http://www.legislation.gov.uk/ukpga/2009/1/section/89E/2020-12-31Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-18Expert Participation2020-12-31 Part 1Special Resolution RegimeChapter 5<Addition ChangeId="key-12bdc81a0e7b51a4772974a763ddad20-1582895497475" CommentaryRef="key-12bdc81a0e7b51a4772974a763ddad20"> Special cases</Addition> <Emphasis> <Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b"><Substitution ChangeId="key-6bafe92d7c9fb15bd60f09664ea18c2e-1582030361527" CommentaryRef="key-6bafe92d7c9fb15bd60f09664ea18c2e">Recognised central counterparties</Substitution></Addition> </Emphasis><Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">Recognition of transferee company</Addition>89E1The Bank of England may provide for a company to which the business of a recognised central counterparty is transferred in accordance with section 12(2) to be treated as a recognised central counterparty for the purposes of the Financial Services and Markets Act 2000—afor a specified period, orbuntil a specified event occurs.2The provision may have effect—afor a period specified in the instrument, orbuntil the occurrence of an event specified or described in the instrument.3The power under this section—amay be exercised only with the consent of the Treasury, andbmust be exercised by way of provision in a property transfer instrument (or supplemental instrument).Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 98Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Ss. 89B-89G and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 102(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(h); S.I. 2014/1847, art. 2Words in Act substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(2) (with regs. 52-58)Words in s. 89E(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(4) (with regs. 52-58)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
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<Substitution ChangeId="key-6bafe92d7c9fb15bd60f09664ea18c2e-1582030762898" CommentaryRef="key-6bafe92d7c9fb15bd60f09664ea18c2e">recognised central counterparty</Substitution>
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<Text>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">until the occurrence of an event specified or described in the instrument.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/1/section/89E/3/2020-12-31" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89E/3" id="section-89E-3">
<Pnumber>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">The power under this section—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/1/section/89E/3/a/2020-12-31" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89E/3/a" id="section-89E-3-a">
<Pnumber>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">may be exercised only with the consent of the Treasury, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/2009/1/section/89E/3/b/2020-12-31" IdURI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89E/3/b" id="section-89E-3-b">
<Pnumber>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="M_F_8bf6ce81-dd49-4748-dedc-7101edf75650-1583767788362" CommentaryRef="key-60743d5fa2e5bd19f5d1fc0bc7f7318b">must be exercised by way of provision in a property transfer instrument (or supplemental instrument).</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Chapter>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-12bdc81a0e7b51a4772974a763ddad20" Type="F">
<Para>
<Text>
Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/3329" id="cosfsx1x3-00319" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="3329" Title="The Bank Recovery and Resolution Order 2014">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</Citation>
,
<CitationSubRef id="cosfsx1x3-00320" CitationRef="cosfsx1x3-00319" URI="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cosfsx1x3-00321" CitationRef="cosfsx1x3-00319" URI="http://www.legislation.gov.uk/id/uksi/2014/3329/article/98" SectionRef="article-98" Operative="true">98</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-3f368772f125ea1ae21ac6cfd6f06119" Type="C">
<Para>
<Text>
Pt. 1 restricted (7.1.2010) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/35" id="c5nlkqlf2-00007" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="35" Title="Banking Act 2009 (Exclusion of Insurers) Order 2010">Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35)</Citation>
,
<CitationSubRef id="c5nlkqlf2-00008" CitationRef="c5nlkqlf2-00007" URI="http://www.legislation.gov.uk/id/uksi/2010/35/article/1" SectionRef="article-1">arts. 1</CitationSubRef>
,
<CitationSubRef id="c5nlkqlf2-00009" CitationRef="c5nlkqlf2-00007" URI="http://www.legislation.gov.uk/id/uksi/2010/35/article/2" SectionRef="article-2" Operative="true">2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-60743d5fa2e5bd19f5d1fc0bc7f7318b" Type="F">
<Para>
<Text>
Ss. 89B-89G and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2012/21" id="cp2kfqaf3-00028" Class="UnitedKingdomPublicGeneralAct" Year="2012" Number="21" Title="Financial Services Act 2012">Financial Services Act 2012 (c. 21)</Citation>
,
<CitationSubRef id="cp2kfqaf3-00029" CitationRef="cp2kfqaf3-00028" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/102/6" SectionRef="section-102-6" Operative="true">ss. 102(6)</CitationSubRef>
,
<CitationSubRef id="cp2kfqaf3-00030" CitationRef="cp2kfqaf3-00028" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3" SectionRef="section-122-3">122(3)</CitationSubRef>
(with
<CitationSubRef id="cp2kfqaf3-00031" CitationRef="cp2kfqaf3-00028" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20" SectionRef="schedule-20">Sch. 20</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/1447" id="cp2kfqaf3-00032" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="1447" Title="The Financial Services Act 2012 (Commencement No. 4) Order 2014">S.I. 2014/1447</Citation>
,
<CitationSubRef id="cp2kfqaf3-00033" CitationRef="cp2kfqaf3-00032" URI="http://www.legislation.gov.uk/id/uksi/2014/1447/article/2/h" SectionRef="article-2-h">art. 2(h)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/1847" id="d13e2n1" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="1847">S.I. 2014/1847</Citation>
,
<CitationSubRef id="cc00029" CitationRef="d13e2" URI="http://www.legislation.gov.uk/id/uksi/2013/504/article/2" Operative="false" SectionRef="article-2">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-6bafe92d7c9fb15bd60f09664ea18c2e" Type="F">
<Para>
<Text>
Words in Act substituted (1.4.2013) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/504" id="d13e2" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="504" Title="The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</Citation>
,
<CitationSubRef id="cc146602499625" CitationRef="d13e2" URI="http://www.legislation.gov.uk/id/uksi/2013/504/regulation/1/2" Operative="false" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="cc00020" CitationRef="d13e2" URI="http://www.legislation.gov.uk/id/uksi/2013/504/regulation/25/2" SectionRef="regulation-25-2" Operative="true">25(2)</CitationSubRef>
(with
<CitationSubRef id="cc142473886622" CitationRef="d13e2" URI="http://www.legislation.gov.uk/id/uksi/2013/504/regulation/52" UpTo="http://www.legislation.gov.uk/id/uksi/2013/504/regulation/58" Type="group" StartSectionRef="regulation-52" EndSectionRef="regulation-58">regs. 52-58</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-7b8a8095e9b391e098035dd4825260d7" Type="F">
<Para>
<Text>
Words in s. 89E(1) substituted (1.4.2013) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/504" id="cnef4wxc3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="504" Title="The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013">The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504)</Citation>
, regs. 1(2), 25(4) (with regs. 52-58)
</Text>
</Para>
</Commentary>
<Commentary id="key-f4fd0d520deafd39562d2dea05f424f5" Type="C">
<Para>
<Text>
Pt. 1: power to amend conferred (1.3.2014) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/33" id="ckn1g5hk3-00068" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="33" Title="Financial Services (Banking Reform) Act 2013">Financial Services (Banking Reform) Act 2013 (c. 33)</Citation>
,
<CitationSubRef id="ckn1g5hk3-00069" CitationRef="ckn1g5hk3-00068" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/f" SectionRef="section-17-3-f" Operative="true">ss. 17(3)(f)</CitationSubRef>
,
<CitationSubRef id="ckn1g5hk3-00070" CitationRef="ckn1g5hk3-00068" URI="http://www.legislation.gov.uk/id/ukpga/2013/33/section/148/5" SectionRef="section-148-5">148(5)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2014/377" id="ckn1g5hk3-00071" Class="UnitedKingdomStatutoryInstrument" Year="2014" Number="377" Title="The Financial Services (Banking Reform) Act 2013 (Commencement No. 1) Order 2014">S.I. 2014/377</Citation>
,
<CitationSubRef id="ckn1g5hk3-00072" CitationRef="ckn1g5hk3-00071" URI="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/b" SectionRef="article-2-1-b">art. 2(1)(b)</CitationSubRef>
,
<CitationSubRef id="ckn1g5hk3-00073" CitationRef="ckn1g5hk3-00071" URI="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/2" SectionRef="schedule-part-2">Sch. Pt. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>