Part 1 U.K.Special Resolution Regime

Modifications etc. (not altering text)

C1 Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

C2 Pt. 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. 2

[F1 Chapter 3 U.K. Special resolution action]

Textual Amendments

F1 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), 7

Compensation U.K.

52 Transfer to [F2 resolution company] U.K.

[F3 (1) This section applies if the Bank of England makes—

(a) a share transfer instrument or a property transfer instrument under section 12(2), or

(b) a property transfer instrument under section 12ZA(3).]

(2) The Treasury shall make a resolution fund order.

(3) An order made by virtue of subsection (2) may include—

(a) a compensation scheme order;

(b) a third party compensation order (which may, in particular, make provision, in respect of [F4 persons of a specified description,] for rights in addition to any rights they may have by virtue of the resolution fund order).

(4) In the case of a partial property transfer, the resolution fund order must include a third party compensation order.

Textual Amendments

F2 Words in s. 52 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 63(2)

F3 S. 52(1) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 63(1)

F4 Words in s. 52(3)(b) substituted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(2); S.I. 2014/3160, art. 2(1)(b)

Commencement Information

I1 S. 52 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2 S. 52 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1