259Statutory instrumentsU.K.
(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)).
| Section | Topic | Parliamentary scrutiny |
|---|---|---|
| PART 1–Special resolution regime | ||
| 2 | Meaning of “bank” | Draft affirmative resolution |
| [F12(2A) | Criteria for determining what are critical functions | Negative resolution] |
| 25 | Share transfer orders | Negative resolution |
| 47 | Partial transfers | Draft affirmative resolution |
| 48 | Protection of interests | Draft affirmative resolution |
| [F248B(13A) | Further provision connected with functions under section 48B(10) | Draft affirmative resolution] |
| [F248B(16) | Criteria for determining what are core business lines | Negative resolution] |
| [F348F(1) and (2)] | [F3Power to amend definition of “excluded liabilities”] | [F3Draft affirmative resolution] |
| [F348G] | [F3Insolvency treatment principles] | [F3Draft affirmative resolution] |
| [F348P] | [F3Safeguarding of certain financial arrangements] | [F3Draft affirmative resolution] |
| [F352A] | [F3Bail-in compensation orders] | [F3Draft affirmative resolution] |
| 55 | Independent valuer | Negative resolution |
| 56 | Independent valuer: money | Negative resolution |
| 60 | [F4Third party compensation: partial property transfers] | Draft affirmative resolution |
| [F360A] | [F3Third party compensation: instruments containing special bail-in provision] | [F3Draft affirmative resolution] |
| 62 | Compensation orders | Draft affirmative resolution |
| 69 | Continuity obligations: consideration and terms | Negative resolution |
| F5. . . | F5. . . | F5. . . |
| 74 | Tax | Draft affirmative resolution (Commons only) |
| 75 | Power to change law | Draft affirmative resolution (except for urgent cases) |
| 78 | Public funds | Negative resolution (Commons only) |
| [F681D] | [F6Meaning of “banking group company”] | [F6Draft affirmative resolution (except for urgent cases)] |
| [F783ZY] | [F7Enforcement of share transfer orders] | [F7Negative resolution] |
| 85 | Building societies: orders | Negative resolution |
| 86 | Building societies: assets | (As for orders under section 90B of the Building Societies Act 1986) |
| 88 | Building societies: consequential | Draft affirmative resolution |
| 89 | Credit unions | Draft affirmative resolution |
| F8. . . | F8. . . | F8. . . |
| [F989JA(8) (modified section 48B(17B)) | Criteria for determining what are core business lines | Negative resolution] |
| PART 2–Bank insolvency | ||
| 91 | Meaning of “bank” | Draft affirmative resolution |
| 122 | Application of insolvency law | Draft affirmative resolution |
| 125 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986) |
| 130 | Building societies | Draft affirmative resolution |
| 131 | Credit unions | Draft affirmative resolution |
| 132 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986) |
| 133 | Scottish partnerships | Negative resolution |
| 135 | Consequential provision | Draft affirmative resolution |
| PART 3–Bank administration | ||
| 148 | Sharing information | Negative resolution |
| 149 | Multiple original transfers | Draft affirmative resolution |
| 152 | Transfer from temporary public ownership | Draft affirmative resolution |
| [F10152A] | [F10Property transfer from transferred institution] | [F10Draft affirmative resolution] |
| 156 | Application of other law | Draft affirmative resolution |
| 158 | Building societies | Draft affirmative resolution |
| 159 | Credit unions | Draft affirmative resolution |
| 160 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986) |
| 163 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986) |
| 164 | Scottish partnerships | Negative resolution |
| 168 | Consequential provision | Draft affirmative resolution |
| PART 4–Financial Services Compensation Scheme | ||
| 170 | Contingency funding | Draft affirmative resolution |
| F11. . . | F11. . . | F11. . . |
| 173 | Borrowing from National Loans Fund | Negative resolution |
| PART 5–F12... payment systems | ||
| [F13182(5C) | Meaning of “digital settlement asset” and “DSA service provider | Draft affirmative resolution] |
| 191 | Bank of England directions: immunity | Negative resolution |
| 203 | Fees regulations | Negative resolution |
| 204 | Information | Negative resolution |
| [F14206A | Services forming part of recognised F15... payment systems | Draft affirmative resolution] |
| [F16PART 5A - Wholesale cash distribution | ||
| 206M | Bank of England directions: immunity | Negative resolution |
| 206Z | Fees regulations | Negative resolution |
| 206Z4 | Information | Negative resolution |
| 206Z6 | Power to disapply regulation and enforcement provisions | Draft affirmative resolution] |
| PART 6–Banknotes: Scotland and Northern Ireland | ||
| [F17214A | Issuers of banknotes: Scotland and Northern Ireland | Draft affirmative resolution] |
| 215 | Banknote regulations | Draft affirmative resolution |
| PART 7–Miscellaneous | ||
| 230 | Financial institution | Negative resolution |
| [F18232(6)] | Investment banks: definition | Draft affirmative resolution |
| [F19232(7) | Investment banks: definition of investment activity | Negative resolution] |
| 233 | Investment banks: insolvency | Draft affirmative resolution |
| 249 | [F20PRA or FCA—] functions | Draft affirmative resolution |
| 251 | Central banks: assistance to building societies | Draft affirmative resolution |
| 255 | Financial collateral arrangements | [F21Draft affirmative resolution] |
| PART 8–General | ||
| 257 | Financial assistance | Negative resolution |
| [F22258A] | [F22Meaning of “investment firm”] | [F22Draft affirmative resolution (except for urgent cases)] |
| 262 | Repeal of Banking (Special Provisions) Act 2008 | None |
| 263 | Commencement | None |
(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),
[F23(da)section 60A (special resolution regime: instruments containing special bail-in provision),]
(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),
[F24(ka)section 152A (bank administration: property transfer from transferred institution),]
(l)section 156 (bank administration: application of other law),
(m)section 158 (bank administration: building societies),
(n)section 168 (bank administration: consequential provision), F25...
F25(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).
Textual Amendments
F1Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(3); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(b); S.I. 2014/3160, art. 2(1)(b)
F4Words in s. 259(3) Table substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(a); S.I. 2014/3160, art. 2(1)(b)
F5Words in s. 259(3) Table omitted (1.1.2015) by virtue of The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(2)
F6Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 100(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(c); S.I. 2014/1847, art. 2
F7Words in s. 259(3) Table inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(3)
F8Words in s. 259 Table omitted (31.12.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 162(7); S.I. 2023/1382, reg. 8(b) (with reg. 14)
F9Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(4); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(c); S.I. 2014/3160, art. 2(1)(b)
F11Words in s. 259(3) Table omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(2)
F12Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(a)
F13Words in s. 259(3) Table inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 39
F14Words in s. 259(3) Table inserted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(3)
F15Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(b)
F16Words in s. 259(3) Table inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 11
F17Words in s. 259(3) inserted Table (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(6), 41(3); S.I. 2016/627, reg. 2(1)(bb)
F18Word in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F19Words in s. 259(3) Table inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F20Words in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F21Words in s. 259(3) Table substituted (29.4.2021) by Financial Services Act 2021 (c. 22), ss. 41(6), 49(1)(c)
F22Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(8), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(f); S.I. 2014/1847, art. 2
F23S. 259(5)(da) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(d); S.I. 2014/3160, art. 2(1)(b)
F24S. 259(5)(ka) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(e); S.I. 2014/3160, art. 2(1)(b)
F25S. 259(5)(o) and word omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(4)
Commencement Information
I1S. 259 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 14