Article 150 Determinations under section 6A and 81AA of the Banking Act 2009: preliminary steps for UK group entitiesF5

(1)

Before the Bank makes a determination that Case 2, 4 or 5 is satisfied in relation to a UK group entity, the Bank must give notice that it is considering whether to make that determination (“a Case 2, 4 or 5 notice”) without delay F1to the appropriate regulator.

(2)

Before the Bank makes a determination F2... that Case 3 is satisfied in relation to a UK group entity, the Bank must give notice that it is considering whether to make that determination (“a Case 3 notice”) without delay F3to the appropriate regulator.

(3)

Where the Bank gives a Case 2, 4 or 5 notice or a Case 3 notice, it must—

(a)

send with the notice an explanation of its reasons for considering whether to make the determination concerned; and

(b)

after consulting the authorities to which the notice has been given assess whether—

(i)

any alternative measure is available;

(ii)

any alternative measure which is available could feasibly be taken; and

(iii)

there is any reasonable prospect that any alternative measure which is available and could feasibly be taken would, within a reasonable time, avoid the need for the determination.

F4(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in art. 150(1) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 84(3); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in art. 150(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 84(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in art. 150(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 84(4)(b); 2020 c. 1, Sch. 5 para. 1(1)
F4: Art. 150(4)(5) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 84(5); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in art. 150 heading substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 84(2); 2020 c. 1, Sch. 5 para. 1(1)

Notes on the whole SI

Textual amendments

F1: Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)