Part 1U.K.Special Resolution Regime

Modifications etc. (not altering text)

[F1Chapter 4U.K.Information, investigation and enforcement

Textual Amendments

Appointment of investigatorsU.K.

83ZE.Investigations etc in support of foreign resolution authoritiesU.K.

(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—

F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)functions in relation to third-country resolution action (within the meaning of section 89H) corresponding to [F3the stabilisation powers of the Bank of England under this Part].

(4)An investigator appointed under subsection (1)(b) has the same powers as an investigator appointed under section 83ZD.

F4(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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.

F5(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10)“Foreign resolution authority” means—

F7(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)an authority, in a [F8country or territory outside the United Kingdom], which exercises functions referred to in subsection [F9(3)(b)].

(11)“Investigative power” means one of the powers mentioned in subsection (1).]

Textual Amendments