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Section 62 ProcedureI1I2

United Kingdom

(1)

This section applies to—

(a)

compensation scheme orders,

(b)

resolution fund orders, F1...

F2(ba)

bail-in compensation orders, and

(c)

third party compensation orders.

(2)

An order—

(a)

shall be made by statutory instrument, and

(b)

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

Annotations

Textual amendments

F1

Word in s. 62(1)(b) omitted (31.12.2014) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(10); S.I. 2014/3160, art. 2(1)(b)

F2

S. 62(1)(ba) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(10); S.I. 2014/3160, art. 2(1)(b)

Commencement

I1

S. 62 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2

S. 62 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

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