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Section 10 Banking Liaison PanelI1I2

United Kingdom

(1)

The Treasury shall make arrangements for a panel to advise the Treasury about the effect of the special resolution regime on—

(a)

banks,

(b)

persons with whom banks do business, and

(c)

the financial markets.

(2)

In particular, the panel may advise the Treasury about—

(a)

the exercise of powers to make statutory instruments under or by virtue of this Part, Part 2 or Part 3 (excluding the stabilisation powers, compensation scheme orders, resolution fund orders, third party compensation orders and orders under section 75(2)(b) and (c)),

(b)

the code of practice under section 5, and

(c)

anything else referred to the panel by the Treasury.

(3)

The Treasury shall ensure that the panel includes—

(a)

a member appointed by the Treasury,

(b)

a member appointed by the Bank of England,

(c)

F1a member appointed by the PRA,

(ca)

a member appointed by the FCA,

(d)

a member appointed by the scheme manager of the Financial Services Compensation Scheme,

(e)

one or more persons who in the Treasury's opinion represent the interests of banks,

(f)

one or more persons who in the Treasury's opinion have expertise in law relating to the financial systems of the United Kingdom, and

(g)

one or more persons who in the Treasury's opinion have expertise in insolvency law and practice.

Annotations

Textual amendments

F1

S. 10(3)(c)(ca) substituted for s. 10(3)(c) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 11 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1

S. 10 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2

S. 10 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1