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The Bank Recovery and Resolution Order 2014

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  1. Introductory Text

  2. 1.Citation and commencement

  3. 2.Introduction to amendments of the Banking Act

  4. 3.Creation of Chapter 1 of Part 1

  5. 4.Overview of Part 1

  6. 5.Interpretation of Part 1 of the Banking Act 2009

  7. 6.Power to address impediments to the resolution of institutions and their groups

  8. 7.Creation of Chapter 3 of Part 1

  9. 8.Special resolution objectives

  10. 9.Code of practice

  11. 10.Mandatory write-down, conversion, etc of capital instruments

  12. 11.Valuation

  13. 12.Exercise of stabilisation powers: general conditions

  14. 13.Effect on other group members, financial stability in EU etc

  15. 14.Specific conditions in section 8

  16. 15.Specific conditions: asset management vehicle

  17. 16.Specific conditions: bail-in

  18. 17.Specific conditions: temporary public ownership

  19. 18.Bridge bank

  20. 19.Asset management vehicle

  21. 20.Bail-in option

  22. 21.Conditions to be met when exercising bail-in option

  23. 22.Bail-in administrators

  24. 23.Temporary public ownership

  25. 24.Effect of a transfer

  26. 25.Continuity

  27. 26.Share transfer instruments and orders: delisting

  28. 27.Share transfer instruments: directors and senior managers

  29. 28.Termination rights: share transfer instruments and orders

  30. 29.Procedure: share transfer instruments

  31. 30.Procedure: share transfer orders

  32. 31.Supplemental share transfer instruments

  33. 32.Meaning of “resolution company”

  34. 33.Asset management vehicles: share transfers

  35. 34.Asset management vehicles: reverse share transfer

  36. 35.Property transfer instruments

  37. 36.Directors

  38. 37.Termination rights: property transfer instruments

  39. 38.Foreign Property

  40. 39.Property transfer instruments: delisting

  41. 40.Property transfer instrument: procedure

  42. 41.Transfer of property subsequent to resolution instrument

  43. 42.Supplementary instruments

  44. 43.Onward transfer

  45. 44.Bridge bank: reverse property transfer

  46. 45.Bail in: reverse property transfer

  47. 46.Property transfer instruments: special bail-in provision

  48. 47.Restriction of partial transfers

  49. 48.Liabilities excluded from scope of special bail-in provision

  50. 49.Meaning of “protected deposit”

  51. 50.General interpretation of section 48B

  52. 51.Business reorganisation plans

  53. 52.Functions of bail-in administrators

  54. 53.Powers in relation to securities

  55. 54.Termination rights, etc: resolution instruments

  56. 55.Resolution instruments: directors and senior managers

  57. 56.Directions in or under resolution instrument

  58. 57.Procedure: resolution instruments

  59. 58.Supplemental resolution instruments

  60. 59.Onward transfer

  61. 60.Reverse transfer

  62. 61.Replacement of provisional valuation

  63. 62.Termination rights, etc

  64. 63.Transfer to resolution company

  65. 64.Onward and reverse transfers etc

  66. 65.Independent valuer: compensation

  67. 66.Resolution fund

  68. 67.Third party compensation: mandatory provision

  69. 68.Principle of no less favourable treatment

  70. 69.Independent valuer: valuation under section 6E or 48X

  71. 70.Resolution administrator

  72. 71.General continuity obligation: property transfers

  73. 72.Special continuity obligations: property transfers

  74. 73.Continuity obligations: onward property transfers

  75. 74.General continuity obligation: share transfers

  76. 75.Contractual variation: share transfers

  77. 76.Continuity obligations: onward share transfers

  78. 77.Suspension powers

  79. 78.Pensions

  80. 79.Enforcement

  81. 80.Disputes

  82. 81.Tax

  83. 82.International obligation notice: general

  84. 83.International obligation notice: bridge bank

  85. 84.Public funds: general

  86. 85.Duty of Bank of England to notify Treasury

  87. 86.Public funds: resolution company

  88. 87.Resolution company: report

  89. 88.Accounting information in reports

  90. 89.Cases where mandatory write-down, conversion etc applies: banking group companies

  91. 90.Groups: transfer to bridge bank etc

  92. 91.Groups: transfer to asset management vehicle

  93. 92.Groups: bail-in option

  94. 93.Sections 81B and 81ZBA: supplemental

  95. 94.Section 81BA: supplemental

  96. 95.Interpretation: “banking group company” etc

  97. 96.Holding companies

  98. 97.Information and enforcement

  99. 98.Creation of Chapter 5 of Part 1

  100. 99.Banks not regulated by PRA

  101. 100.Building societies

  102. 101.Investment firms

  103. 102.Recognised central counterparties

  104. 103.Third-country resolution proceedings

  105. 104.Grounds for applying

  106. 105.Notice to PRA of preliminary steps

  107. 106.Notice to regulators and the Bank of England of preliminary steps

  108. 107.Power to direct bank administrator

  109. 108.Immunity

  110. 109.State aid

  111. 110.Statutory instruments

  112. 111.Index of defined terms in the Banking Act

  113. 112.Introduction to amendments of the Financial Services and Markets Act 2000

  114. 113.Consolidated supervision

  115. 114.Discontinuance and suspension of listing

  116. 115.Discontinuance of suspension: procedure

  117. 116.Proceedings before Upper Tribunal

  118. 117.Assessment: consultation by PRA with FCA

  119. 118.Assessment procedure

  120. 119.Requests for further information

  121. 120.Rules requiring parent undertakings to facilitate resolution

  122. 121.Power to impose penalty or issue censure

  123. 122.Sanctions: procedure

  124. 123.Corporation Tax Act 2009

  125. 124.Financial Services Act 2012

  126. 125.Amendment of Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

  127. 126.Amendment of Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009

  128. 127.Amendment of the Banking Act 2009 (Banking Group Companies) Order 2014

  129. 128.Review

  130. Signature

  131. Explanatory Note

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