Part X Rules and Guidance

Chapter I Rule-making Powers

139DF1Sections 139B and 139C: interpretation

1

In sections 139B and 139C any reference to the taking of action includes the taking of action by—

a

the authorised person;

b

any other person in the same group as the authorised person; or

c

a partnership of which the authorised person is a member.

2

In subsection (1)(b) the definition of “group” in section 421 applies with the omission of subsection (1)(e) and (f) of that section.

3

For the purposes of section 139C the cases in which the business (or any part of the business) of the authorised person is to be regarded as having failed include—

a

the insolvency or bankruptcy of the authorised person;

b

the authorised person entering into administration; and

c

a power under Part 1 of the Banking Act 2009 being exercised in relation to the authorised person.

4

In sections 139B and 139C references to the business of an authorised person include the business of—

a

any person in the same group as the authorised person; and

b

a partnership of which the authorised person is a member;

and, accordingly, references in subsection (3)(a) to (c) of this section to the authorised person include any person within paragraph (a) or (b).

5

In sections 139B and 139C “specified” means specified in general rules.

6

In this section—

  • “administration” includes administration under Part 3 of the Banking Act 2009;

  • “insolvency” includes insolvency under Part 2 of that Act.