http://www.legislation.gov.uk/ukpga/2009/1/section/48LBanking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2026-02-20Expert Participation2026-01-19 Banking Act 2009s. 4(8A) (8B)Financial Services Act 2012s. 96(3)Sch. 20s. 122(3)Banking Act 2009s. 8(2)(d) and wordFinancial Services Act 2012s. 96(4)(b)Sch. 20s. 122(3) Part 1Chapter 3 48L1A resolution instrument may—acancel or modify any securities to which this subsection applies;bconvert any such securities from one form or class into another.2Subsection (1) applies to securities issued by the bank that fall within Class 1 in section 14.3A resolution instrument may—amake provision with respect to rights attaching to securities issued by the bank;bprovide for the listing of securities issued by the bank to be discontinued or suspended.cprovide for the listing or admission to trading on a regulated market of securities in class 1 (and related class 3 securities) created in accordance with that or any other resolution instrument;dprovide for the listing or admission to trading on a regulated market of existing securities in class 2 modified by that or any other resolution instrument ....4The reference in subsection (1)(b) to converting securities from one form or class into another includes creating a new security in connection with the modification of an existing security.4AIn subsection (2) any reference to a class of securities is to be construed in accordance with section 14.5The provision that may be made under subsection (3)(a) includes, for example—aprovision that specified rights attaching to securities are to be treated as having been exercised;bprovision that the Bank of England, or a resolution administrator, is to be treated as authorised to exercise specified rights attaching to securities;cprovision that specified rights attaching to securities may not be exercised for a period specified in the instrument.6In subsection (3)—athe reference to “listing” is to listing under section 74 of the Financial Services and Markets Act 2000, andb“regulated market” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000.6AWhere the listing of securities is suspended in accordance with a resolution instrument, those securities are to be treated for the purposes of section 96 of, and paragraph 23(6) of Schedule 1ZA to, the Financial Services and Markets Act 2000 as still being listed.7The provision that may be made under this section in relation to any securities is in addition to any provision that the Bank of England may have power to make in relation to them under section 48B.Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)S. 48L(4A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(3)S. 48L(6A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(6)Words in s. 48L(3)(b) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(2)(a)S. 48L(3)(c)(d) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(2)(b)Words in s. 48L(5)(b) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(4)S. 48L(6) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 53(5)Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7Words in s. 48L(3)(d) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 25 (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)