The Scottish and Northern Ireland Banknote Regulations 2009

  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Bank of England

    1. 3.Rules

    2. 4.Bank of England approval

    3. 5.Consultation before commencement of Regulations

  4. PART 3 Requirements as to backing assets

    1. 6.Backing assets

    2. 7.Value of backing assets to be held by an authorised bank

    3. 8.Interest on a designated account

    4. 9.Ownership of, and interests in, backing assets

  5. PART 4 Requirements as to banknotes

    1. 10.Unissued banknotes

    2. 11.Cessation of note issue

    3. 12.Temporary continuation of note issuing after cessation

  6. PART 5 Information

    1. 13.Provision of information to the Bank of England

    2. 14.Reports as to banknotes and backing assets

    3. 15.Independent reports

    4. 16.Publication or disclosure by Bank of England of enforcement action

    5. 17.Permitted publication or disclosure of information

    6. 18.Annual report by Bank of England

  7. PART 6 Insolvency

    1. 19.Interpretation

    2. 20.Notification of insolvency

    3. 21.Note exchange programme

    4. 22.Rights of noteholders

    5. 23.Backing assets

    6. 24.Note exchange programme: commencement and duration

    7. 25.Unissued banknotes

    8. 26.Rules relating to a note exchange programme and destruction of banknotes

    9. 27.Temporary continuation of note issuing after insolvency

    10. 28.Notes issued after loss of note issuing rights

    11. 29.Modification of law of insolvency

    12. 30.Processes serving a similar purpose to insolvency

    13. 31.Laws serving a similar purpose to Part 4 of the Financial Services and Markets Act 2000

  8. PART 7 Enforcement

    1. 32.Court orders

    2. 33.Penalties

  9. Signature

    1. SCHEDULE 1

      Modifications to the law of insolvency

      1. 1.Interpretation

      2. PART 1 Modifications to primary legislation

        1. 2.Modifications to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989

        2. 3.Modifications to the Companies Act 2006

        3. 4.Modifications to the Banking Act 2009

      3. PART 2 Modifications to secondary legislation

        1. 5.Modifications to the Insolvency (Scotland) Rules 1986

        2. 6.Modifications to the Insolvency Rules (Northern Ireland) 1991

        3. 7.Modifications to the Bank Administration Rules (Northern Ireland) 2009

        4. 8.Modifications to the Bank Insolvency (No. 2) Rules (Northern Ireland) 2009

        5. 9.Modifications to the Bank Administration (Scotland) Rules 2009

        6. 10.Modifications to the Bank Insolvency (Scotland) Rules 2009

    2. SCHEDULE 2

      Similar processes and laws in the Republic of Ireland

      1. PART 1

        1. A compromise or arrangement between a bank and its creditors...

      2. PART 2

        1. Section 7 of the Central Bank Act 1971

    3. SCHEDULE 3

      Imposition of penalties

      1. 1.Notice of proposal

      2. 2.Variation of proposal

      3. 3.Decision notice

      4. 4.Maximum penalty

      5. 5.Statement of policy on penalties

      6. 6.Service of notices

  10. Explanatory Note