Search Legislation

Advanced Search

The Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009

What Version

Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). UK Statutory Instruments are not carried in their revised form on this site.

Payments made under these Regulations to constitute payment of compensation under the scheme

This section has no associated Explanatory Memorandum

11.—(1) For the purposes of Part 15 of the Act, the COMP Sourcebook and the FEES 6 Chapter—

(a)any payments made by the scheme manager under these Regulations in respect of protected deposits shall constitute payment of compensation to each qualifying claimant in respect of claims under the scheme against the banking institution for protected deposits;

(b)on the scheme manager receiving the notification from the Treasury under regulation 4(1)—

(i)the banking institution shall be deemed to be in default for purposes of section 213, the COMP Sourcebook and the FEES 6 Chapter,

(ii)each qualifying claimant shall be deemed to have made an application for compensation for the purpose of the COMP Sourcebook and the FEES 6 Chapter, and

(iii)each qualifying claimant shall be deemed to have accepted an offer of compensation made by the scheme and to have received payment for such compensation for the purposes of the COMP Sourcebook and the FEES 6 Chapter,

and, accordingly, a qualifying claimant has no right to claim, and the scheme has no obligation to pay, any further compensation in respect of a protected deposit with that banking institution.

(2) For the purposes of this regulation—

(a)where all or part of the business of a banking institution has been transferred to a bridge bank under section 12 of the 2009 Act, the bridge bank is to be treated as being the same banking institution as the institution in respect of which the stabilisation power was exercised;

(b)where the banking institution has been taken into temporary public ownership under section 13 of the 2009 Act, when that institution ceases to be publicly owned, it shall be treated as a new banking institution; and

(c)a “qualifying claimant” means a qualifying claimant whose protected deposit has been dealt with by the exercise of the stabilisation power.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources