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
F2Chapter 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
Exercise of powers: general
7AF1Effect on other group members, financial stability in F3UKetc
1
Where the Bank of England is considering the imposition of a requirement under section 3A(2), F9(4), (4B)(b), (5) or (6), the Bank must consult the PRA and the FCA, and have regard to the potential impact of the requirement on—
a
the institution in question,
b
the market for financial services within the F4United Kingdom, and
c
the financial stability of the F5United Kingdom.
F101A
Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind of bail-in liability.
2
Where the Bank of England is considering the exercise of a stabilisation power in respect of a bank which is a member of a group, the Bank must have regard to—
a
the need to minimise the effect of the exercise of the power on other undertakings in the same group,
b
the need to minimise any adverse effects on the financial stability of the F6United Kingdom, and
3
In this section “group” has the meaning given by section 474 of the Companies Act 2006.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2