Regulation 2 Application of these Regulations

United Kingdom

(1)

These Regulations apply in the following cases.

(2)

Case 1 is where a partial property transfer has been made by the Bank in accordance with section 11(2) F1, 12(2) or 12ZA(3) of the Act.

(3)

Case 2 is where—

(a)

the Bank has made a property transfer instrument in accordance with section 11(2) F2, 12(2) or 12ZA(3) of the Act which is not a partial property transfer; but

(b)

an onward property transfer instrument has been made by the Bank in accordance with section 43 of the Act which is a partial property transfer.

(4)

Case 3 is where—

(a)

the Treasury have made a share transfer order in accordance with section 13(2) of the Act F3...; and

(b)

a property transfer order has been made by the Treasury in accordance with section 45(2) of the Act F4... which by virtue of section 45(5)(b) of the Act is to be treated as a partial property transfer.

F5(4A)

Case 4 is where—

(a)

the Bank has made a resolution instrument (or, where more than one resolution instrument has been made, the first resolution instrument) in accordance with section 12A(2) of the Act (bail-in option), and

(b)

a property transfer instrument has been made under section 41A(2) (transfer of property subsequent to resolution instrument), 42 (supplemental instruments) or 44A (bail in: reverse property transfer) of the Act which is a partial property transfer.

(4B)

Case 5 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),

(b)

either—

(i)

that third-country instrument or

(ii)

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

makes provision which would otherwise be made in a property transfer instrument and which, if made in a property transfer instrument, would be a partial property transfer.

F6(4C)

Case 6 is where—

(a)

the Bank has made a share transfer instrument in accordance with section 12(2) of the Act; and

(b)

a property transfer instrument has been made by the Bank in accordance with section 44D(2) (bridge bank: supplemental property transfer powers) or section 44E(2) (bridge bank: supplemental reverse property transfer powers) of the Act which is a partial property transfer.

(5)

For the purposes of these Regulations, a property transfer instrument or property transfer order which purports to transfer all property, rights and liabilities of an undertaking shall be treated as having done so effectively (and so shall not be treated as a partial property transfer), notwithstanding the possibility that any of the property, rights or liabilities are foreign property and may not have been effectively transferred by the property transfer instrument or order or by virtue of steps taken under section 39 of the Act.

Annotations

Textual amendments

F1: Words in reg. 2(2) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(3)(a)
F2: Words in reg. 2(3)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(3)(b)
F3: Words in reg. 2(4)(a) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 38(3)(a)(i)
F4: Words in reg. 2(4)(b) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 38(3)(a)(ii)
F5: Reg. 2(4A)(4B) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 126(3)(c)
F6: Reg. 2(4C) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 38(3)(b)