Modifications etc. (not altering text)
C1Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2Pt. 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
Textual Amendments
F1Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7
(1)Subject to subsection (4), the Bank of England must make arrangements for marketing—
(a)any securities issued by the bank which the Bank intends to transfer by a share transfer instrument under section 11(2)(a), or
(b)any property, rights or liabilities of the bank which the Bank intends to transfer by a property transfer instrument under section 11(2)(b).
(2)The arrangements under subsection (1) must—
(a)be as transparent as possible having regard to the circumstances and the need to maintain financial stability;
(b)ensure there is no conflict of interest;
(c)take account of the need for the Bank to act quickly to address the situation where a bank is failing or likely to fail;
(d)aim at maximising, as far as possible, the sale price for the securities or property, rights or liabilities involved.
(3)The arrangements under subsection (1) must not—
(a)materially misrepresent the securities or property, rights or liabilities which the Bank intends to transfer;
(b)favour or discriminate between potential purchasers or grant an unfair advantage to a potential purchaser.
(4)Subsection (1) does not apply if the Bank of England considers that complying with that subsection would undermine one or more of the special resolution objectives.
(5)In particular subsection (1) does not apply if the Bank considers that—
(a)there is a material threat to financial stability in the United Kingdom or another EEA state arising from or aggravated by the failure or likely failure of the bank, and
(b)complying with subsection (1) would undermine the effectiveness of the first stabilisation option in addressing that threat or achieving the objective in section 4(4).
(7)Any public disclosure of the marketing which may be required under Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse may be delayed in accordance with Article 17(4) or (5) of that Regulation.
[F3(8)The reference in subsection (7) to Regulation (EU) No 596/2014 is to that Regulation as it had effect on the day on which the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) were made.]]
Textual Amendments
F2S. 11A inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 8