Banking Act 2009
Banking Act 2009 (2009 c. 1)
- Banking Act 2009 (2009 c. 1)
- Part 1 Special Resolution Regime
- Chapter 1 Introduction
- 1 Overview
- 2 Interpretation: “bank”
- 3 Interpretation: other expressions
- Chapter 2 Pre-resolution powers of the Bank of England
- 3A. Removal of impediments to the exercise of stabilisation powers etc
- 3B. Safeguards relating to directions under section 3A
- Chapter 3 Special resolution action
- Objectives and code
- 4 Special resolution objectives
- 5 Code of practice
- 6 Code of practice: procedure
- Mandatory write-down, conversion etc of capital instruments
- 6A. Cases where mandatory write-down, conversion, etc applies
- 6B. Mandatory write-down, conversion, etc of capital instruments and liabilities
- 6C. Mandatory reduction instruments: implementation of requirements of section 6B
- 6D. Mandatory reduction instruments: supplementary matters
- Valuation before mandatory write-down of capital or stabilisation action
- 6E. Pre-resolution valuation
- Exercise of powers: general
- 7 General conditions
- 7A. Effect on other group members, financial stability in UKetc
- 8 Specific Condition: private sector purchaser, bridge bank or asset management vehicle
- 8ZA. Specific conditions: asset management vehicle
- 8A Specific condition: bail-in
- 9 Specific conditions: temporary public ownership
- 10 Banking Liaison Panel
- The stabilisation options
- 11 Private sector purchaser
- 11A Private sector purchaser: marketing
- 12 Bridge bank
- 12ZA. Asset management vehicle
- 12A Bail-in option
- 12AA. Bail-in: sequence of write-down and conversion of capital instruments and liabilities
- 12B Bail-in administrators
- 13 Temporary public ownership
- Transfer of securities
- 14 Interpretation: “securities”
- 15 Share transfer instrument
- 16 Share transfer order
- 17 Effect
- 18 Continuity
- 19 Conversion and delisting
- 20 Directors and senior managers
- 21 Ancillary instruments: production, registration, &c.
- 22 Termination rights, &c.
- 23 Incidental provision
- 24 Procedure: instruments
- 25 Procedure: orders
- 26 Supplemental instruments
- 26ZA Onward share transfer instruments
- 26A ... reverse share transfer instruments
- 27 Supplemental orders
- 28 Onward transfer
- 29 Reverse share transfer orders
- 29A. Interpretation: “resolution company”
- 30 Resolution company: share transfers
- 31 Resolution company: reverse share transfer
- 32 Interpretation: general
- Transfer of property
- 33 Property transfer instrument
- 34 Effect
- 35 Transferable property
- 36 Continuity
- 36A Directors and senior managers
- 37 Licences
- 38 Termination rights, &c.
- 39 Foreign property
- 39A Banks which are recognised central counterparties
- 39B. Property transfer instrument: delisting
- 40 Incidental provision
- 41 Procedure
- 41A Transfer of property subsequent to resolution instrument
- 42 Supplemental instruments
- 42A Private sector purchaser: reverse property transfer
- 43 Onward transfer
- 44 Resolution company: reverse property transfer
- 44A Bail in: reverse property transfer
- 44B Property transfer instruments: special bail-in provision
- 44BA Property transfer instruments and special bail-in provision: supplementary matters
- 44C Report on special bail-in provision
- 44D Bridge bank: supplemental property transfer powers
- 44E Bridge bank: supplemental reverse property transfer powers
- 45 Temporary public ownership: property transfer
- 46 Temporary public ownership: reverse property transfer
- 47 Restriction of partial transfers
- 48 Power to protect certain interests
- 48A Creation of liabilities
- Bail-in option
- 48B Special bail-in provision
- 48C Meaning of “protected deposit”
- 48D General interpretation of section 48B
- 48E Report on special bail-in provision
- 48F Power to amend definition of “excluded liabilities”
- 48G Priority between creditors
- 48H Business reorganisation plans
- 48I Bail-in administrator: further functions
- 48J Bail-in administrator: supplementary
- 48K Bail-in administrator: money
- 48L Powers in relation to securities
- 48M Termination rights, etc
- 48N Directors and senior managers
- 48O Directions in or under resolution instrument
- 48P Orders for safeguarding certain financial arrangements
- 48Q Continuity
- 48R Execution and registration of instruments etc
- 48S Resolution instruments: general matters
- 48T Procedure
- 48U Supplemental resolution instruments
- 48V Onward transfer
- 48W Reverse transfer
- 48WA Bail-in option: recovery of expenses
- Replacement of provisional valuation
- 48X. Replacement of Bank’s provisional valuation
- 48Y. Consequences of a replacement valuation
- Termination rights etc
- 48Z. Termination rights etc
- Compensation
- 49 Orders
- 50 Sale to private sector purchaser
- 51 Transfer to temporary public ownership
- 52 Transfer to resolution company
- 52A Bail-in option
- 53 Onward and reverse transfers etc
- 54 Independent valuer: compensation scheme order or bail-in compensation order
- 55 Independent valuer: supplemental
- 56 Independent valuer: money
- 57 Valuation principles
- 58 Resolution fund
- 59 Third party compensation: discretionary provision
- 60 Third party compensation: mandatory provision
- 60A Further mandatory provision: bail-in provision
- 60B Principle of no less favourable treatment
- 61 Sources of compensation
- 62 Procedure
- Independent valuer: valuation under section 6E or 48X
- 62A. Independent valuer: sections 6E and 48X
- Resolution administrator
- 62B. Resolution administrator
- 62C. Resolution administrator: further functions
- 62D. Resolution administrator: supplementary
- 62E. Resolution administrator: money
- Incidental functions
- 63 General continuity obligation: property transfers
- 64 Special continuity obligations: property transfers
- 65 Continuity obligations: onward property transfers
- 66 General continuity obligation: share transfers
- 67 Special continuity obligations: share transfers
- 68 Continuity obligations: onward share transfers
- 69 Continuity obligations: consideration and terms
- 70 Continuity obligations: termination
- 70A. Suspension of obligations
- 70B. Restriction of security interests
- 70C. Suspension of termination rights
- 70D. Suspension: general provisions
- 71 Pensions
- 72 Enforcement
- 73 Disputes
- 74 Tax
- 75 Power to change law
- Treasury
- 76 International obligation notice: general
- 77 International obligation notice: resolution company
- 78 Public funds: general
- 78A. Pre-conditions for financial assistance: duty of Bank to give information
- 79 Public funds: resolution company
- 79A Private sector purchaser: report
- 80 Resolution company: report
- 80A Transfer for bail-in purposes: report
- 81 Temporary public ownership: report
- 81A Accounting information to be included in reports under sections 80, 80A(2)(b) and 81
- Groups
- 81AA. Cases where mandatory write-down, conversion etc applies: banking group companies
- 81B Sale to commercial purchaser and transfer to bridge bank
- 81ZZBA. Sale to commercial purchaser and transfer to bridge bank: supplemental powers in relation to certain holding companies
- 81ZZBB. Assessment of conditions for section 81ZZBA
- 81ZBA. Transfer to asset management vehicle
- 81ZBB. Transfer to asset management vehicle: supplemental powers in relation to certain holding companies
- 81ZBC. Assessment of conditions for section 81ZBB
- 81BA Bail-in option
- 81BB. Bail-in option: supplemental powers in relation to certain holding companies
- 81BC. Assessment of conditions for section 81BB
- 81C Sections 81AA to 81ZBB: supplemental
- 81CA Section 81BA and Section 81BB: supplemental
- 81D Interpretation: “banking group company” &c.
- 82 Temporary public ownership
- 83 Supplemental
- Chapter 4 Information, investigation and enforcement
- Powers to gather information
- 83ZA. Information
- 83ZB. Reports by skilled persons
- Appointment of investigators
- 83ZC. Appointment of persons to carry out general investigations
- 83ZD. Appointment of person to carry out investigations in particular cases
- 83ZE. Investigations etc in support of foreign resolution authorities
- Conduct of investigations
- 83ZF. Investigations: general
- 83ZG. Powers of persons appointed under section 83ZC
- 83ZH. Powers of persons appointed as a result of section 83ZD
- 83ZI. Admissibility of statements made to investigators
- Information and documents: supplemental provision
- 83ZJ. Information and documents: supplemental provision
- 83ZK. Protected items
- 83ZL. Entry of premises under warrant
- 83ZM. Retention of documents obtained under section 83ZL
- 83ZN. Offences etc
- 83ZO. Prosecution of offences under section 83ZN
- 83ZP. Offences under section 83ZN by bodies corporate etc
- Enforcement of relevant requirements
- 83ZQ. Injunctions: prevent failure to comply with relevant requirement
- 83ZR. Regulatory sanctions
- 83ZS. Determination of sanctions
- 83ZT. Procedure: warning notice
- 83ZU. Procedure: decision notice
- 83ZV. Procedure: general
- 83ZW. Appeal
- 83ZX. Injunctions: failure to comply with certain section 83ZR sanctions
- 83ZY. Publication
- 83ZZ. Co-operation
- 83Z1. Delegation of enforcement functions
- Enforcement of share transfer orders
- 83Z2. Enforcement: share transfer orders
- Chapter 5 Special cases
- Banks not regulated by PRA
- 83A Modifications of Part
- Building societies, &c.
- 84 Application of Part 1: general
- 84ZA Bridge bank: share transfer instruments
- 84A. Bail-in option: building societies
- 84B. Further provision: conversion of building society into company
- 84C. Further provision: transfer of business of building society to company
- 84D. Transfer to a bridge bank or Bail-in option: modifications of this Act and other legislation
- 85 Temporary public ownership
- 86 Distribution of assets on dissolution or winding up
- 87 Interpretation
- 88 Consequential provision
- 89 Credit unions
- Investment firms
- 89A Application to investment firms
- ...
- 89B Application to recognised central counterparties
- 89C Recognised central counterparty rules
- 89D Recognised central counterparty membership
- 89E Recognition of transferee company
- 89F Recognised central counterparty compensation orders
- 89G Interpretation: “recognised central counterparty” &c.
- Chapter 6 Third-country resolution actions
- Third-country resolution actions
- 89H. Recognition of third-country resolution actions
- 89I. Effect of recognition of third-country resolution action by Bank of England
- 89J. Third-country instruments: supplementary provision
- Chapter 6A RESOLUTION OF UK BRANCHES OF THIRD-COUNTRY INSTITUTIONS
- 89JA Resolution of UK branches of third-country institutions
- Chapter 7 General provisions
- 89K. Insolvency Proceedings
- 89L. Restrictions on disclosure of confidential information
- 89M. Giving of notices, documents etc under Part 1
- Part 2 Bank Insolvency
- Introduction
- 90 Overview
- 91 Interpretation: “bank”
- 92 Interpretation: “the court”
- 93 Interpretation: other expressions
- Bank insolvency order
- 94 The order
- 95 Application
- 96 Grounds for applying
- 97 Grounds for making
- 98 Commencement
- Process of bank liquidation
- 99 Objectives
- 100 Liquidation committee
- 101 Liquidation committee: supplemental
- 102 Objective 1: (a) or (b)?
- 103 General powers, duties and effect
- 104 Additional general powers
- 105 Status of bank liquidator
- Tenure of bank liquidator
- 106 Term of appointment
- 107 Resignation
- 108 Removal by court
- 109 Removal by creditors
- 110 Disqualification
- 111 Release
- 112 Replacement
- Termination of process, &c.
- 113 Company voluntary arrangement
- 114 Administration
- 115 Dissolution
- 116 Dissolution: supplemental
- Other processes
- 117 Bank insolvency as alternative order
- 118 Voluntary winding-up
- 119 Exclusion of other procedures
- 120 Notice to PRA of preliminary steps
- 120A. Notice to the regulators and the Bank of England of preliminary steps
- 121 Disqualification of directors
- 122 Application of insolvency law
- Miscellaneous
- 123 Role of FSCS
- 124 Transfer of accounts
- 125 Rules
- 126 Fees
- 127 Insolvency Services Account
- 128 Evidence
- 129 Co-operation between courts
- 129A Banks not regulated by PRA
- 130 Building societies
- 131 Credit unions
- 132 Partnerships
- 133 Scottish partnerships
- 134 Northern Ireland
- 135 Consequential provision
- Part 3 Bank Administration
- Introduction
- 136 Overview
- 137 Objectives
- 138 Objective 1: supporting private sector purchaser or resolution company
- 139 Objective 1: duration
- 140 Objective 2: “normal” administration
- Process
- 141 Bank administration order
- 142 Application
- 143 Grounds for applying
- 144 Grounds for making
- 145 General powers, duties and effect
- 145A Power to direct bank administrator
- 146 Status of bank administrator
- 147 Administrator's proposals
- 148 Sharing information
- Multiple transfers
- 149 General application of this Part
- 150 Resolution company to private purchaser
- 151 Property transfer from resolution company
- 152 Property transfer from temporary public ownership
- 152A Property transfer from transferred institution
- Termination
- 153 Successful rescue
- 154 Winding-up or voluntary arrangement
- Miscellaneous
- 155 Disqualification of directors
- 156 Application of other law
- 157 Other processes
- 157A Banks not regulated by PRA
- 158 Building societies
- 159 Credit unions
- 159A Application to investment firms
- 160 Rules
- 161 Fees
- 162 Evidence
- 163 Partnerships
- 164 Scottish partnerships
- 165 Co-operation between courts
- 166 Interpretation: general
- 167 Northern Ireland
- 168 Consequential provision
- Part 4 Financial Services Compensation Scheme
- 169 Overview
- 170 Contingency funding
- 171 Special resolution regime
- 172 Investing in National Loans Fund
- 173 Borrowing from National Loans Fund
- 174 Procedure for claims
- 175 Rights in insolvency
- 176 Information
- 177 Payments in error
- 178 Regulations
- 179 Delegation of functions
- 180 Functions under this Act
- Part 5 ... Payment Systems and service providers
- Introduction
- 181 Overview
- 182 Interpretation: ... key terms
- 183 Interpretation: other expressions
- Recognised systems and service providers
- 184 Recognition order : payment system
- 184A Recognition order: DSA service provider
- 185 Recognition criteria : payment system
- 185A Recognition criteria: DSA service provider
- 186 Procedure
- 186A Amendment of recognition order
- 187 De-recognition
- Regulation
- 188 Principles
- 189 Codes of practice
- 190 System rules
- 190A Service provider rules
- 191 Directions
- 192 Role of FCA and PRA
- 192A Power of Bank to require FCA to refrain from specified action
- Enforcement
- 193 Inspection
- 194 Inspection: warrant
- 195 Independent report
- 196 Compliance failure
- 197 Publication
- 198 Penalty
- 199 Closure
- 200 Management disqualification
- 201 Warning
- 202 Appeal
- 202A Injunctions
- Miscellaneous
- 203 Fees
- 203A Records
- 203B Annual report
- 203C Policy statement
- 204 Information
- 205 Pretending to be recognised
- 206 Saving for informal oversight
- 206A Service providers
- 206AA Service providers connected with a recognised payment system that uses digital settlement assets
- 206B International obligations
- PART 5A Wholesale cash distribution
- Introduction
- 206C Overview and purpose
- 206D Policy statement
- 206E Interpretation: “wholesale cash distribution”
- 206F Interpretation: other terms
- Recognised persons
- 206G Wholesale cash oversight orders
- 206H “Market significance” and “systemic significance”
- 206I Procedure
- 206J Amendment or revocation of a wholesale cash oversight order
- Regulation
- 206K Principles
- 206L Codes of practice
- 206M Directions
- 206N Role of the FCA, PRA and Payment Systems Regulator
- Enforcement
- 206O Inspection
- 206P Inspection: warrant
- 206Q Independent report
- 206R Compliance failure
- 206S Publication
- 206T Penalty
- 206U Closure
- 206V Management disqualification
- 206W Warning
- 206X Appeal
- 206Y Injunctions
- Miscellaneous
- 206Z Fees
- 206Z1 Records
- 206Z2 Annual report
- 206Z3 Requirement to provide information
- 206Z4 Disclosure of information
- 206Z5 Saving for informal oversight
- Companies wholly owned by the Crown
- 206Z6 Power to disapply regulation and enforcement provisions
- Part 6 Banknotes: Scotland and Northern Ireland
- Introduction
- 207 Overview
- Key terms
- 208 “Banknote”
- 209 “Issue”
- 210 “Authorised bank”
- 211 “Commencement”
- Authorisation to issue
- 212 Repeal of old authorising enactments
- 213 Authorisation to issue banknotes
- 214 Consequential repeals and amendments
- 214A Power to designate banks as “authorised banks”
- Regulations and rules
- 215 Banknote regulations
- 216 Banknote rules
- Specific issues
- 217 Backing assets
- 218 Information
- 219 Ceasing the business of issuing notes
- 220 Insolvency, &c.
- Enforcement
- 221 Offence: unlawful issue
- 222 Financial penalty
- 223 Termination of right to issue
- 224 Application to court
- Bank of England
- 225 Organisation
- 226 Discretionary functions
- 227 Exemption
- Part 7 Miscellaneous
- Treasury support for banks
- 228 Consolidated Fund
- 229 National Loans Fund
- 230 “Financial institution”
- 231 Reports
- Investment banks
- 232 Definition
- 233 Insolvency regulations
- 234 Regulations: details
- 235 Regulations: procedure
- 236 Review
- Banking (Special Provisions) Act 2008
- 237 Compensation: valuer
- Bank of England
- 238 UK financial stability
- 239 Number of directors
- 240 Meetings
- 241 Chair of court
- 242 Quorum
- 243 Tenure
- 244 Immunity
- 245 Weekly return
- 246 Information
- 247 Bank of England Act 1946
- Financial Services Authority
- 248 Variation of permission
- 249 Functions
- 250 Information
- Central banks
- 251 Financial assistance to building societies
- 252 Registration of charges
- 253 Registration of charges: Scotland
- Funds attached rule (Scotland)
- 254 Abolition for cheques
- Financial collateral arrangements
- 255 Regulations
- 256 Supplemental
- ...
- 256A State aid
- 256B Bank of England” and “Prudential Regulation Authority”
- Part 8 General
- 257 “Financial assistance”
- 258 “Enactment”
- 258A Investment firm”
- 259 Statutory instruments
- 260 Money
- 261 Index of defined terms
- 262 Repeal
- 263 Commencement
- 264 Extent
- 265 Short title
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