Financial Services Act 2012
2012 CHAPTER 21
Commentary
Part 8 – Amendments of Banking Act 2009
Special resolution regime and bank administration
Section 101: application to investment firms
568.Subsection (1) of section 101 extends Part 1 of the Banking Act 2009 to investment firms. Part 1 is applied to investment firms as it applies to banks, with the exception of the provisions specified in subsection (2) which are to be disregarded. Subsection (6) extends Part 3 of the Banking Act 2009 (bank administration procedure) to investment firms. Subsection (7) inserts new section 258A of the Banking Act 2009 which defines “investment firm” by reference to Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions. But “investment firm” does not include a bank, building society, credit union or other institution which is of a class or description specified by order by the Treasury. Any such order is subject to the affirmative procedure.
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