resolution action (or part), or</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89I-4-b">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">a further instrument made by the Bank of England under this section.</ins>
</p>
</content>
</level>
</subsection>
</hcontainer>
<hcontainer name="wrapper1">
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">An instrument under paragraph (b) is a “third-country instrument” (as is an instrument under section 89H(2)(a), (b) or (c)).</ins>
</p>
</intro>
<subsection eId="section-89I-5">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(5)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">This Part (other than this section) applies in relation to the exercise of any power by virtue of subsection (3), subject to subsections (6) to </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-a270dcbf362a32353b24ab9af4b796e8-1618914147719" ukl:CommentaryRef="key-a270dcbf362a32353b24ab9af4b796e8">
<noteRef uk:name="commentary" href="#key-a270dcbf362a32353b24ab9af4b796e8" class="commentary"/>
(9A)
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> and any other necessary modifications.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-6">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(6)</ins>
</num>
<content>
<p>
<mod>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 4 (special resolution objectives) has effect as if after subsection (9) there were inserted—</ins>
<quotedStructure startQuote="" endQuote="" uk:context="unknown" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="unknown" ukl:Format="double">
<subsection>
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(9A)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Objective 8 is to support third-country resolution action with a view to promoting objectives which, in relation to the </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-bd99c1f0d686e64658b4fa1670fbeb42-1627558687863" ukl:CommentaryRef="key-bd99c1f0d686e64658b4fa1670fbeb42">
<noteRef uk:name="commentary" href="#key-bd99c1f0d686e64658b4fa1670fbeb42" class="commentary"/>
country or territory
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> concerned, correspond to Objectives 1 to 7 in relation to the United Kingdom.</ins>
</p>
</content>
</subsection>
</quotedStructure>
<inline name="appendText">
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">.</ins>
</inline>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-89I-7">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(7)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Sections 7 to 8ZA do not apply.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-8">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(8)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 60B (principle of no less favourable treatment) applies in relation to compensation arrangements in the case of third-country instruments in relation to any third-country resolution action (or a part of it) as if—</ins>
</p>
</intro>
<level class="para1" eId="section-89I-8-a">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">references to the initial instrument were to the first third-country instrument under section 89H recognising that action (or part), and</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89I-8-b">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">in subsection (3) the reference to the coming into effect of the initial instrument were a reference to the taking of the third-country resolution action recognised (or recognised in part) by that instrument.</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-89I-9">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(9)</ins>
</num>
<content>
<p>
<mod>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 81B, 81ZBA and 81BA have effect in relation to the exercise of a stabilisation power in respect of a third-country group company as if for subsections (2) and (3) (in each case) there were substituted—</ins>
<quotedStructure startQuote="" endQuote="" uk:context="unknown" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="unknown" ukl:Format="double">
<subsection>
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(2)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Condition 1 is that third-country resolution action has been taken in respect of a third-country institution, a third-country parent undertaking or another third-country group company, in the same group.</ins>
</p>
</content>
</subsection>
<subsection>
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(3)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Condition 2 is that the Bank of England is satisfied that the exercise of the power in respect of the third-country group company is necessary, having regard to the public interest in the stability of the financial systems of the United Kingdom and the </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-fbde022c7f0559f509c66986a96df46d-1627558731604" ukl:CommentaryRef="key-fbde022c7f0559f509c66986a96df46d">
<noteRef uk:name="commentary" href="#key-fbde022c7f0559f509c66986a96df46d" class="commentary"/>
country or territory
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> concerned.</ins>
</p>
</content>
</subsection>
<subsection>
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(3A)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">In subsections (2) and (3) “third-country resolution action”, “third-country institution”, “third-country parent undertaking”, </ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="substitution first last" ukl:ChangeId="key-82e570e90d3c27eeb3c5eb35d418dfa7-1627558783068" ukl:CommentaryRef="key-82e570e90d3c27eeb3c5eb35d418dfa7">
<noteRef uk:name="commentary" href="#key-82e570e90d3c27eeb3c5eb35d418dfa7" class="commentary"/>
and “third-country group company”
</ins>
</ins>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586"> have the meaning given by section 89H(7).</ins>
</p>
</content>
</subsection>
</quotedStructure>
<inline name="appendText">
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">.</ins>
</inline>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-89I-9A">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="first" ukl:ChangeId="key-0c9ce434f6634d1eaa2ca96df6231e32-1618914169419" ukl:CommentaryRef="key-0c9ce434f6634d1eaa2ca96df6231e32">
<noteRef uk:name="commentary" href="#key-0c9ce434f6634d1eaa2ca96df6231e32" class="commentary"/>
(9A)
</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">
<ins class="last" ukl:ChangeId="key-0c9ce434f6634d1eaa2ca96df6231e32-1618914169419" ukl:CommentaryRef="key-0c9ce434f6634d1eaa2ca96df6231e32">Sections 81ZZBA, 81ZZBB, 81ZBB, 81ZBC, 81BB and 81BC do not apply.</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-10">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(10)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 89H(7) applies for the purposes of this section.</ins>
</p>
</content>
</subsection>
</hcontainer>
</section>
<section eId="section-89J">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">89J.</ins>
</num>
<heading>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Third-country instruments: supplementary provision</ins>
</heading>
<subsection eId="section-89J-1">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(1)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 23 (incidental provision) applies to a third-country instrument as it applies to a share transfer instrument.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-2">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(2)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 24 (procedure: instruments) applies to a third-country instrument as it applies to a share transfer instrument, except that references in that section to the bank are to be read as references to the third-country institution, third-country parent undertaking or other third-country group company, to which the third-country instrument relates.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-3">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(3)</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 76 (international obligation notice: general) applies in relation to the making of a third-country instrument under section 89H or 89I as it applies in relation to the exercise of a stabilisation power, except that—</ins>
</p>
</intro>
<level class="para1" eId="section-89J-3-a">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">for the purposes of section 76(3), section 4 is to be read subject to the modification in section 89I(6), and</ins>
</p>
</content>
</level>
<level class="para1" eId="section-89J-3-b">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">in subsection (4), the reference to a bank is to be read as a reference to a third-country institution, a third-country parent undertaking or another third-country group company, in respect of which a third-country instrument is made.</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-89J-4">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(4)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 77 (international obligation notice: bridge bank) applies where the Bank of England has, by virtue of section 89I, transferred all or part of the business of a third-country institution, a third-country parent undertaking or another third-country group company, to a bridge bank as it applies where the Bank of England has transferred all or part of the business of a bank or banking group company to a bridge bank.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-5">
<num>
<ins ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">(5)</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453" ukl:CommentaryRef="key-d24a5b6f42961d432f0670ae6dc83586">Section 89I(7) applies for the purposes of this section.</ins>
</p>
</content>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</body>
</act>
</akomaNtoso>