C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F3Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F3

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

Compensation

I149Orders

1

This Part provides F2four methods of protecting the financial interests of transferors and others in connection with share transfer instruments and ordersF2, property transfer instruments and orders and resolution instruments.

2

A “compensation scheme order” is an order —

a

establishing a scheme for determining whether transferors should be paid compensation, or providing for transferors to be paid compensation, and

b

establishing a scheme for paying any compensation.

F12A

A “bail-in compensation order” is an order establishing a scheme for determining, in accordance with section 52A, whether any transferors or others should be paid compensation.

3

A “resolution fund order” is an order establishing a scheme under which transferors become entitled to the proceeds of the disposal of things transferred—

a

in specified circumstances, and

b

to a specified extent.

4

A “third party compensation order” is provision made in accordance with section 59 for compensation to be paid to persons other than transferors.