Modifications etc. (not altering text)
C1Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2Pt. 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
Textual Amendments
F1Pt. 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
(1)This Part provides [F2four] methods of protecting the financial interests of transferors and others in connection with share transfer instruments and orders[F2, 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.
[F3(2A)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.
Textual Amendments
F2Words in s. 49(1) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(1)(a); S.I. 2014/3160, art. 2(1)(b)
F3S. 49(2A) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(1)(b); S.I. 2014/3160, art. 2(1)(b)
Commencement Information
I1S. 49 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1