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Banking Act 2009

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259Statutory instrumentsE+W+S+N.I.

This section has no associated Explanatory Notes

(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)).

SectionTopicParliamentary scrutiny
PART 1–Special resolution regime
2Meaning of “bank”Draft affirmative resolution
25Share transfer ordersNegative resolution
47Partial transfersDraft affirmative resolution
48Protection of interestsDraft affirmative resolution
55Independent valuerNegative resolution
56Independent valuer: moneyNegative resolution
60Third party compensationDraft affirmative resolution
62Compensation ordersDraft affirmative resolution
69Continuity obligations: consideration and termsNegative resolution
72Transfers: enforcementNegative resolution
74TaxDraft affirmative resolution (Commons only)
75Power to change lawDraft affirmative resolution (except for urgent cases)
78Public fundsNegative resolution (Commons only)
85Building societies: ordersNegative resolution
86Building societies: assets(As for orders under section 90B of the Building Societies Act 1986)
88Building societies: consequentialDraft affirmative resolution
89Credit unionsDraft affirmative resolution
PART 2–Bank insolvency
91Meaning of “bank”Draft affirmative resolution
122Application of insolvency lawDraft affirmative resolution
125Rules(Expansion of power in section 411 of the Insolvency Act 1986)
130Building societiesDraft affirmative resolution
131Credit unionsDraft affirmative resolution
132Partnerships(As for orders under section 420 of the Insolvency Act 1986)
133Scottish partnershipsNegative resolution
135Consequential provisionDraft affirmative resolution
PART 3–Bank administration
148Sharing informationNegative resolution
149Multiple original transfersDraft affirmative resolution
152Transfer from temporary public ownershipDraft affirmative resolution
156Application of other lawDraft affirmative resolution
158Building societiesDraft affirmative resolution
159Credit unionsDraft affirmative resolution
160Rules(Expansion of power in section 411 of the Insolvency Act 1986)
163Partnerships(As for orders under section 420 of the Insolvency Act 1986)
164Scottish partnershipsNegative resolution
168Consequential provisionDraft affirmative resolution
PART 4–Financial Services Compensation Scheme
170Contingency fundingDraft affirmative resolution
F1. . .F1. . .F1. . .
173Borrowing from National Loans FundNegative resolution
PART 5–Inter-bank payment systems
191Bank of England directions: immunityNegative resolution
203Fees regulationsNegative resolution
204InformationNegative resolution
[F2206AServices forming part of recognised inter-bank payment systemsDraft affirmative resolution]
PART 6–Banknotes: Scotland and Northern Ireland
215Banknote regulationsDraft affirmative resolution
PART 7–Miscellaneous
230Financial institutionNegative resolution
232Investment banks: definitionDraft affirmative resolution
233Investment banks: insolvencyDraft affirmative resolution
249FSA – functionsDraft affirmative resolution
251Central banks: assistance to building societiesDraft affirmative resolution
255Financial collateral arrangementsAffirmative resolution
PART 8–General
257Financial assistanceNegative resolution
262Repeal of Banking (Special Provisions) Act 2008None
263CommencementNone

(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), F3...

F3(o). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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).

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Amendments (Textual)

Commencement Information

I1S. 259 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 14

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