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Bank of England and Financial Services Act 2016
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Bank of England and Financial Services Act 2016, Section 26 is up to date with all changes known to be in force on or before 22 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Section 26:
- specified provision(s) amendment to earlier commencing S.I. 2019/1136 by S.I. 2020/929 reg. 2
26Decisions causing a financial institution to fail: meaning of insolvencyU.K.
This section has no associated Explanatory Notes
(1)Section 37 of the Financial Services (Banking Reform) Act 2013 (interpretation of section 36) is amended as follows.
(2)In subsection (10)—
(a)after paragraph (c) insert—
“(ca)building society insolvency,
(cb)investment bank insolvency,”;
(b)after paragraph (e) insert—
“(ea)building society special administration,”.
(3)After subsection (10) insert—
“(11)For the purposes of subsection (10)—
“bank administration” has the same meaning as in the Banking Act 2009 (see section 136 of that Act);
“bank insolvency” has the same meaning as in that Act (see section 90 of that Act);
“building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act);
“investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009.”
Commencement Information
I1S. 26 in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(t)
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