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Banking Act 2009, Cross Heading: Objectives and code is up to date with all changes known to be in force on or before 21 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section sets out the special resolution objectives.
(2)The relevant authorities shall have regard to the special resolution objectives in using, or considering the use of—
(a)the stabilisation powers,
(b)the bank insolvency procedure, or
(c)the bank administration procedure.
(3)For the purpose of this section the relevant authorities are—
(a)the Treasury,
[F1(b)the PRA,
(ba)the FCA, and]
(c)the Bank of England.
[F2(3A)Objective 1 is to ensure the continuity of banking services in the United Kingdom and of critical functions.
(4)Objective 2 is to protect and enhance the stability of the financial system of the United Kingdom, including in particular by—
(a)preventing contagion (including contagion to market infrastructures such as investment exchanges, clearing houses [F3, recognised CSDs within the meaning of section 285 of the Financial Services and Markets Act 2000] and central counterparties [F4authorised or recognised in the United Kingdom in accordance with Article 14 or 25] of Regulation (EU) 648/2012 of the European Parliament and the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories) [F5as it forms part of [F6assimilated] law], and
(b)maintaining market discipline.
(5)Objective 3 is to protect and enhance public confidence in the stability of the financial system of the United Kingdom.
(6)Objective 4 is to protect public funds, including by minimising reliance on extraordinary public financial support.
[F7(7)Objective 5 is to protect investors and depositors to the extent that they have investments or deposits covered by the FSCS.]
(8)Objective 6, which applies in any case in which client assets may be affected, is to protect those assets.
(9)Objective 7 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998).]
(10)The order in which the objectives are listed in this section is not significant; they are to be balanced as appropriate in each case.
Textual Amendments
F1S. 4(3)(b)(ba) substituted for s. 4(3)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 5 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 4(3A)-(9) substituted for s. 4(4)-(9) (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 8(2)
F3Words in s. 4(4)(a) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 13 (with regs. 7(4), 9(1))
F4Words in s. 4(4)(a) 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. 7(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in s. 4(4)(a) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 39(3)
F6Word in s. 4(4) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 68(2)(b)
F7S. 4(7) 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. 7(3); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1S. 4 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1
[F8(1)The Treasury shall issue a code of practice about—
(a)the discharge of the duty imposed by section 6B (mandatory write-down, conversion etc of capital instruments), and
(b)the use of—
(i)the stabilisation powers,
(ii)the bank insolvency procedure, and
(iii)the bank administration procedure.]
(2)The code may, in particular, provide guidance on—
(a)how the special resolution objectives are to be understood and achieved,
(b)the choice between different options,
(c)the information to be provided in the course of a consultation under this Part,
(d)the giving of advice by one relevant authority to another about whether, when and how the stabilisation powers are to be used,
(e)how to determine whether Condition 2 in section 7 is met,
(f)how to determine whether [F9tests for the use of the stabilisation powers in sections 8 and 8ZA are] satisfied,
(g)sections 63 and 66, and
(h)compensation.
(3)Sections 12[F10, 12ZA] and 13 require the inclusion in the code of certain matters about bridge banks[F11, asset management vehicles] and temporary public ownership.
(4)The relevant authorities shall have regard to the code.
(5)For the purpose of this section the relevant authorities are—
(a)the Treasury,
[F12(b)the PRA,
(ba)the FCA, and]
(c)the Bank of England.
Textual Amendments
F8S. 5(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 9(2)
F9Words in s. 5(2)(f) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 9(3)
F10Words in s. 5(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 9(4)(a)
F11Words in s. 5(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 9(4)(b)
F12S. 5(5)(b)(ba) substituted for s. 5(5)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 6 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I2S. 5 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I3S. 5 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
F13(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The Treasury may revise and re-issue the code of practice.
[F15(4)Before re-issuing the code of practice the Treasury must consult—
(a)the PRA,
(b)the FCA,
(c)the Bank of England, and
(d)the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000).
(5)As soon as is reasonably practicable after re-issuing the code of practice the Treasury shall lay a copy before Parliament.]
Textual Amendments
F13S. 6(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 7(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14S. 6(2) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 7(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15S. 6(4)(5) substituted for s. 6(4) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I4S. 6 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1
I5S. 6 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1
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