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
F4Chapter 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
Compensation
I2I152Transfer to F3resolution company
F21
This section applies if the Bank of England makes—
a
a share transfer instrument or a property transfer instrument under section 12(2), or
b
a property transfer instrument under section 12ZA(3).
2
The Treasury shall make a resolution fund order.
3
An order made by virtue of subsection (2) may include—
a
a compensation scheme order;
b
a third party compensation order (which may, in particular, make provision, in respect of F1persons of a specified description, for rights in addition to any rights they may have by virtue of the resolution fund order).
4
In the case of a partial property transfer, the resolution fund order must include a third party compensation order.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2