Banking Act 2009

Changes over time for: Section 259

Version Superseded: 31/12/2020

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Banking Act 2009, Section 259 is up to date with all changes known to be in force on or before 15 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.

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259Statutory instrumentsU.K.

This section has no associated Explanatory Notes

(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
25	Share transfer orders	Negative resolution
47	Partial transfers	Draft affirmative resolution
48	Protection of interests	Draft affirmative resolution
[F148F(1) and (2)]	[F1Power to amend definition of “excluded liabilities”]	[F1Draft affirmative resolution]
[F148G]	[F1Insolvency treatment principles]	[F1Draft affirmative resolution]
[F148P]	[F1Safeguarding of certain financial arrangements]	[F1Draft affirmative resolution]
[F152A]	[F1Bail-in compensation orders]	[F1Draft affirmative resolution]
55	Independent valuer	Negative resolution
56	Independent valuer: money	Negative resolution
60	[F2Third party compensation: partial property transfers]	Draft affirmative resolution
[F160A]	[F1Third party compensation: instruments containing special bail-in provision]	[F1Draft affirmative resolution]
62	Compensation orders	Draft affirmative resolution
69	Continuity obligations: consideration and terms	Negative resolution
F3. . .	F3. . .	F3. . .
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)
[F481D]	[F4Meaning of “banking group company”]	[F4Draft affirmative resolution (except for urgent cases)]
[F583ZY]	[F5Enforcement of share transfer orders]	[F5Negative 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
[F689F]	[F6[F7Recognised central counterparty] compensation orders]	[F6Draft affirmative 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
[F8152A]	[F8Property transfer from transferred institution]	[F8Draft 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
F9. . .	F9. . .	F9. . .
173	Borrowing from National Loans Fund	Negative resolution
PART 5–F10... payment systems
191	Bank of England directions: immunity	Negative resolution
203	Fees regulations	Negative resolution
204	Information	Negative resolution
[F11206A	Services forming part of recognised F12... payment systems	Draft affirmative resolution]
PART 6–Banknotes: Scotland and Northern Ireland
[F13214A	Issuers of banknotes: Scotland and Northern Ireland	Draft affirmative resolution]
215	Banknote regulations	Draft affirmative resolution
PART 7–Miscellaneous
230	Financial institution	Negative resolution
[F14232(6)]	Investment banks: definition	Draft affirmative resolution
[F15232(7)	Investment banks: definition of investment activity	Negative resolution]
233	Investment banks: insolvency	Draft affirmative resolution
249	[F16PRA or FCA—] functions	Draft affirmative resolution
251	Central banks: assistance to building societies	Draft affirmative resolution
255	Financial collateral arrangements	Affirmative resolution
PART 8–General
257	Financial assistance	Negative resolution
[F17258A]	[F17Meaning of “investment firm”]	[F17Draft 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),

[F18(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),

[F19(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), F20...

F20(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

F1Words 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)

F2Words 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)

F3Words 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)

F4Words 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

F5Words 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)

F6Words 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

F7Words 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)

F8Words 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)

F9Words 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)

F10Word 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)