Part XU.K. Rules and Guidance

Chapter IU.K. Rule-making Powers

[F1139DSections 139B and 139C: interpretationU.K.

(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.]

Textual Amendments