Ss. 70A-70D inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 77

S. 70A modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 89

Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

Ss. 70A-70C restricted (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 87 (with reg. 88)

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

Words in s. 70A(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 25(b); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 70A(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 25(a); 2020 c. 1, Sch. 5 para. 1(1)

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

Ss. 70A-70C modified (31.12.2020 immediately before IP completion day) by S.I. 2019/341, reg. 18(2) (as inserted by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 20(5); 2020 c. 1, Sch. 5 para. 1(1))

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70ASuspension of obligations1

The Bank of England may suspend obligations to make a payment, or delivery, under a contract where one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power.

2

A suspension imposed under subsection (1) does not apply to—

a

payments of eligible deposits or eligible claims, or

b

payments or deliveries to excluded persons.

3

A suspension imposed under subsection (1)—

a

begins when the instrument providing for the suspension is first published,

b

must end no later than midnight at the end of the first business day following the day on which the instrument providing for the suspension is published, and

c

subject to subsection (2), suspends all obligations to make a payment or delivery under the contract in question, whether the obligation concerned is that of the bank under resolution or of any other party to the contract.

4

Where a payment or delivery under the contract concerned first fell due within the period of the suspension, that payment or delivery is treated as being due immediately on the expiry of the suspension.

5

The power under subsection (1) must be exercised by way of provision in a share transfer instrument, property transfer instrument, resolution instrument or third-country instrument.

6

The Bank of England must have regard to the impact a suspension might have on the orderly functioning of the financial markets before exercising the power in subsection (1).

7

In this section—

“eligible claim” means a claim in respect of which compensation is payable under the Financial Services Compensation Scheme ...

“eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme ....

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<note class="commentary F" eId="key-13365eb4956bbeb16c14fa33a9936bc5">
<p>
Ss. 70A-70D inserted (1.1.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/77">77</ref>
</p>
</note>
<note class="commentary C" eId="key-2b0e66cd846fd66b1dac9997a022e6e2">
<p>
S. 70A modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/4">regs. 1(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/89">89</ref>
</p>
</note>
<note class="commentary C" eId="key-3f368772f125ea1ae21ac6cfd6f06119">
<p>
Pt. 1 restricted (7.1.2010) by
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35">Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/2">2</ref>
</p>
</note>
<note class="commentary C" eId="key-44d54e567fa9f6109219c67dc4206018">
<p>
Ss. 70A-70C restricted (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/4">regs. 1(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/87">87</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/88">reg. 88</ref>
)
</p>
</note>
<note class="commentary F" eId="key-66128f0e1311ca44b09df6cb3e25b25a">
<p>
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/7">7</ref>
</p>
</note>
<note class="commentary F" eId="key-cf744877c695a5c968e0f5ae661cd62c">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/70A/7">s. 70A(7)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/25/b">Sch. 1 para. 25(b)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-ed08f0bb9077090a0f744bfd0935f276">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/70A/7">s. 70A(7)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/25/a">Sch. 1 para. 25(a)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary C" eId="key-f4fd0d520deafd39562d2dea05f424f5">
<p>
Pt. 1: power to amend conferred (1.3.2014) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33">Financial Services (Banking Reform) Act 2013 (c. 33)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/f">ss. 17(3)(f)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/148/5">148(5)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/b">art. 2(1)(b)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/2">Sch. Pt. 2</ref>
</p>
</note>
<note class="commentary C" eId="key-f5a6ea081e468aba44d7ab0062328377">
<p>
Ss. 70A-70C modified (31.12.2020 immediately before IP completion day) by S.I. 2019/341, reg. 18(2) (as inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/710">The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/710/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/710/regulation/20/5">20(5)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
)
</p>
</note>
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<noteRef href="#key-3f368772f125ea1ae21ac6cfd6f06119" marker="C2" class="commentary C"/>
<noteRef href="#key-f4fd0d520deafd39562d2dea05f424f5" marker="C4" class="commentary C"/>
<strong>Part 1</strong>
</num>
<heading>Special Resolution Regime</heading>
<chapter eId="part-1-chapter-3" period="#period3">
<num>
<ins class="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011 first">
<noteRef href="#key-66128f0e1311ca44b09df6cb3e25b25a" marker="F2" class="commentary attribute F"/>
Chapter 3
</ins>
</num>
<heading>
<ins class="key-66128f0e1311ca44b09df6cb3e25b25a-1582893808011 last"> Special resolution action</ins>
</heading>
<hcontainer name="crossheading" eId="part-1-crossheading-incidental-functions" period="#period4">
<heading>
<em>Incidental functions</em>
</heading>
<section eId="section-70A" period="#period1">
<num>
<noteRef href="#key-44d54e567fa9f6109219c67dc4206018" marker="C3" class="commentary C"/>
<noteRef href="#key-2b0e66cd846fd66b1dac9997a022e6e2" marker="C1" class="commentary C"/>
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<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">70A</ins>
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<heading>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545 first">
<noteRef href="#key-13365eb4956bbeb16c14fa33a9936bc5" marker="F1" class="commentary attribute F"/>
Suspension of obligations
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<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">1</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">The Bank of England may suspend obligations to make a payment, or delivery, under a contract where one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power.</ins>
</p>
</content>
</subsection>
<subsection eId="section-70A-2">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">2</ins>
</num>
<intro>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">A suspension imposed under subsection (1) does not apply to—</ins>
</p>
</intro>
<paragraph eId="section-70A-2-a">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">a</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">payments of eligible deposits or eligible claims, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-70A-2-b">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">b</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">payments or deliveries to excluded persons.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-70A-3">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">3</ins>
</num>
<intro>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">A suspension imposed under subsection (1)—</ins>
</p>
</intro>
<paragraph eId="section-70A-3-a">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">a</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">begins when the instrument providing for the suspension is first published,</ins>
</p>
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</paragraph>
<paragraph eId="section-70A-3-b">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">b</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">must end no later than midnight at the end of the first business day following the day on which the instrument providing for the suspension is published, and</ins>
</p>
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</paragraph>
<paragraph eId="section-70A-3-c">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">c</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">subject to subsection (2), suspends all obligations to make a payment or delivery under the contract in question, whether the obligation concerned is that of the bank under resolution or of any other party to the contract.</ins>
</p>
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</paragraph>
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<subsection eId="section-70A-4">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">4</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">Where a payment or delivery under the contract concerned first fell due within the period of the suspension, that payment or delivery is treated as being due immediately on the expiry of the suspension.</ins>
</p>
</content>
</subsection>
<subsection eId="section-70A-5">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">5</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">The power under subsection (1) must be exercised by way of provision in a share transfer instrument, property transfer instrument, resolution instrument or third-country instrument.</ins>
</p>
</content>
</subsection>
<subsection eId="section-70A-6">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">6</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">The Bank of England must have regard to the impact a suspension might have on the orderly functioning of the financial markets before exercising the power in subsection (1).</ins>
</p>
</content>
</subsection>
<subsection eId="section-70A-7">
<num>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">7</ins>
</num>
<content>
<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">In this section—</ins>
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<p>
<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">“eligible claim” means a claim in respect of which compensation is payable under the Financial Services Compensation Scheme </ins>
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...
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<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545">“eligible deposit” means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme </ins>
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...
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<abbr class="Acronym" title="European Union">
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<ins class="key-13365eb4956bbeb16c14fa33a9936bc5-1582833433545 last">.</ins>
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