- Latest available (Revised)
- Point in Time (21/12/2018)
- Original (As made)
Version Superseded: 31/12/2020
Point in time view as at 21/12/2018. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 5.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
5.—(1) The designations in this article are made in accordance with Article 61.2 of the recovery and resolution directive (authorities responsible for determination) for the purpose of any determination required to be made pursuant to Article 59.3 of that directive (requirement to write down or convert capital instruments) in relation to—
(a)an institution which is set up in the United Kingdom and is not part of a group subject to supervision on a consolidated basis in accordance with Article 111 of the capital requirements directive (“UK institution”); or
(b)in the case of a relevant group, a group entity set up in the United Kingdom (“UK group entity”).
(2) The FCA is designated as the authority responsible for a relevant decision in relation to a UK institution or UK group entity which is an FCA-regulated bank or an FCA-regulated investment firm.
(3) The PRA is designated as the authority responsible for a relevant decision in relation to a UK institution or UK group entity which is a credit institution M1 other than an FCA-regulated bank or an FCA-regulated investment firm.
(4) In relation to a UK group entity which is not an institution—
(a)the PRA is designated as the authority responsible for a relevant decision if—
(i)the entity is a PRA-authorised person;
(ii)where the entity is not a UK authorised person, the PRA is the consolidating supervisor; or
(iii)where the entity is not a UK authorised person and neither the PRA nor the FCA is the consolidating supervisor, there is a PRA-authorised person in the relevant group;
(b)the FCA is designated as the authority responsible for a relevant decision if—
(i)the entity is a UK authorised person but not a PRA-authorised person; or
(ii)where the entity is not a UK authorised person, the FCA is the consolidating supervisor; and
(c)the Bank is designated as the authority responsible for a relevant decision if neither the PRA nor the FCA is responsible for the decision under sub-paragraph (a) or (b).
(5) The Bank is designated as the authority responsible for—
(a)a decision that there is no reasonable prospect that any action other than making the determination would, within a reasonable time, prevent the failure of a UK institution or UK group entity; and
(b)making the determination.
(6) In this article—
“FCA-regulated bank” has the meaning given by section 83A(2) of the Banking Act 2009 M2;
“FCA-regulated investment firm” has the meaning given by section 89A(3) of that Act M3; and
“relevant decision”, in relation to an institution or group entity, is a decision that the institution or group entity is failing or likely to fail (within the meaning given in Article 32.4 of the recovery and resolution directive).
Marginal Citations
M1For the meaning of “credit institution” see the recovery and resolution directive, Article 2.1, point (2).
M2Section 83A was inserted by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 28; and was amended by S.I. 2014/3329.
M3Section 89A was inserted by the Financial Services Act 2012, section 101(1) and (5); and was amended by S.I. 2014/3329.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: