Part 8

General

Statutory instruments
259
1
A statutory instrument under this Act—
a
may make provision that applies generally or only for specified purposes, cases or circumstances,
b
may make different provision for different purposes, cases or circumstances, and
c
may include incidental, consequential or transitional provision.
2
No statutory instrument under this Act shall be treated as a hybrid instrument under Standing Orders of either House of Parliament.
3
The Table lists the powers to make statutory instruments under this Act and the arrangements for Parliamentary scrutiny in each case (which are subject to subsections (4) to (6)).
Section | Topic | Parliamentary scrutiny
PART 1–Special resolution regime
2 | Meaning of “bank” | Draft affirmative resolution
2(2A) | Criteria for determining what are critical functions | Negative resolution
25 | Share transfer orders | Negative resolution
47 | Partial transfers | Draft affirmative resolution
48 | Protection of interests | Draft affirmative resolution
48B(13A) | Further provision connected with functions under section 48B(10) | Draft affirmative resolution
48B(16) | Criteria for determining what are core business lines | Negative resolution
48F(1) and (2) | Power to amend definition of “excluded liabilities” | Draft affirmative resolution
48G | Insolvency treatment principles | Draft affirmative resolution
48P | Safeguarding of certain financial arrangements | Draft affirmative resolution
52A | Bail-in compensation orders | Draft affirmative resolution
55 | Independent valuer | Negative resolution
56 | Independent valuer: money | Negative resolution
60 | Third party compensation: partial property transfers | Draft affirmative resolution
60A | Third party compensation: instruments containing special bail-in provision | Draft affirmative resolution
62 | Compensation orders | Draft affirmative resolution
69 | Continuity obligations: consideration and terms | Negative resolution
. . . | . . . | . . .
74 | Tax | Draft affirmative resolution (Commons only)
75 | Power to change law | Draft affirmative resolution (except for urgent cases)
78 | Public funds | Negative resolution (Commons only)
81D | Meaning of “banking group company” | Draft affirmative resolution (except for urgent cases)
83ZY | Enforcement of share transfer orders | Negative resolution
85 | Building societies: orders | Negative resolution
86 | Building societies: assets | (As for orders under section 90B of the Building Societies Act 1986)
88 | Building societies: consequential | Draft affirmative resolution
89 | Credit unions | Draft affirmative resolution
. . . | . . . | . . .
89JA(8) (modified section 48B(17B)) | Criteria for determining what are core business lines | Negative resolution
PART 2–Bank insolvency
91 | Meaning of “bank” | Draft affirmative resolution
122 | Application of insolvency law | Draft affirmative resolution
125 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986)
130 | Building societies | Draft affirmative resolution
131 | Credit unions | Draft affirmative resolution
132 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986)
133 | Scottish partnerships | Negative resolution
135 | Consequential provision | Draft affirmative resolution
PART 3–Bank administration
148 | Sharing information | Negative resolution
149 | Multiple original transfers | Draft affirmative resolution
152 | Transfer from temporary public ownership | Draft affirmative resolution
152A | Property transfer from transferred institution | Draft affirmative resolution
156 | Application of other law | Draft affirmative resolution
158 | Building societies | Draft affirmative resolution
159 | Credit unions | Draft affirmative resolution
160 | Rules | (Expansion of power in section 411 of the Insolvency Act 1986)
163 | Partnerships | (As for orders under section 420 of the Insolvency Act 1986)
164 | Scottish partnerships | Negative resolution
168 | Consequential provision | Draft affirmative resolution
PART 4–Financial Services Compensation Scheme
170 | Contingency funding | Draft affirmative resolution
. . . | . . . | . . .
173 | Borrowing from National Loans Fund | Negative resolution
PART 5– ... payment systems
182(5C) | Meaning of “digital settlement asset” and “DSA service provider | Draft affirmative resolution
191 | Bank of England directions: immunity | Negative resolution
203 | Fees regulations | Negative resolution
204 | Information | Negative resolution
206A | Services forming part of recognised ... payment systems | Draft affirmative resolution
PART 5A - Wholesale cash distribution |
206M | Bank of England directions: immunity | Negative resolution
206Z | Fees regulations | Negative resolution
206Z4 | Information | Negative resolution
206Z6 | Power to disapply regulation and enforcement provisions | Draft affirmative resolution
PART 6–Banknotes: Scotland and Northern Ireland
214A | Issuers of banknotes: Scotland and Northern Ireland | Draft affirmative resolution
215 | Banknote regulations | Draft affirmative resolution
PART 7–Miscellaneous
230 | Financial institution | Negative resolution
232(6) | Investment banks: definition | Draft affirmative resolution
232(7) | Investment banks: definition of investment activity | Negative resolution
233 | Investment banks: insolvency | Draft affirmative resolution
249 | PRA or FCA— functions | Draft affirmative resolution
251 | Central banks: assistance to building societies | Draft affirmative resolution
255 | Financial collateral arrangements | Draft affirmative resolution
PART 8–General
257 | Financial assistance | Negative resolution
258A | Meaning of “investment firm” | Draft affirmative resolution (except for urgent cases)
262 | Repeal of Banking (Special Provisions) Act 2008 | None
263 | Commencement | None
4
A power listed in subsection (5) may be exercised without a draft being laid before and approved by resolution of each House of Parliament if—
a
the power is being exercised for the first time, and
b
the person exercising it is satisfied that it is necessary to exercise it without laying a draft for approval.
5
The powers are those in—
a
section 2 (special resolution regime: meaning of “bank”),
b
section 47 (special resolution regime: partial transfers),
c
section 48 (special resolution regime: protection of interests),
d
section 60 (special resolution regime: third party compensation),
da
section 60A (special resolution regime: instruments containing special bail-in provision),
e
section 88 (special resolution regime: building societies: consequential),
f
section 91 (bank insolvency: meaning of “bank”),
g
section 122 (bank insolvency: application of insolvency law),
h
section 130 (bank insolvency: building societies),
i
section 135 (bank insolvency: consequential provision),
j
section 149 (bank administration: multiple original transfers),
k
section 152 (bank administration: transfer from temporary public ownership),
ka
section 152A (bank administration: property transfer from transferred institution),
l
section 156 (bank administration: application of other law),
m
section 158 (bank administration: building societies),
n
section 168 (bank administration: consequential provision), ...
o. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Where an instrument is made in reliance on subsection (5)—
a
it shall lapse unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the instrument is made,
b
the lapse of an instrument under paragraph (a) does not invalidate anything done under or in reliance on it before its lapse and at a time when neither House has declined to approve it, and
c
the lapse of an instrument under paragraph (a) does not prevent the making of a new one (in new terms).
S. 259 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 14
Words in s. 259(3) Table omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(2)
Words in s. 259(3) Table inserted (8.4.2010) by Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(3)
S. 259(5)(o) and word omitted (8.4.2010) by virtue of Financial Services Act 2010 (c. 28), s. 26(1)(l), Sch. 2 para. 48(4)
Word in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 259(3) Table inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 259(3) Table substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 61(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 100(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(c); S.I. 2014/1847, art. 2
Words in s. 259(3) Table inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 101(8), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(f); S.I. 2014/1847, art. 2
S. 259(5)(ka) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(e); S.I. 2014/3160, art. 2(1)(b)
S. 259(5)(da) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(d); S.I. 2014/3160, art. 2(1)(b)
Words in s. 259(3) Table substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(a); S.I. 2014/3160, art. 2(1)(b)
Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(c); S.I. 2014/3160, art. 2(1)(b)
Words in s. 259(3) Table inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 31(b); S.I. 2014/3160, art. 2(1)(b)
Words in s. 259(3) Table omitted (1.1.2015) by virtue of The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(2)
Words in s. 259(3) Table inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 110(3)
Words in s. 259(3) inserted Table (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(6), 41(3); S.I. 2016/627, reg. 2(1)(bb)
Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(a)
Word in s. 259(3) Table omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 29(b)
Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(2); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(3); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 259(3) Table inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 55(4); 2020 c. 1, Sch. 5 para. 1(1)
Words in s. 259(3) Table substituted (29.4.2021) by Financial Services Act 2021 (c. 22), ss. 41(6), 49(1)(c)
Words in s. 259(3) Table inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(a), Sch. 6 para. 39
Words in s. 259(3) Table inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 11
Words in s. 259 Table omitted (31.12.2023) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 11 para. 162(7); S.I. 2023/1382, reg. 8(b) (with reg. 14)