The Bank Recovery and Resolution Order 2014
1Citation and commencement
2Introduction to amendments of the Banking Act
3Creation of Chapter 1 of Part 1
4Overview of Part 1
5Interpretation of Part 1 of the Banking Act 2009
6Power to address impediments to the resolution of institutions and their groups
7Creation of Chapter 3 of Part 1
8Special resolution objectives
9Code of practice
10Mandatory write-down, conversion, etc of capital instruments
11Valuation
12Exercise of stabilisation powers: general conditions
13Effect on other group members, financial stability in EU etc
14Specific conditions in section 8
15Specific conditions: asset management vehicle
16Specific conditions: bail-in
17Specific conditions: temporary public ownership
18Bridge bank
19Asset management vehicle
20Bail-in option
21Conditions to be met when exercising bail-in option
22Bail-in administrators
23Temporary public ownership
24Effect of a transfer
25Continuity
26Share transfer instruments and orders: delisting
27Share transfer instruments: directors and senior managers
28Termination rights: share transfer instruments and orders
29Procedure: share transfer instruments
30Procedure: share transfer orders
31Supplemental share transfer instruments
32Meaning of “resolution company”
33Asset management vehicles: share transfers
34Asset management vehicles: reverse share transfer
35Property transfer instruments
36Directors
37Termination rights: property transfer instruments
38Foreign Property
39Property transfer instruments: delisting
40Property transfer instrument: procedure
41Transfer of property subsequent to resolution instrument
42Supplementary instruments
43Onward transfer
44Bridge bank: reverse property transfer
45Bail in: reverse property transfer
46Property transfer instruments: special bail-in provision
47Restriction of partial transfers
48Liabilities excluded from scope of special bail-in provision
49Meaning of “protected deposit”
50General interpretation of section 48B
51Business reorganisation plans
52Functions of bail-in administrators
53Powers in relation to securities
54Termination rights, etc: resolution instruments
55Resolution instruments: directors and senior managers
56Directions in or under resolution instrument
57Procedure: resolution instruments
58Supplemental resolution instruments
59Onward transfer
60Reverse transfer
61Replacement of provisional valuation
62Termination rights, etc
63Transfer to resolution company
64Onward and reverse transfers etc
65Independent valuer: compensation
66Resolution fund
67Third party compensation: mandatory provision
68Principle of no less favourable treatment
69Independent valuer: valuation under section 6E or 48X
70Resolution administrator
71General continuity obligation: property transfers
72Special continuity obligations: property transfers
73Continuity obligations: onward property transfers
74General continuity obligation: share transfers
75Contractual variation: share transfers
76Continuity obligations: onward share transfers
77Suspension powers
78Pensions
79Enforcement
80Disputes
81Tax
82International obligation notice: general
83International obligation notice: bridge bank
84Public funds: general
85Duty of Bank of England to notify Treasury
86Public funds: resolution company
87Resolution company: report
88Accounting information in reports
89Cases where mandatory write-down, conversion etc applies: banking group companies
90Groups: transfer to bridge bank etc
91Groups: transfer to asset management vehicle
92Groups: bail-in option
93Sections 81B and 81ZBA: supplemental
94Section 81BA: supplemental
95Interpretation: “banking group company” etc
96Holding companies
97Information and enforcement
98Creation of Chapter 5 of Part 1
99Banks not regulated by PRA
100Building societies
101Investment firms
102Recognised central counterparties
103Third-country resolution proceedings
104Grounds for applying
105Notice to PRA of preliminary steps
106Notice to regulators and the Bank of England of preliminary steps
107Power to direct bank administrator
108Immunity
109State aid
110Statutory instruments
111Index of defined terms in the Banking Act
112Introduction to amendments of the Financial Services and Markets Act 2000
113Consolidated supervision
114Discontinuance and suspension of listing
115Discontinuance of suspension: procedure
116Proceedings before Upper Tribunal
117Assessment: consultation by PRA with FCA
118Assessment procedure
119Requests for further information
120Rules requiring parent undertakings to facilitate resolution
121Power to impose penalty or issue censure
122Sanctions: procedure
123Corporation Tax Act 2009
124Financial Services Act 2012
125Amendment of Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
126Amendment of Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
127Amendment of the Banking Act 2009 (Banking Group Companies) Order 2014
128Review

2014 No. 3329

Banks And Banking
Financial Services And Markets

The Bank Recovery and Resolution Order 2014

Made

Coming into force

The Treasury are designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to financial services.

The Treasury, in exercise of the powers conferred by section 2(2) of that Act, makes the following Order.

A draft of this Order has been laid before and approved by a resolution of each House of Parliament in accordance with paragraph 2(2) of Schedule 2 to that Act.