Section 89A Application to investment firmsF1
United Kingdom
This Part applies to investment firms as it applies to banks, subject to the modifications in F2the following Table—
| Provision | Modification |
|---|---|
| Section 1 | Ignore subsection (2)(b). |
| F3Section 3 | In subsection (1), in the definition of “normal insolvency proceedings” ignore the reference to the bank insolvency procedure. |
| Section 4 | Ignore subsections (2)(b), (6) and (7)(b). |
| Section 5 | Ignore subsection (1)(b). |
| Section 7 | Ignore subsection (7). |
| F4. . . | . . . |
| Section 8ZA | In subsection (5), ignore the reference to the bank insolvency procedure. |
| Section 12AA | F5References to normal insolvency proceedings do not include a reference to the bank insolvency procedure. |
| Section 14 | Ignore subsection (5). |
| Section 60 | In subsection (3)(c), ignore the reference to bank insolvency. |
| Section 60B | In subsection (4), ignore the reference to bank insolvency. |
| Section 63 | In subsection (1A), ignore the reference to bank insolvency. |
| Section 66 | In subsection (1ZA), ignore the reference to bank insolvency. |
In the case of investment firms which are FCA-regulated investment firms, in subsection (1) the reference to this Part is a reference to this Part as it applies to FCA-regulated banks by virtue of section 83A.
In this section—
“FCA-regulated bank” has the meaning given by section 83A(2);
“FCA-regulated investment firm” means an investment firm which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.
Annotations
Textual amendments
- F1
S. 89A and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(5), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(e); S.I. 2014/1847, art. 2
- F2
Words in s. 89A(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 101(2)
- F3
Words in s. 89A(1) Table inserted (31.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(3), 71
- F4
Words in s. 89A(1) Table omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 23
- F5
Words in s. 89A(1) Table 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. 40; 2020 c. 1, Sch. 5 para. 1(1)
- F6
S. 89A(2)(3) substituted for s. 89A(2) (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 101(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 5
Textual amendments
- F1
Pt. 1 Ch. 5 formed from ss. 83A-89G (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 98