Banking Act 2009

259 Statutory instruments U.K.

(1) A statutory instrument under this Act—

(a) may make provision that applies generally or only for specified purposes, cases or circumstances,

(b) may make different provision for different purposes, cases or circumstances, and

(c) may include incidental, consequential or transitional provision.

(2) No statutory instrument under this Act shall be treated as a hybrid instrument under Standing Orders of either House of Parliament.

(3) The Table lists the powers to make statutory instruments under this Act and the arrangements for Parliamentary scrutiny in each case (which are subject to subsections (4) to (6)).

Section	Topic	Parliamentary scrutiny
PART 1–Special resolution regime
2	Meaning of “bank”	Draft affirmative resolution
25	Share transfer orders	Negative resolution
47	Partial transfers	Draft affirmative resolution
48	Protection of interests	Draft affirmative resolution
55	Independent valuer	Negative resolution
56	Independent valuer: money	Negative resolution
60	Third party compensation	Draft affirmative resolution
62	Compensation orders	Draft affirmative resolution
69	Continuity obligations: consideration and terms	Negative resolution
72	Transfers: enforcement	Negative resolution
74	Tax	Draft affirmative resolution (Commons only)
75	Power to change law	Draft affirmative resolution (except for urgent cases)
78	Public funds	Negative resolution (Commons only)
85	Building societies: orders	Negative resolution
86	Building societies: assets	(As for orders under section 90B of the Building Societies Act 1986)
88	Building societies: consequential	Draft affirmative resolution
89	Credit unions	Draft affirmative resolution
PART 2–Bank insolvency
91	Meaning of “bank”	Draft affirmative resolution
122	Application of insolvency law	Draft affirmative resolution
125	Rules	(Expansion of power in section 411 of the Insolvency Act 1986)
130	Building societies	Draft affirmative resolution
131	Credit unions	Draft affirmative resolution
132	Partnerships	(As for orders under section 420 of the Insolvency Act 1986)
133	Scottish partnerships	Negative resolution
135	Consequential provision	Draft affirmative resolution
PART 3–Bank administration
148	Sharing information	Negative resolution
149	Multiple original transfers	Draft affirmative resolution
152	Transfer from temporary public ownership	Draft affirmative resolution
156	Application of other law	Draft affirmative resolution
158	Building societies	Draft affirmative resolution
159	Credit unions	Draft affirmative resolution
160	Rules	(Expansion of power in section 411 of the Insolvency Act 1986)
163	Partnerships	(As for orders under section 420 of the Insolvency Act 1986)
164	Scottish partnerships	Negative resolution
168	Consequential provision	Draft affirmative resolution
PART 4–Financial Services Compensation Scheme
170	Contingency funding	Draft affirmative resolution
171	Special resolution regime	Draft affirmative resolution
173	Borrowing from National Loans Fund	Negative resolution
PART 5–Inter-bank payment systems
191	Bank of England directions: immunity	Negative resolution
203	Fees regulations	Negative resolution
204	Information	Negative resolution
PART 6–Banknotes: Scotland and Northern Ireland
215	Banknote regulations	Draft affirmative resolution
PART 7–Miscellaneous
230	Financial institution	Negative resolution
232	Investment banks: definition	Draft affirmative resolution
233	Investment banks: insolvency	Draft affirmative resolution
249	FSA – functions	Draft affirmative resolution
251	Central banks: assistance to building societies	Draft affirmative resolution
255	Financial collateral arrangements	Affirmative resolution
PART 8–General
257	Financial assistance	Negative resolution
262	Repeal of Banking (Special Provisions) Act 2008	None
263	Commencement	None

(4) A power listed in subsection (5) may be exercised without a draft being laid before and approved by resolution of each House of Parliament if—

(a) the power is being exercised for the first time, and

(b) the person exercising it is satisfied that it is necessary to exercise it without laying a draft for approval.

(5) The powers are those in—

(a) section 2 (special resolution regime: meaning of “bank”),

(b) section 47 (special resolution regime: partial transfers),

(c) section 48 (special resolution regime: protection of interests),

(d) section 60 (special resolution regime: third party compensation),

(e) section 88 (special resolution regime: building societies: consequential),

(f) section 91 (bank insolvency: meaning of “bank”),

(g) section 122 (bank insolvency: application of insolvency law),

(h) section 130 (bank insolvency: building societies),

(i) section 135 (bank insolvency: consequential provision),

(j) section 149 (bank administration: multiple original transfers),

(k) section 152 (bank administration: transfer from temporary public ownership),

(l) section 156 (bank administration: application of other law),

(m) section 158 (bank administration: building societies),

(n) section 168 (bank administration: consequential provision), and

(o) section 171 (Financial Services Compensation Scheme: special resolution regime).

(6) Where an instrument is made in reliance on subsection (5)—

(a) it shall lapse unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the instrument is made,

(b) the lapse of an instrument under paragraph (a) does not invalidate anything done under or in reliance on it before its lapse and at a time when neither House has declined to approve it, and

(c) the lapse of an instrument under paragraph (a) does not prevent the making of a new one (in new terms).

Commencement Information

I1 S. 259 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 14