C1C2Part 1Special Resolution Regime
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
F3Chapter 3 Special resolution action
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
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.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2