Section 48W Reverse transferF1

United Kingdom

(1)

This section applies where the Bank of England has made an instrument (“the original instrument”) that is either—

(a)

a resolution instrument providing for the transfer of securities issued by a bank to a person (“the transferee”), or

(b)

an onward transfer resolution instrument (see section 48V) providing for the transfer of securities issued by a bank to a person (“the onward transferee”).

(2)

In a case falling within subsection (1)(a) the Bank of England may make one or more reverse transfer resolution instruments in respect of securities issued by the bank and held by the transferee (whether or not they were transferred by the original instrument).

(3)

In a case falling within subsection (1)(b), the Bank of England may make one or more reverse transfer resolution instruments in respect of securities issued by the bank and held by the onward transferee.

(4)

A reverse transfer resolution instrument is a resolution instrument which—

(a)

provides for transfer to the transferor under the original instrument;

(b)

makes other provision for the purposes of, or in connection with, the transfer of securities which are, or could be or could have been, transferred under paragraph (a).

(5)

Except where subsection (6) applies, the Bank of England may make a reverse transfer resolution instrument under subsection (2) only with the written consent of the transferee.

(6)

This subsection applies where the transferee is—

(a)

a F2resolution administrator, or

(b)

a person who is not to be authorised to exercise any rights attaching to the securities except on the Bank of England's instructions.

(7)

The Bank of England may make a reverse transfer resolution instrument under subsection (3) only with the written consent of the onward transferee.

(8)

F3Section 7 does not apply to a reverse transfer resolution instrument (but it is to be treated in the same way as any other resolution instrument for all other purposes including for the purposes of an application of a power under this Part).

(9)

Before making a reverse transfer resolution instrument the Bank of England must consult—

(a)

the PRA,

(b)

the FCA, and

(c)

the Treasury.

(10)

Section 48U applies where the Bank of England has made a reverse transfer resolution instrument.

Annotations

Textual amendments

F1: Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)
F2: Words in s. 48W(6)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 60(2)
F3: Words in s. 48W(8) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 60(3)

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