Regulation 3 Application

United Kingdom

(1)

These Regulations apply in the following cases.

(2)

Case 1 is where the Bank has made a resolution instrument in accordance with section 12A(2) of the Act M1 (“Case 1”).

(3)

Case 2 is where—

(a)

the Bank has made a property transfer instrument in accordance with section 11(2), 12(2)F1, 12ZA(3) or 44D(2) of the Act M2, and

(b)

the property transfer instrument makes special bail-in provision (in accordance with section 44B(1) of the Act M3) (“Case 2”).

(4)

Case 3 is where—

(a)

the Bank has made a property transfer instrument in accordance with section 11(2), 12(2) or 12ZA(3) of the Act which does not make special bail-in provision, but

(b)

special bail-in provision is made (in accordance with section 44B(1) of the Act) in F2a supplemental property transfer instrument F3referred to in section 44B(2)(b) or in a property transfer instrument under section 43(2) (“Case 3”).

(5)

Case 4 is where—

(a)

the Bank has made a third-country instrument in accordance with section 89H of the Act (recognition of third-country resolution actions) M4, and

(b)

either—

(i)

that third-country instrument, or

(ii)

any subsequent third-country instrument made under section 89I(4)(b),

makes special bail-in provision (“Case 4”).

Annotations

Textual amendments

F1: Words in reg. 3(3)(a) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 40(3)(a)
F2: Word in reg. 3(4)(b) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 40(3)(b)(i)
F3: Words in reg. 3(4)(b) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 40(3)(b)(ii)

Marginal citations

M1: Section 12A was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), Schedule 2, paragraph 2. It is amended by article 20 of the Bank Recovery and Resolution Order 2014.
M2: Section 12 is amended by article 18 of the Bank Recovery and Resolution Order 2014; section 12ZA is inserted by article 19 of that Order.
M3: Section 44B was inserted by the Financial Services (Banking Reform) Act 2013 (c. 33), Schedule 2, paragraph 5(3), and amended by article 46 of the Bank Recovery and Resolution Order 2014.
M4: Sections 89H, 89I and 89J are inserted into the Act by article 103 of the Bank Recovery and Resolution Order 2014.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 13) 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)(viii)