(1)In this Act “financial assistance” includes giving guarantees or indemnities and any other kind of financial assistance (actual or contingent).
(2)The Treasury may by order provide that a specified activity or transaction, or class of activity or transaction, is to be or not to be treated as financial assistance for a specified purpose of this Act; and subsection (1) is subject to this subsection.
(3)An order—
(a)shall be made by statutory instrument, and
(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Commencement Information
I1S. 257 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 12
I2S. 257 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 12
In this Act “enactment” includes—
(a)subordinate legislation,
(b)an Act of the Scottish Parliament and an instrument under an Act of the Scottish Parliament, and
(c)Northern Ireland legislation.
Commencement Information
I3S. 258 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 13
(1)In this Act “investment firm” means a UK institution which is (or, but for the exercise of a stabilisation power, would be) an investment firm for the purposes of [F2Regulation (EU) No. 575/2013 of the European Parliament and of the Council [F3as it forms part of retained EU law].]
(2)But “investment firm” does not include—
(a)an institution which is also—
(i)a bank (within the meaning of Part 1),
(ii)a building society (within the meaning of section 119 of the Building Societies Act 1986), or
(iii)a credit union (within the meaning of section 31 of the Credit Unions Act 1979 or Article 2(2) of the Credit Unions (Northern Ireland) Order 1985), or
(b)an institution which is of a class or description specified in an order made by the Treasury.
(3)An order—
(a)is to be made by statutory instrument, and
(b)may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.
(4)If an order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without complying with subsection (3)(b)—
(a)the order may be made, and
(b)the order lapses unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the order is made.
(5)The lapse of an order under subsection (4)(b)—
(a)does not invalidate anything done under or in reliance on the order before the lapse and at a time when neither House has declined to approve the order, and
(b)does not prevent the making of a new order (in new terms).
(6)In subsection (1) “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom.]
Textual Amendments
F1S. 258A inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(7), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(f); S.I. 2014/1847, art. 2
F2Words in s. 258A(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 45(3)
F3Words in s. 258A(1) 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. 54 (as amended by S.I. 2020/1385, reg. 1(4), Sch. para. 1(1)(2)(k)(i)); 2020 c. 1, Sch. 5 para. 1(1)
(1)A statutory instrument under this Act—
(a)may make provision that applies generally or only for specified purposes, cases or circumstances,
(b)may make different provision for different purposes, cases or circumstances, and
(c)may include incidental, consequential or transitional provision.
(2)No statutory instrument under this Act shall be treated as a hybrid instrument under Standing Orders of either House of Parliament.
(3)The Table lists the powers to make statutory instruments under this Act and the arrangements for Parliamentary scrutiny in each case (which are subject to subsections (4) to (6)).
| Section | Topic | Parliamentary scrutiny |
|---|---|---|
| PART 1–Special resolution regime | ||
| 2 | Meaning of “bank” | Draft affirmative resolution |
| [F42(2A) | Criteria for determining what are critical functions | Negative resolution] |
| 25 | Share transfer orders | Negative resolution |
| 47 | Partial transfers | Draft affirmative resolution |
| 48 | Protection of interests | Draft affirmative resolution |
| [F548B(13A) | Further provision connected with functions under section 48B(10) | Draft affirmative resolution] |
| [F548B(16) | Criteria for determining what are core business lines | Negative resolution] |
| [F648F(1) and (2)] | [F6Power to amend definition of “excluded liabilities”] | [F6Draft affirmative resolution] |
| [F648G] | [F6Insolvency treatment principles] | [F6Draft affirmative resolution] |
| [F648P] | [F6Safeguarding of certain financial arrangements] | [F6Draft affirmative resolution] |
| [F652A] | [F6Bail-in compensation orders] | [F6Draft affirmative resolution] |
| 55 | Independent valuer | Negative resolution |
| 56 | Independent valuer: money | Negative resolution |
| 60 | [F7Third party compensation: partial property transfers] | Draft affirmative resolution |
| [F660A] | [F6Third party compensation: instruments containing special bail-in provision] | [F6Draft affirmative resolution] |
| 62 | Compensation orders | Draft affirmative resolution |
| 69 | Continuity obligations: consideration and terms | Negative resolution |
| F8. . . | F8. . . | F8. . . |
| 74 | Tax | Draft affirmative resolution (Commons only) |
| 75 | Power to change law | Draft affirmative resolution (except for urgent cases) |
| 78 | Public funds | Negative resolution (Commons only) |
| [F981D] | [F9Meaning of “banking group company”] | [F9Draft affirmative resolution (except for urgent cases)] |
| [F1083ZY] | [F10Enforcement of share transfer orders] | [F10Negative resolution] |
| 85 | Building societies: orders | Negative resolution |
| 86 | Building societies: assets | (As for orders under section 90B of the Building Societies Act 1986) |
| 88 | Building societies: consequential | Draft affirmative resolution |
| 89 | Credit unions | Draft affirmative resolution |
| [F1189F] | [F11[F12Recognised central counterparty] compensation orders] | [F11Draft affirmative resolution] |
| [F1389JA(8) (modified section 48B(17B)) | Criteria for determining what are core business lines | Negative resolution] |
| PART 2–Bank insolvency | ||
| 91 | Meaning of “bank” | Draft affirmative resolution |
| 122 | Application of insolvency law | Draft affirmative resolution |
| 125 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986) |
| 130 | Building societies | Draft affirmative resolution |
| 131 | Credit unions | Draft affirmative resolution |
| 132 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986) |
| 133 | Scottish partnerships | Negative resolution |
| 135 | Consequential provision | Draft affirmative resolution |
| PART 3–Bank administration | ||
| 148 | Sharing information | Negative resolution |
| 149 | Multiple original transfers | Draft affirmative resolution |
| 152 | Transfer from temporary public ownership | Draft affirmative resolution |
| [F14152A] | [F14Property transfer from transferred institution] | [F14Draft affirmative resolution] |
| 156 | Application of other law | Draft affirmative resolution |
| 158 | Building societies | Draft affirmative resolution |
| 159 | Credit unions | Draft affirmative resolution |
| 160 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986) |
| 163 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986) |
| 164 | Scottish partnerships | Negative resolution |
| 168 | Consequential provision | Draft affirmative resolution |
| PART 4–Financial Services Compensation Scheme | ||
| 170 | Contingency funding | Draft affirmative resolution |
| F15. . . | F15. . . | F15. . . |
| 173 | Borrowing from National Loans Fund | Negative resolution |
| PART 5–F16... payment systems | ||
| 191 | Bank of England directions: immunity | Negative resolution |
| 203 | Fees regulations | Negative resolution |
| 204 | Information | Negative resolution |
| [F17206A | Services forming part of recognised F18... payment systems | Draft affirmative resolution] |
| PART 6–Banknotes: Scotland and Northern Ireland | ||
| [F19214A | Issuers of banknotes: Scotland and Northern Ireland | Draft affirmative resolution] |
| 215 | Banknote regulations | Draft affirmative resolution |
| PART 7–Miscellaneous | ||
| 230 | Financial institution | Negative resolution |
| [F20232(6)] | Investment banks: definition | Draft affirmative resolution |
| [F21232(7) | Investment banks: definition of investment activity | Negative resolution] |
| 233 | Investment banks: insolvency | Draft affirmative resolution |
| 249 | [F22PRA or FCA—] functions | Draft affirmative resolution |
| 251 | Central banks: assistance to building societies | Draft affirmative resolution |
| 255 | Financial collateral arrangements | [F23Draft affirmative resolution] |
| PART 8–General | ||
| 257 | Financial assistance | Negative resolution |
| [F24258A] | [F24Meaning of “investment firm”] | [F24Draft affirmative resolution (except for urgent cases)] |
| 262 | Repeal of Banking (Special Provisions) Act 2008 | None |
| 263 | Commencement | None |
(4)A power listed in subsection (5) may be exercised without a draft being laid before and approved by resolution of each House of Parliament if—
(a)the power is being exercised for the first time, and
(b)the person exercising it is satisfied that it is necessary to exercise it without laying a draft for approval.
(5)The powers are those in—
(a)section 2 (special resolution regime: meaning of “bank”),
(b)section 47 (special resolution regime: partial transfers),
(c)section 48 (special resolution regime: protection of interests),
(d)section 60 (special resolution regime: third party compensation),
[F25(da)section 60A (special resolution regime: instruments containing special bail-in provision),]
(e)section 88 (special resolution regime: building societies: consequential),
(f)section 91 (bank insolvency: meaning of “bank”),
(g)section 122 (bank insolvency: application of insolvency law),
(h)section 130 (bank insolvency: building societies),
(i)section 135 (bank insolvency: consequential provision),
(j)section 149 (bank administration: multiple original transfers),
(k)section 152 (bank administration: transfer from temporary public ownership),
[F26(ka)section 152A (bank administration: property transfer from transferred institution),]
(l)section 156 (bank administration: application of other law),
(m)section 158 (bank administration: building societies),
(n)section 168 (bank administration: consequential provision), F27...
F27(o). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Where an instrument is made in reliance on subsection (5)—
(a)it shall lapse unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the instrument is made,
(b)the lapse of an instrument under paragraph (a) does not invalidate anything done under or in reliance on it before its lapse and at a time when neither House has declined to approve it, and
(c)the lapse of an instrument under paragraph (a) does not prevent the making of a new one (in new terms).
Textual Amendments
F4Words in s. 259(3) Table 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. 55(2); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in s. 259(3) Table 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. 55(3); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(b); S.I. 2014/3160, art. 2(1)(b)
F7Words in s. 259(3) Table substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(a); S.I. 2014/3160, art. 2(1)(b)
F8Words in s. 259(3) Table omitted (1.1.2015) by virtue of The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(2)
F9Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 100(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(c); S.I. 2014/1847, art. 2
F10Words in s. 259(3) Table inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(3)
F11Words in s. 259(3) Table inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 102(7), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2
F12Words in s. 259(3) Table substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(3) (with regs. 52-58)
F13Words in s. 259(3) Table 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. 55(4); 2020 c. 1, Sch. 5 para. 1(1)
F14Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(c); S.I. 2014/3160, art. 2(1)(b)
F15Words in s. 259(3) Table omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(2)
F16Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(a)
F17Words in s. 259(3) Table inserted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(3)
F18Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(b)
F19Words in s. 259(3) inserted Table (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(6), 41(3); S.I. 2016/627, reg. 2(1)(bb)
F20Word in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 259(3) Table inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F22Words in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F23Words in s. 259(3) Table substituted (29.4.2021) by Financial Services Act 2021 (c. 22), ss. 41(6), 49(1)(c)
F24Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(8), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(f); S.I. 2014/1847, art. 2
F25S. 259(5)(da) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(d); S.I. 2014/3160, art. 2(1)(b)
F26S. 259(5)(ka) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(e); S.I. 2014/3160, art. 2(1)(b)
F27S. 259(5)(o) and word omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(4)
Commencement Information
I4S. 259 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 14
Expenditure of the Treasury under, by virtue of or in connection with a provision of this Act shall be paid out of money provided by Parliament.
Commencement Information
I5S. 260 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 15
The Table sets out expressions defined in this Act for general purposes.
| Expression | Section |
|---|---|
| Action | 93 and 166 |
| [F28Additional Tier 1 instruments (in Part 1) | 3] |
| [F29Bail-in compensation order | 49] |
| [F30bail in liabilities | 3] |
| Bank (Part 1) | 2 |
| Bank (Part 2) | 91 |
| Bank administration | 136 |
| Bank administration order | 141 |
| Bank insolvency | 90 |
| Bank insolvency order | 94 |
| [F31Bank of England | 256B] |
| [F32Banking group company | 81D] |
| Bridge bank | 12 |
| Bridge bank reverse share transfer instrument | 31 |
| Bridge bank share transfer instrument | 30 |
| [F33Bridge bank supplemental property transfer instrument | 44D |
| Bridge bank supplemental reverse property transfer instrument | 44E] |
| [F28the capital requirements regulation (in Part 1) | 3] |
| F34. . . | F34. . . |
| [F35Client assets (Part 1) | 3] |
| [F28Common Equity Tier 1 instruments (in Part 1) | 3] |
| Compensation scheme order | 49 |
| The court (Part 2) | 92 |
| The court (Part 3) | 166 |
| [F28critical functions (in Part 1) | 3] |
| Eligible depositors | 93 |
| [F28eligible liabilities | 3] |
| Enactment | 258 |
| [F28extraordinary public financial support (in Part 1) | 3] |
| [F36FCA | 3, 93, 166 & 183] |
| F37. . . | F37. . . |
| [F38FSCS (in Part 1) | 3 |
| FSCS (in Part 2) | 93] |
| Fair | 93 |
| Financial assistance | 257 |
| Financial institution | 230 |
| Full payment resolution | 100 |
| Independent valuer | 54 |
| F39. . . | F39. . . |
| [F40Investment firm | 258A] |
| Liquidation committee | 100 |
| [F28mandatory reduction instrument | 6B] |
| [F41Normal insolvency proceedings (in Part 1) | 3] |
| Objective 1 Achievement Notice | 139 |
| Onward bridge bank | 12 |
| Onward property transfer instrument | 43 |
| [F33Onward share transfer instrument | 26ZA] |
| Onward share transfer order | 28 |
| [F28own funds (in Part 1) | 3 |
| own funds requirements (in Part 1) | 3] |
| Partial property transfer | 47 |
| [F42Payment system | 182] |
| [F43Payment Systems Regulator | 183] |
| [F44PRA-authorised person | 89G] |
| [F45PRA | 3, 93, 166 & 183] |
| [F46Private sector reverse property transfer instrument | 42A] |
| Property transfer instrument | 33 |
| Property transfer order | 45 |
| [F31Prudential Regulation Authority | 256B] |
| [F47recognised central counterparty | 89G] |
| [F28the recovery and resolution directive (in Part 1) | 3 |
| relevant capital instruments (in Part 1) | 3 |
| [F30relevant internal liabilities | 3] |
| resolution company | 29A] |
| [F30resolution entity | 3] |
| Resolution fund order | 49 |
| [F30resolution group | 3] |
| [F29Resolution instrument | 12A] |
| Reverse property transfer instrument | 44 |
| Reverse property transfer order | 46 |
| F48[F49... reverse share transfer instrument | 26A] |
| Reverse share transfer order | 29 |
| Securities | 14 |
| Share transfer instrument | 15 |
| Share transfer order | 16 |
| [F29Special bail-in provision | 48B] |
| Special resolution regime | 1 |
| Special resolution objectives | 4 |
| Stabilisation options | 1 |
| Stabilisation powers | 1 |
| Supplemental property transfer instrument | 42 |
| Supplemental share transfer instrument or order | 26 & 27 |
| [F28third-country instrument | 89I] |
| Third party compensation order | 49 & 59 |
| [F28Tier 2 instruments (in Part 1) | 3] |
| Unable to pay debts | 93 & 166 |
| F50. . . | F50. . . |
Textual Amendments
F28Words in s. 261 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 111
F29Words in s. 261 inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 32; S.I. 2014/3160, art. 2(1)(b)
F30Words in s. 261 inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 25
F31Words in s. 261 inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 63 (with Sch. 3); S.I. 2017/43, reg. 2(g)
F32Words in s. 261 inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 100(7), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(c); S.I. 2014/1847, art. 2
F33Words in s. 261 inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 27(a)
F34Words in s. 261 omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(6)(a) (with regs. 52-58)
F35Words in s. 261 inserted (1.1.2015) by Financial Services Act 2012 (c. 21), ss. 96(6), 122(3) (with Sch. 20); S.I. 2014/3323, art. 2
F36Words in s. 261 inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 62(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F37Words in s. 261 omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 62(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F38Words in s. 261 Table 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. 56(2); 2020 c. 1, Sch. 5 para. 1(1)
F39Words in s. 261 omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 30(a)
F40Words in s. 261 inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(9), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(f); S.I. 2014/1847, art. 2
F41Words in s. 261 Table 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. 56(3); 2020 c. 1, Sch. 5 para. 1(1)
F42Words in s. 261 inserted (27.6.2017) by Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 30(b)
F43Words in s. 261 inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 2(29)
F44Words in s. 261 inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 102(8)(b), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2
F45Words in s. 261 inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 62(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F46Words in s. 261 inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(11), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F47Words in s. 261 inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(6)(b) (with regs. 52-58)
F48Words in s. 261 omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 27(b)(i)
F49Words in s. 261 moved (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 27(b)(ii)
F50Words in s. 261 omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(6)(c) (with regs. 52-58)
Commencement Information
I6S. 261 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 16
(1)The Treasury may by order repeal the Banking (Special Provisions) Act 2008.
(2)An order—
(a)may include savings, and
(b)shall be made by statutory instrument.
(3)Subsection (2)(a) is without prejudice to the generality of, or the application to this section of, section 259.
Commencement Information
I7S. 262 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 17
I8S. 262 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 17
(1)The preceding provisions of this Act shall come into force in accordance with provision made by the Treasury by order.
(2)Subsection (1) does not apply to section 254, which comes into force at the end of the period of 2 months beginning with the date of Royal Assent.
(3)An order under subsection (1)—
(a)may make provision generally or only in relation to specific provisions or purposes,
(b)may make different provision for different provisions or purposes,
(c)may include incidental or transitional provision (including savings), and
(d)shall be made by statutory instrument.
(4)Where the Treasury or another authority are required to consult or take other action before exercising a power or fulfilling a duty to make legislation or to do any other thing under, by virtue of or in connection with this Act, the Treasury or other authority may rely on consultation or other action carried out before the commencement of the relevant provision of this Act.
(1)This Act extends to—
(a)England and Wales,
(b)Scotland, and
(c)Northern Ireland.
(2)But—
(a)sections 253 and 254 extend to Scotland only, and
(b)an amendment of an enactment has the same extent as the enactment (or the relevant part).
This Act may be cited as the Banking Act 2009.