OpenLegislation

The Bank Recovery and Resolution Order 2016

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2016, ISBN 9780111151099

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before Parliament under paragraph 2(2) of Schedule 2 to the European Communities Act 1972, for approval by resolution of each House of Parliament.

Banks And Banking

Financial Services And Markets

Made ***

Coming into force ***

The Treasury are designatedf1 for the purposes of section 2(2) of the European Communities Act 1972f2 in relation to financial services.

The Treasury in exercise of the powers conferred by section 2(2) of that Act and sections 28 and 30 of the Small Business, Enterprise and Employment Act 2015f3 make the following Order.

A draft of this Order has been laid before and approved by a resolution of each House of Parliament in accordance with paragraph 2(2) of Schedule 2 to the European Communities Act 1972.

Annotations to the whole text

Footnotes

f1

S.I. 2012/1759.

f2

1972 c. 68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51), an order may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183).

f3

2015 c.26.

Contents

  1. Part 1: Citation and commencement
  2. 1Citation and commencement
  3. Part 2: Amendments of the Banking Act 2009 and related provision
  4. Chapter 1: Amendments of the Banking Act 2009
  5. 2Introduction to amendments of the Banking Act 2009
  6. 3Overview
  7. 4Interpretation of Part 1 of the Banking Act 2009
  8. 5Removal of impediments to the exercise of the stabilisation powers etc
  9. 6Cases where mandatory write-down, conversion etc applies
  10. 7General conditions
  11. 8Private sector purchasers
  12. 9Onward transfers
  13. 10Reverse share transfers
  14. 11Property transfer instruments: special bail-in provision
  15. 12Property transfer instruments and bail-in: supplementary matters
  16. 13Resolution company: asset and liability transfers from subsidiary banks
  17. 14Recovery of expenses
  18. 15Termination rights etc
  19. 16Onward and reverse transfers
  20. 17Independent valuation
  21. 18Cases where mandatory write-down etc applies: banking group companies
  22. 19Section 83ZW: renumbering
  23. 20Building societies
  24. 21Building societies: Bridge bank option
  25. 22Building Societies: amendment of section 84D
  26. 23Application to investment firms
  27. 24Application to recognised central counterparties
  28. 25Restrictions on disclosure of confidential information
  29. 26Bank administration
  30. 27Index of defined terms
  31. Chapter 2: Building Societies: charges
  32. 28Building Societies: charges
  33. Part 3: Resolution of UK branches of third-country institutions
  34. 29Resolution of UK branches of third-country institutions
  35. Part 4: Amendments of the Financial Services and Markets Act 2000
  36. 30Introduction to amendments of the Financial Services and Markets Act 2000
  37. 31General meeting
  38. 32Removal of directors and senior executives and appointment of temporary manager
  39. 33Assessment and resolution
  40. 34Restrictions on disclosure of confidential information
  41. 35Supervisory notices
  42. Part 5: Amendments of secondary legislation
  43. 36Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
  44. 37Banking Act 2009 (Exclusion of Investment Firms of a Specified Description) Order 2014
  45. 38Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
  46. 39Banking Act 2009 (Restriction of Special Bail-in Provision, etc) Order 2014
  47. 40Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014
  48. 41Bank Recovery and Resolution (No. 2) Order 2014
  49. Part 6: Review
  50. 42Review
  51. Signature
  52. Explanatory note