Part 1Special Resolution Regime
Transfer of property
I139Foreign property
1
This section applies where a property transfer instrument transfers foreign property.
2
In subsection (1) “foreign property” means—
a
property outside the United Kingdom, and
b
rights and liabilities under foreign law.
3
The transferor and the transferee must each take any necessary steps to ensure that the transfer is effective as a matter of foreign law (if it is not wholly effective by virtue of the property transfer instrument).
4
Until the transfer is effective as a matter of foreign law, the transferor must—
a
hold the property or right for the benefit of the transferee (together with any additional property or right accruing by virtue of the original property or right), or
b
discharge the liability on behalf of the transferee.
5
The transferee must meet any expenses of the transferor in complying with this section.
6
An obligation imposed by this section is enforceable as if created by contract between the transferor and transferee.
7
The transferor must comply with any directions of the Bank of England in respect of the obligations under subsections (3) and (4); and—
a
a direction may disapply subsections (3) and (4) to a specified extent, and
b
obligations imposed by direction are enforceable as if created by contract between the transferor and the Bank of England.
8
In this section “foreign law” means the law of a country or territory outside the United Kingdom.