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 4Information, investigation and enforcement
Pt. 1 Ch. 4 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97
Appointment of investigators
83ZEInvestigations etc in support of foreign resolution authorities
1
On receiving a request to which subsection (3) applies from a foreign resolution authority, the Bank of England may—
a
exercise the power conferred by section 83ZA, or
b
appoint one or more competent persons to investigate any matter.
2
Accordingly, for the purposes of subsection (1)(a), section 83ZA(1) has effect as if it also referred to information and documents reasonably required by the Bank of England to meet such a request.
3
This subsection applies to a request if the request is made by a foreign resolution authority in connection with the exercise by that authority of—
a
functions under the recovery and resolution directive, or
b
functions in relation to third-country resolution action (within the meaning of section 89H) corresponding to those exercisable by an EU resolution authority pursuant to the recovery and resolution directive.
4
An investigator appointed under subsection (1)(b) has the same powers as an investigator appointed under section 83ZD.
5
If the request has been made by an EU resolution authority in pursuance of any EU obligation, the Bank must, in deciding whether or not to exercise its investigative power, consider whether its exercise is necessary to comply with any such obligation.
6
In deciding whether or not to exercise its investigative power, the Bank may take into account in particular—
a
whether, in the territory of the foreign resolution authority concerned, corresponding assistance would be given to the Bank,
b
whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom,
c
the seriousness of the case and its importance to persons in the United Kingdom,
d
whether it is otherwise appropriate in the public interest to give the assistance sought.
7
The Bank may decide that it will not exercise its investigative power unless the foreign resolution authority undertakes to make such contribution towards the cost of its exercise as the Bank considers appropriate.
8
Subsections (6) and (7) do not apply if the Bank considers that the exercise of its investigative power is necessary to comply with an EU obligation.
9
“EU resolution authority” means an authority designated by an EEA state other than the United Kingdom in accordance with Article 3 of the recovery and resolution directive.
10
“Foreign resolution authority” means—
a
an EU resolution authority, or
b
an authority, in a territory which is not and does not form part of an EEA state, which exercises functions referred to in subsection (2)(b).
11
“Investigative power” means one of the powers mentioned in subsection (1).
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2