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 property U.K.

42 Supplemental instruments U.K.

(1) This section applies where the Bank of England has made a property transfer instrument in accordance with section 11(2) or [F2 12(2)[F3 , 12ZA(3)] or 41A(2)] (“the original instrument”).

(2) The Bank of England may make one or more supplemental property transfer instruments.

(3) A supplemental property transfer instrument is a property transfer instrument which—

(a) provides for property, rights or liabilities to be transferred from the transferor under the original instrument (whether accruing or arising before or after the original instrument);

(b) makes other provision of a kind that an original property transfer instrument may make under section 33(1)(b) (whether in connection with a transfer under the original instrument or in connection with a transfer under that or another supplemental instrument).

(4) Sections 7[F4 , 8 and [F5 8ZA]] do not apply to a supplemental property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes, including for the purposes of the application of a power under this Part).

(5) Before making a supplemental property transfer instrument the Bank of England must consult—

[F6 (a) the PRA,

(aa) the FCA, and]

(b) the Treasury.

(6) The possibility of making a supplemental property transfer instrument in reliance on subsection (2) is without prejudice to the possibility of making of a new instrument in accordance with section 11(2)[F7 , 12(2)[F8 , 12ZA(3)] or 41A(2)] (and not in reliance on subsection (2) above).

Textual Amendments

F2 Words in s. 42(1) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 5(2)(a); S.I. 2014/3160, art. 2(1)(b)

F3 Words in s. 42(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 42(2)

F4 Words in s. 42(4) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 5(2)(b); S.I. 2014/3160, art. 2(1)(b)

F5 Word in s. 42(4) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 42(3)

F6 S. 42(5)(a)(aa) substituted for s. 42(5)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 21 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7 Words in s. 42(6) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 5(2)(c); S.I. 2014/3160, art. 2(1)(b)

F8 Words in s. 42(6) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 42(4)

Commencement Information

I1 S. 42 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1