C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F6Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F6

Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7

Objectives and code

I2I15Code of practice

F21

The Treasury shall issue a code of practice about—

a

the discharge of the duty imposed by section 6B (mandatory write-down, conversion etc of capital instruments), and

b

the use of—

i

the stabilisation powers,

ii

the bank insolvency procedure, and

iii

the bank administration procedure.

2

The code may, in particular, provide guidance on—

a

how the special resolution objectives are to be understood and achieved,

b

the choice between different options,

c

the information to be provided in the course of a consultation under this Part,

d

the giving of advice by one relevant authority to another about whether, when and how the stabilisation powers are to be used,

e

how to determine whether Condition 2 in section 7 is met,

f

how to determine whether F3tests for the use of the stabilisation powers in sections 8 and 8ZA are satisfied,

g

sections 63 and 66, and

h

compensation.

3

Sections 12F4, 12ZA and 13 require the inclusion in the code of certain matters about bridge banksF5, asset management vehicles and temporary public ownership.

4

The relevant authorities shall have regard to the code.

5

For the purpose of this section the relevant authorities are—

a

the Treasury,

F1b

the PRA,

ba

the FCA, and

c

the Bank of England.