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Section 137K Rules about resolution packs: duty to consultF1F11

United Kingdom

(1)

Before F2either regulator prepares a draft of any general rules that require F3a relevant person (or a relevant person of a specified description) to prepare a F4resolution pack, F5the regulator must consult F6the Treasury.

(F71A)

The FCA must also consult the Bank of England.

(F82)

“Relevant person” has the same meaning as in section 137J(2).

(3)

A “F9resolution pack” is a document containing information within subsection (4) or (5).

(4)

Information is within this subsection if it relates to action to be taken in the event of—

(a)

circumstances arising in which it is likely that the business (or any part of the business) of an authorised person will fail, or

(b)

the failure of the business (or any part of the business) of an authorised person.

(5)

Information is within this subsection if it would facilitate anything falling to be done by any person in consequence of that failure.

(6)

An example of information within subsection (5) is information that, in the event of that failure, would facilitate—

(a)

planning by the Treasury in relation to the possible exercise of any of its powers under Part 1 of the Banking Act 2009, or

(b)

planning by the Bank of England in relation to the possible exercise of any of its powers under Part 1, 2 or 3 of that Act.

(F107)

In this section “authorised person”, in relation to the PRA, means PRA-authorised person.

Annotations

Textual amendments

F1

Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F2

Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(a)(i)

F3

Word in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(b)

F4

Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(3)

F5

Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(a)(ii)

F6

Words in s. 137K(1) substituted for s. 137K(1)(a)(b) (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 34(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F7

S. 137K(1A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 34(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F8

S. 137K(2) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(4)

F9

Words in s. 137K(3) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(3)

F10

S. 137K(7) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(5)

F11

S. 137K heading substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(6)

Notes on Part 9A

Modifications

C1

Pt. 9A applied (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 35 (as amended by S.I. 2020/1385, regs. 1(4), 56(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

C2

Pt. 9A applied (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 4, Sch. 3 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 27(a) and S.I. 2020/1385, regs. 1(2), 54(2))

C3

Pt. 9A applied (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 74 (as amended by S.I. 2020/1385, regs. 1(4), 52(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

C4

Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))

Notes on Chapter 1

Modifications

C1

Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))