Section 7A Effect on other group members, financial stability in UK etcF1F9
Where the Bank of England is considering the imposition of a requirement under section 3A(2), F2(4), (4B)(b), (5) or (6), the Bank must consult the PRA and the FCA, and have regard to the potential impact of the requirement on—
the institution in question,
the market for financial services within the F3United Kingdom, and
the financial stability of the F4United Kingdom.
Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind of bail-in liability.
Where the Bank of England is considering the exercise of a stabilisation power in respect of a bank which is a member of a group, the Bank must have regard to—
the need to minimise the effect of the exercise of the power on other undertakings in the same group,
the need to minimise any adverse effects on the financial stability of the F6United Kingdom, and
In this section “group” has the meaning given by section 474 of the Companies Act 2006.
Annotations
Textual amendments
- F1
S. 7A inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 13
- F2
Words in s. 7A(1) substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(2)(a), 86(3); S.I. 2023/779, reg. 4(ww)
- F3
Words in s. 7A(1)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
- F4
Words in s. 7A(1)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
- F5
S. 7A(1A) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(2)(b), 86(3); S.I. 2023/779, reg. 4(ww)
- F6
Words in s. 7A(2)(b) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
- F7
Words in s. 7A(2)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
- F8
Word in s. 7A(2)(c) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(4)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
- F9
Word in s. 7A heading substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 13(2); 2020 c. 1, Sch. 5 para. 1(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