xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
Modifications etc. (not altering text)
C1Pt. 2 applied (with modifications) by 1986 c. 53, s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
C2Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1 (as amended (7.4.2010) by Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 (S.I. 2010/1189), arts. 1(2), 2 and amended (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 8)
C3Pt. 2 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C4Pt. 2 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 1 paras. 6, 7
(1)Section 120 shall apply to relevant firms as it applies to banks, except that for this purpose—
(a)subsections (5) and (10) of that section have effect as if any reference to the PRA were a reference to the appropriate regulator, and
(b)subsection (7) has effect as if for paragraph (b) there were substituted—
“(b)the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable).”
(2)In this section—
(a)“relevant firm” means—
(i)a financial holding company, investment firm, mixed financial holding company or a mixed activity holding company, or
(ii)a financial institution which is a subsidiary undertaking of a bank or an entity within paragraph (a)(i);
(b)“financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation (within the meaning of section 3);
(c)“financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation (within the meaning of section 3);
(d)“mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation (within the meaning of section 3);
(e)“mixed financial holding company” has the meaning given in Article 2.15 of Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.
(3)In this section, references to “the appropriate regulator” are—
(a)to the PRA, in relation to a PRA-authorised person; and
(b)to the FCA in relation to any other authorised person.]
Textual Amendments
F1S. 120A inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 106