Banking Act 2009

[F226A F1... reverse share transfer [F3instruments] U.K.
This section has no associated Explanatory Notes

(1)This section applies where the Bank of England has made a share transfer instrument in accordance with section 11(2) (“the original instrument”) [F4or 12(2)] providing for the transfer of securities issued by a bank to a person (“the original transferee”).

(2)The Bank of England may make one or more F5... reverse share transfer instruments in respect of securities issued by the bank and held by the original transferee.

[F6(2A)If the Bank of England makes an onward share transfer instrument in respect of securities transferred by the original instrument, the Bank may make one or more reverse share transfer instruments in respect of securities issued by the bank and held by a transferee under the onward share transfer instrument (“the onward transferee”).]

(3)A F5... reverse share transfer instrument is a share transfer instrument which—

(a)provides for transfer to the transferor under the original instrument [F7(where subsection (2) applies)];

[F8(ab)provides for transfer to the original transferee (where subsection (2A) applies);]

(b)makes other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under paragraph (a) [F9or (ab)].

(4)The Bank of England must not make a F5... reverse share transfer instrument [F10under subsection (2)] without the written consent of the original transferee.

[F11(4A)The Bank of England must not make a reverse share transfer instrument under subsection (2A) unless—

(a)the onward transferee is—

(i)a company wholly owned by the Bank of England,

(ii)a company wholly owned by the Treasury, or

(iii)a nominee of the Bank of England or the Treasury, or

(b)the reverse share transfer instrument is made with the written consent of the onward transferee.]

(5)Sections 7, 8 and 50 do not apply to a F5... reverse share transfer instrument (but it is to be treated in the same way as any other share transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

(6)Before making a F5... reverse share transfer instrument the Bank of England must consult—

(a)the PRA,

(b)the FCA, and

(c)the Treasury.

(7)Section 26 applies where the Bank of England has made a F5... reverse share transfer instrument.]

Textual Amendments

F1Words in s. 26A heading omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(g)(i)

F5Words in s. 26A(2)-(7) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 10(1)(b)