Section 26A ... reverse share transfer instrumentsF10F1F11
United Kingdom
This section applies where the Bank of England has made a share transfer instrument in accordance with section 11(2) (“the original instrument”) F2or 12(2) providing for the transfer of securities issued by a bank to a person (“the original transferee”).
The Bank of England may make one or more F3... reverse share transfer instruments in respect of securities issued by the bank and held by the original transferee.
If the Bank of England makes an onward share transfer instrument in respect of securities transferred by the original instrument, the Bank may make one or more reverse share transfer instruments in respect of securities issued by the bank and held by a transferee under the onward share transfer instrument (“the onward transferee”).
A ... reverse share transfer instrument is a share transfer instrument which—
provides for transfer to the transferor under the original instrument F5(where subsection (2) applies);
provides for transfer to the original transferee (where subsection (2A) applies);
makes other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under paragraph (a) F7or (ab).
The Bank of England must not make a ... reverse share transfer instrument F8under subsection (2) without the written consent of the original transferee.
The Bank of England must not make a reverse share transfer instrument under subsection (2A) unless—
the onward transferee is—
a company wholly owned by the Bank of England,
a company wholly owned by the Treasury, or
a nominee of the Bank of England or the Treasury, or
the reverse share transfer instrument is made with the written consent of the onward transferee.
Sections 7, 8 and 50 do not apply to a ... reverse share transfer instrument (but it is to be treated in the same way as any other share transfer instrument for all other purposes including for the purposes of the application of a power under this Part).
Before making a ... reverse share transfer instrument the Bank of England must consult—
the PRA,
the FCA, and
the Treasury.
Section 26 applies where the Bank of England has made a ... reverse share transfer instrument.
Annotations
Textual amendments
- F1
S. 26A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
- F2
Words in s. 26A(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(a)
- F3
Words in s. 26A(2)-(7) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(b)
- F4
S. 26A(2A) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(c)
- F5
Words in s. 26A(3)(a) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(d)(i)
- F6
S. 26A(3)(ab) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(d)(ii)
- F7
Words in s. 26A(3)(b) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(d)(iii)
- F8
Words in s. 26A(4) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(e)
- F9
S. 26A(4A) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(f)
- F10
Words in s. 26A heading omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(g)(i)
- F11
Word in s. 26A heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(g)(ii)
Notes on Part 1
Modifications
- C1
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
- C2
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
Notes on Chapter 3
Textual amendments
- F1
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7