C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F1Bail-in option

Annotations:
Amendments (Textual)
F1

Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

48MTermination rights, etc

1

In this section “default event provision” has the same meaning as in section 22.

2

A resolution instrument may provide for subsection (3) or (4) to apply (but need not apply either).

3

If this subsection applies, the resolution instrument is to be disregarded in determining whether a default event provision applies.

4

If this subsection applies, the resolution instrument is to be disregarded in determining whether a default event provision applies except so far as the instrument provides otherwise.

5

In subsections (3) and (4) a reference to the resolution instrument is a reference to—

a

the making of the instrument,

b

anything that is done by the instrument or is to be, or may be, done under or by virtue of the instrument, and

c

any action or decision taken or made under this or another enactment in so far as it resulted in, or was connected to, the making of the instrument.

6

Provision under subsection (2) may apply subsection (3) or (4)—

a

generally or only for specified purposes, cases or circumstances, or

b

differently for different purposes, cases or circumstances.

7

A thing is not done by virtue of a resolution instrument for the purposes of subsection (5)(b) merely by virtue of being done under a contract or other agreement rights or obligations under which have been affected by the instrument.