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Banking Act 2009

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Banking Act 2009, Cross Heading: is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

U.K.

[F189K.Insolvency ProceedingsU.K.

(1)If —

(a)a stabilisation power has been exercised in respect of a relevant firm, or

(b)the conditions in section 7 are met in relation to a relevant firm,

insolvency proceedings may not be commenced in relation to that firm except by, or with the consent of, the Bank of England.

(2)For the purposes of subsection (1), the commencement of insolvency proceedings means—

(a)making an application for an administration order;

(b)presenting a petition for winding up;

(c)proposing a resolution for voluntary winding up;

(d)appointing an administrator.

(3)In this section—

(a)“relevant firm” means—

(i)a bank, building society, investment firm, financial holding company, mixed financial holding company or a mixed activity holding company, or

(ii)a financial institution which is a subsidiary undertaking of an entity within sub-paragraph (i);

(b)“building society” has the meaning given in the Building Societies Act 1986;

(c)“financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation;

(d)“financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation;

(e)“mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation;

(f)“mixed financial holding company” has the meaning given in Article [F24.1(21) of the capital requirements regulation.]

89L.Restrictions on disclosure of confidential informationU.K.

(1)Sections 348, 349, 352 and 353 of the Financial Services and Markets Act 2000 (disclosure of information) apply for the purposes of this Part with the following modifications.

(2)Section 348 of that Act has effect as if—

(a)in subsection (2)(b), after “Act” there were inserted “or of the Bank of England under Part 1 of the Banking Act 2009 or the Bank Recovery and Resolution (No 2) Order 2014”,

(b)in subsection (3)(a), at the end there were inserted “or the Banking Act 2009”, and

(c)in subsection (5)—

(i)after paragraph (c) there were inserted—

F3(ca). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(cb)a resolution administrator appointed under Part 1 of the Banking Act 2009;

[F4(cc)a person appointed to make a report under section 83ZB of that Act (reports by skilled persons);],

(ii)in paragraph (e) for “to (c)” there were substituted “ [F5to (cc)] ”, and

[F6(d)after subsection (6)(b) there were inserted—

(c)a competent person appointed by the Bank of England under Chapter 4 of Part 1 of the Banking Act 2009].

(3)Section 349 of that Act has effect as if, in subsection (2)(c), for “or the PRA” substitute “the PRA, the Bank of England or a resolution administrator appointed by virtue of section 62B of the Banking Act 2009”.

(4)Section 353 of that Act has effect as if in subsection (1)—

(a)in paragraph (a), after “under this Act” there were inserted “or the Banking Act 2009”, and

(b)in paragraph (b) after “to the” there were inserted “Bank of England, the”.

Textual Amendments

F4Words in s. 89L(2)(c)(i) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 25(a)(i)

F5Words in s. 89L(2)(c)(ii) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 25(a)(ii)

F6S. 89L(2)(d): s. 89L(2)(c)(iii) renumbered as s. 89L(2)(d) (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 25(b)

89M.Giving of notices, documents etc under Part 1U.K.

Regulations under section 414 of the Financial Services and Markets Act 2000 (service of notices), and subsection (4) of that section, apply in relation to any notice, direction or document of any kind required to be given under any provision of this Part (however that requirement is expressed) as if those provisions were provisions of that Act.]

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