S. 62A and cross-heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 69

S. 62A(1A) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 17(2)

Words in s. 62A(2)(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. 24(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

Word in s. 62A(2)(b) 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. 24(2)(b); 2020 c. 1, Sch. 5 para. 1(1)

S. 62A(2A)(2B) inserted (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. 24(3); 2020 c. 1, Sch. 5 para. 1(1)

Word in s. 62A(2A) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 68(2)(e)

Word in s. 62A(6) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 17(3)(a)

Words in s. 62A(6) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 17(3)(b)

http://www.legislation.gov.uk/ukpga/2009/1/part/1/crossheading/independent-valuer-valuation-under-section-6e-or-48xBanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-20Expert Participation2024-01-30Part 1Special Resolution RegimeChapter 3 Special resolution actionIndependent valuer: valuation under section 6E or 48X
62A.Independent valuer: sections 6E and 48X(1)

The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.

(1A)

The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).

(2)

A person may not be appointed as independent valuer under subsection (1) unless that person—

(a)

qualifies as “independent” in accordance with regulatory technical standards ..., or

(b)

if no such regulatory technical standards exist, satisfies the independence requirement set out in section 1151 of the Companies Act 2006.

(2A)

In subsection (2) “regulatory technical standards” means—

(a)

any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or

(b)

technical standards made under subsection (2B).

(2B)

The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.

(3)

An independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.

(4)

An independent valuer may be removed from office only on the grounds of incapacity or serious misconduct.

(5)

In the event of the death of an independent valuer, or an independent valuer being removed from office or resigning, a new independent valuer must be appointed by the Bank in accordance with this section.

(6)

Section 55(1) to (5) and (7) to (10) ... apply in relation to an independent valuer appointed in accordance with this section as they apply to an independent valuer appointed by virtue of section 54.

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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-857f925a7a52fe069baf5464a75c2a99" marker="F1">
<p>
S. 62A and cross-heading inserted (1.1.2015) by
<ref eId="corh7hvt3-00247" href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref eId="corh7hvt3-00248" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref eId="corh7hvt3-00249" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/69">69</ref>
</p>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ed4f799bbabb2278a9be4f88051915d2" marker="F2">
<p>
S. 62A(1A) inserted (16.12.2016) by
<ref eId="cvv2fy7b3-00007" href="http://www.legislation.gov.uk/id/uksi/2016/1239">The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239)</ref>
,
<ref eId="cvv2fy7b3-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/1/2">arts. 1(2)</ref>
,
<ref eId="cvv2fy7b3-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/17/2">17(2)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-bf0a55abf6aa8173bedbd2d3974d318c" marker="F3">
<p>
Words in
<ref eId="c99y5shn4-00018" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/62A/2/a">s. 62A(2)(a)</ref>
omitted (31.12.2020) by virtue of
<ref eId="c99y5shn4-00019" 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="c99y5shn4-00020" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c99y5shn4-00021" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/24/2/a">Sch. 1 para. 24(2)(a)</ref>
;
<ref eId="c99y5shn4-00022" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c99y5shn4-00023" class="subref" 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-6d366118948ca0d21802d25c87409476" marker="F4">
<p>
Word in
<ref eId="c99y5shn4-00029" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/62A/2/b">s. 62A(2)(b)</ref>
substituted (31.12.2020) by
<ref eId="c99y5shn4-00030" 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="c99y5shn4-00031" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c99y5shn4-00032" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/24/2/b">Sch. 1 para. 24(2)(b)</ref>
;
<ref eId="c99y5shn4-00033" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c99y5shn4-00034" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4" marker="F5">
<p>
<ref eId="c99y5shn4-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/62A/2A">S. 62A(2A)</ref>
<ref eId="c99y5shn4-00007" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/62A/2B">(2B)</ref>
inserted (31.12.2020) by
<ref eId="c99y5shn4-00008" 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="c99y5shn4-00009" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c99y5shn4-00010" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/24/3">Sch. 1 para. 24(3)</ref>
;
<ref eId="c99y5shn4-00011" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="c99y5shn4-00012" class="subref" 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-37e316616d893b3800d45bcf757da55c" marker="F6">
<p>
Word in
<ref eId="c9fblxqa5-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/62A/2A">s. 62A(2A)</ref>
substituted (1.1.2024) by
<ref eId="c9fblxqa5-00007" href="http://www.legislation.gov.uk/id/uksi/2023/1424">The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424)</ref>
,
<ref eId="c9fblxqa5-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2023/1424/regulation/1/2">reg. 1(2)</ref>
,
<ref eId="c9fblxqa5-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2023/1424/schedule/paragraph/68/2/e">Sch. para. 68(2)(e)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-86c39fc33370c92b93ee3d2c7c7ddde6" marker="F7">
<p>
Word in s. 62A(6) substituted (16.12.2016) by
<ref eId="cvv2fy7b3-00016" href="http://www.legislation.gov.uk/id/uksi/2016/1239">The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239)</ref>
,
<ref eId="cvv2fy7b3-00017" class="subref" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/1/2">arts. 1(2)</ref>
,
<ref eId="cvv2fy7b3-00018" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/17/3/a">17(3)(a)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-43c6ef4c97488dba212c0318f9109166" marker="F8">
<p>
Words in s. 62A(6) omitted (16.12.2016) by virtue of
<ref eId="cvv2fy7b3-00025" href="http://www.legislation.gov.uk/id/uksi/2016/1239">The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239)</ref>
,
<ref eId="cvv2fy7b3-00026" class="subref" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/1/2">arts. 1(2)</ref>
,
<ref eId="cvv2fy7b3-00027" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2016/1239/article/17/3/b">17(3)(b)</ref>
</p>
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Chapter 3
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<ins class="last" ukl:ChangeId="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011" ukl:CommentaryRef="key-66128f0e1311ca44b09df6cb3e25b25a"> Special resolution action</ins>
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<noteRef uk:name="commentary" href="#key-857f925a7a52fe069baf5464a75c2a99" class="commentary"/>
Independent valuer: valuation under section 6E or 48X
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<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">62A.</ins>
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<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">Independent valuer: sections 6E and 48X</ins>
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<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(1)</ins>
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<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.</ins>
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<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="first" ukl:ChangeId="key-ed4f799bbabb2278a9be4f88051915d2-1598288660544" ukl:CommentaryRef="key-ed4f799bbabb2278a9be4f88051915d2">
<noteRef uk:name="commentary" href="#key-ed4f799bbabb2278a9be4f88051915d2" class="commentary"/>
(1A)
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<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="last" ukl:ChangeId="key-ed4f799bbabb2278a9be4f88051915d2-1598288660544" ukl:CommentaryRef="key-ed4f799bbabb2278a9be4f88051915d2">The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).</ins>
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<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(2)</ins>
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<intro>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">A person may not be appointed as independent valuer under subsection (1) unless that person—</ins>
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<level class="para1" eId="section-62A-2-a">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(a)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">qualifies as “independent” in accordance with regulatory technical standards </ins>
<noteRef href="#key-bf0a55abf6aa8173bedbd2d3974d318c" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">..., or</ins>
</p>
</content>
</level>
<level class="para1" eId="section-62A-2-b">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(b)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">if no such regulatory technical standards </ins>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="substitution first last" ukl:ChangeId="key-6d366118948ca0d21802d25c87409476-1627485792781" ukl:CommentaryRef="key-6d366118948ca0d21802d25c87409476">
<noteRef uk:name="commentary" href="#key-6d366118948ca0d21802d25c87409476" class="commentary"/>
exist
</ins>
</ins>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">, satisfies the independence requirement set out in section 1151 of the Companies Act 2006.</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-62A-2A">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="first" ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">
<noteRef uk:name="commentary" href="#key-eb85a4b507b5efdc6f6d5ba6b1a29ac4" class="commentary"/>
(2A)
</ins>
</ins>
</num>
<intro>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">In subsection (2) “</ins>
</ins>
<term refersTo="#term-regulatory-technical-standards">
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">regulatory technical standards</ins>
</ins>
</term>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">” means—</ins>
</ins>
</p>
</intro>
<level class="para1" eId="section-62A-2A-a">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">(a)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are </ins>
</ins>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">
<ins class="substitution first last" ukl:ChangeId="key-37e316616d893b3800d45bcf757da55c-1706184319314" ukl:CommentaryRef="key-37e316616d893b3800d45bcf757da55c">
<noteRef uk:name="commentary" href="#key-37e316616d893b3800d45bcf757da55c" class="commentary"/>
assimilated
</ins>
</ins>
</ins>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4"> law, or</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="section-62A-2A-b">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">(b)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">technical standards made under subsection (2B).</ins>
</ins>
</p>
</content>
</level>
</subsection>
<subsection eId="section-62A-2B">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">(2B)</ins>
</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="last" ukl:ChangeId="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4-1627485824977" ukl:CommentaryRef="key-eb85a4b507b5efdc6f6d5ba6b1a29ac4">The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-62A-3">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(3)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">An independent valuer is to hold and vacate office in accordance with the terms of his or her appointment.</ins>
</p>
</content>
</subsection>
<subsection eId="section-62A-4">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(4)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">An independent valuer may be removed from office only on the grounds of incapacity or serious misconduct.</ins>
</p>
</content>
</subsection>
<subsection eId="section-62A-5">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(5)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">In the event of the death of an independent valuer, or an independent valuer being removed from office or resigning, a new independent valuer must be appointed by the Bank in accordance with this section.</ins>
</p>
</content>
</subsection>
<subsection eId="section-62A-6">
<num>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">(6)</ins>
</num>
<content>
<p>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">
<ins class="substitution first last" ukl:ChangeId="key-86c39fc33370c92b93ee3d2c7c7ddde6-1598288714769" ukl:CommentaryRef="key-86c39fc33370c92b93ee3d2c7c7ddde6">
<noteRef uk:name="commentary" href="#key-86c39fc33370c92b93ee3d2c7c7ddde6" class="commentary"/>
Section
</ins>
</ins>
<ins ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99"> 55(1) to (5) and (7) to (10) </ins>
<noteRef href="#key-43c6ef4c97488dba212c0318f9109166" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins class="last" ukl:ChangeId="key-857f925a7a52fe069baf5464a75c2a99-1582837370730" ukl:CommentaryRef="key-857f925a7a52fe069baf5464a75c2a99">... apply in relation to an independent valuer appointed in accordance with this section as they apply to an independent valuer appointed by virtue of section 54.</ins>
</p>
</content>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</body>
</act>
</akomaNtoso>