Part 1 U.K.Special Resolution Regime

Modifications etc. (not altering text)

C1 Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

C2 Pt. 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

[F1 Chapter 3 U.K. Special resolution action]

Textual Amendments

F1 Pt. 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

Transfer of securities U.K.

20 Directors [F2 and senior managers] U.K.

(1) A share transfer instrument may enable the Bank of England—

(a) to remove a director [F3 or senior manager] of a specified bank;

(b) to vary the service contract of a director [F3 or senior manager] of a specified bank;

(c) to terminate the service contract of a director [F3 or senior manager] of a specified bank;

(d) to appoint a director [F3 or senior manager] of a specified bank.

[F4 (1A) Subsection (1) also applies to a director [F5 or senior manager] of any undertaking which is a banking group company in respect of a specified bank.]

(2) A share transfer order may enable the Treasury—

(a) to remove a director [F6 or senior manager] of a specified bank;

(b) to vary the service contract of a director [F6 or senior manager] of a specified bank;

(c) to terminate the service contract of a director [F6 or senior manager] of a specified bank;

(d) to appoint a director [F6 or senior manager] of a specified bank.

(3) Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.

(4) Appointments under subsection (2)(d) are to be on terms and conditions agreed with the Treasury.

[F7 (5) In this section “senior manager” means a person who—

(a) exercises executive functions within a specified bank or banking group company, and

(b) is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.]

Textual Amendments

F2 Words in s. 20 heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(4)

F3 Words in s. 20(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F4 S. 20(1A) inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 100(3), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2

F5 Words in s. 20(1A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F6 Words in s. 20(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F7 S. 20(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(3)

Commencement Information

I1 S. 20 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2 S. 20 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1