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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 184.
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184.—(1) This article applies where, in respect of an undertaking—
(a)the Bank has applied one or more of the resolution tools; or
(b)the Treasury have made a share transfer order for the purpose of taking the undertaking into temporary public ownership.
(2) Except where securities issued by the undertaking have been admitted to trading on a regulated market (within the meaning given in section 103(1) of FSMA), the Bank must send a copy of any property transfer instrument, resolution instrument, share transfer instrument, share transfer order or third-country instrument made in respect of the undertaking to the members and creditors of the undertaking who are known to the Bank.
(3) In this article—
“member” includes—
a shareholder of a company;
a member of a limited liability partnership; and
a shareholding or borrowing member of a building society established under the Building Societies Act 1986 M1 (“shareholding member” and “borrowing member” have the meaning given in paragraph 5(2) of Schedule 2 to that Act);
“property transfer instrument” means a property transfer instrument (within the meaning given by section 33 M2) made under section 11 (private sector purchaser), section 41A M3 (transfer of property subsequent to resolution instrument), section 42 M4 (supplemental instruments), section 42A M5 (private sector purchaser: reverse property transfer), section 43 M6 (onward transfer), section 44 M7 (resolution company: reverse property transfer) or section 44A M8 (bail-in: reverse property transfer);
“resolution instrument” means a resolution instrument made under section 12A (bail-in option), section 48U (supplemental resolution instruments), section 48V (onward transfer) or section 48W (reverse transfer) M9;
“M10 (supplemental instruments), section 26A M11 (private sector purchaser: reverse share transfer), section 30 M12 (resolution company: share transfers) or section 31 M13 (resolution company: reverse share transfer);
” means a share transfer instrument (within the meaning given by section 15) made under section 11, section 26“M14 (temporary public ownership), section 27 M15 (supplemental orders), section 28 M16 (onward transfer) or section 29 M17 (reverse share transfer); and
” means a share transfer order (within the meaning given by section 16) made by the Treasury under section 13“third-country instrument” has the meaning given in section 89I(4) M18.
(4) In paragraph (3) each reference to a section is a reference to a section of the Banking Act 2009.
Marginal Citations
M2Section 33 was amended by S.I. 2014/3329.
M3Section 41A was inserted of the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 5(1); and was amended by S.I. 2014/3329.
M4Section 42 was amended by S.I. 2014/3329.
M5Section 42A was inserted by the Financial Services Act 2012, section 97(1) and (5).
M6Section 43 was amended by the Financial Services Act 2012, Schedule 17, paragraph 22, and by S.I. 2014/3329.
M7Section 44 was amended by the Financial Services Act 2012, section 97 and Schedule 17, paragraph 23, by the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraph 16, and by S.I. 2014/3329.
M8Section 44A was inserted of the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 5(3); and was amended by S.I. 2014/3329.
M9Sections 12A, 48U, 48V and 48W were inserted of the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1, 2 and 4; and were amended by S.I. 2014/3329.
M10Section 26 was amended by the Financial Services Act 2012, Schedule 17(1), paragraph 14, and by S.I. 2014/3329.
M11Section 26A was inserted by the Financial Services Act 2012, section 97(1) and (2).
M12Section 30 was amended by the Financial Services Act 2012, Schedule 17(1), paragraph 18, and by S.I. 2014/3329.
M13Section 31 was amended by the Financial Services Act 2012, section 97(4)(a) and (b), section 97(4)(c) and Schedule 17(1), paragraph 12, and by S.I. 2014/3329.
M14Section 13 was amended by the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraph 13, and by S.I. 2014/3329.
M15Section 27 was amended by the Financial Services Act 2012, Schedule 17(1), paragraph 15.
M16Section 28 was amended by the Financial Services Act 2012, Schedule 17(1), paragraph 16.
M17Section 29 was amended by the Financial Services Act 2012, section 97(3) and Schedule 17(1), paragraph 17.
M18Section 89I was inserted by S.I. 2014/3329.
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