OpenLegislation

Section 44 Resolution company: reverse property transferF12F13I1

United Kingdom

(1)

This section applies where the Bank of England has made a property transfer instrument in accordance with section 12(2) F1or 12ZA(3) (“the original instrument”) providing for the transfer of property, rights or liabilities to a F2resolution company.

(2)

The Bank of England may make one or more resolution company reverse property transfer instruments in respect of property, rights or liabilities of the resolution company.

(3)

If the Bank of England makes an onward property transfer instrument under section 43 the Bank may make one or more resolution company reverse property transfer instruments in respect of property, rights or liabilities F3of a transferee under the onward property transfer instrument (“the onward transferee”).

(4)

F4A resolution company reverse property transfer instrument is a property transfer instrument which—

(a)

provides for transfer to the transferor under the original instrument (where subsection (2) applies);

(b)

provides for transfer to the resolution company (where subsection (3) applies);

(c)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) or (b) (whether the transfer has been or is to be effected by that instrument or otherwise).

F5(4A)

The Bank of England must not make a resolution company reverse property transfer instrument unless—

(a)

the onward transferee is—

(i)

a company wholly owned by the Bank of England,

(ii)

a company wholly owned by the Treasury, or

(iii)

a company wholly owned by a nominee of the Treasury, or

(b)

F6the resolution company reverse property transfer instrument is made with the written consent of the onward transferee.

(5)

Sections 7, 8F7, 8ZA and 52 do not apply to F8a resolution company reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

(6)

Before making F9a resolution company reverse property transfer instrument the Bank of England must consult—

F10(a)

the PRA,

(aa)

the FCA, and

(b)

the Treasury.

(7)

Section 42 applies where the Bank of England has made F11a resolution company reverse property transfer instrument.

Annotations

Textual amendments

F1

Words in s. 44(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 44(3)

F2

Words in s. 44 substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 44(2)

F3

Words in s. 44(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(6)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4

Words in s. 44(4) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(c); S.I. 2014/3160, art. 2(1)(b)

F5

S. 44(4A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 97(6)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6

Words in s. 44(4A)(b) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(d)(ii); S.I. 2014/3160, art. 2(1)(b)

F7

Words in s. 44(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 44(4)

F8

Words in s. 44(5) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(e); S.I. 2014/3160, art. 2(1)(b)

F9

Words in s. 44(6) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(f); S.I. 2014/3160, art. 2(1)(b)

F10

S. 44(6)(a)(aa) substituted for s. 44(6)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 23 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F11

Words in s. 44(7) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(g); S.I. 2014/3160, art. 2(1)(b)

F12

Words in s. 44 heading substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 16(h); S.I. 2014/3160, art. 2(1)(b)

F13

Words in s. 44 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 44(5)

Commencement

I1

S. 44 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1

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