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Banking Act 2009, Section 48L is up to date with all changes known to be in force on or before 25 May 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)A resolution instrument may—
(a)cancel or modify any securities to which this subsection applies;
(b)convert any such securities from one form or class into another.
(2)Subsection (1) applies to securities issued by the bank that fall within Class 1 in section 14.
(3)A resolution instrument may—
(a)make provision with respect to rights attaching to securities issued by the bank;
(b)provide for the listing of securities issued by the bank to be discontinued [F2or suspended].
[F3(c)provide for the listing or admission to trading on a regulated market of securities in class 1 (and related class 3 securities) created in accordance with that or any other resolution instrument;
(d)provide for the listing or admission to trading on a regulated market of existing securities in class 2 modified by that or any other resolution instrument [F4(and, in that connection, for the disapplication of section 85(1) and (2) of the Financial Services and Markets Act 2000 (prohibition on listing etc of transferable securities without approved prospectus)].]
(4)The reference in subsection (1)(b) to converting securities from one form or class into another includes creating a new security in connection with the modification of an existing security.
[F5(4A)In subsection (2) any reference to a class of securities is to be construed in accordance with section 14.]
(5)The provision that may be made under subsection (3)(a) includes, for example—
(a)provision that specified rights attaching to securities are to be treated as having been exercised;
(b)provision that the Bank of England, or a [F6resolution administrator], is to be treated as authorised to exercise specified rights attaching to securities;
(c)provision that specified rights attaching to securities may not be exercised for a period specified in the instrument.
[F7(6)In subsection (3)—
(a)the reference to “listing” is to listing under section 74 of the Financial Services and Markets Act 2000, and
(b)“regulated market” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000.]
[F8(6A)Where the listing of securities is suspended in accordance with a resolution instrument, those securities are to be treated for the purposes of section 96 of, and paragraph 23(6) of Schedule 1ZA to, the Financial Services and Markets Act 2000 as still being listed.]
(7)The provision that may be made under this section in relation to any securities is in addition to any provision that the Bank of England may have power to make in relation to them under section 48B.]
Textual Amendments
F1Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)
F2Words in s. 48L(3)(b) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(2)(a)
F3S. 48L(3)(c)(d) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(2)(b)
F4Words in s. 48L(3)(d) omitted (30.1.2024 for specified purposes) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 25 (with regs. 48-50)
F5S. 48L(4A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(3)
F6Words in s. 48L(5)(b) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(4)
F7S. 48L(6) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(5)
F8S. 48L(6A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(6)
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