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
F1Chapter 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
Incidental functions
I170Continuity obligations: termination
1
The continuity authority may by notice terminate an obligation arising under section 63 or 66.
2
The power under subsection (1) is exerciseable by giving a notice to each person—
a
on whom the obligation is imposed, or
b
who has benefited or might have expected to benefit from the obligation.
3
In this section “continuity authority”—
a
in relation to section 63, means the Bank of England, and
b
in relation to section 66, has the same meaning as in that section.
4
A reference in subsection (1) to obligations under a section includes a reference to obligations under that section as applied under section 65 or 68.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2