EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations provide for the transfer of an authorisation to issue banknotes in Scotland from The Royal Bank of Scotland plc to Adam & Company plc.
The Royal Bank of Scotland plc is currently authorised (in addition to other banks) under section 213 of the Banking Act 2009 to issue banknotes in Scotland. Planned restructuring of The Royal Bank of Scotland plc (and other companies in the same group) means that it will be appropriate to transfer the authorisation to issue banknotes to Adam & Company plc (another company within the same group). At the same time as the authorisation transfers, it is intended that Adam & Company plc will change its name to The Royal Bank of Scotland plc. Also on that date, it is intended that the company now named The Royal Bank of Scotland plc will change its name to Natwest Markets plc.
These Regulations provide for the Treasury to determine the date that the authorisation will transfer and set out how the Treasury must publish advance notice of that date.
These Regulations provide for the transfer of all rights and liabilities in relation to banknotes issued by The Royal Bank of Scotland plc prior to the date of transfer of authorisation which remain in circulation to pass to Adam & Company plc. From the date of transfer all such banknotes will be deemed to have been issued by Adam & Company plc.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen and the impact on the public sector is minimal.