C1C2Part 1Special Resolution Regime
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F6Chapter 3 Special resolution action
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
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.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2