Sections 6A (cases where mandatory write-down, conversion, etc applies) to 6D (mandatory reduction instruments: supplementary matters),Ignore sections 6A to 6D.,
Section 8 (specific condition: private sector purchaser, bridge bank or asset management vehicle),Ignore section 8.,
Section 8ZA (specific conditions: asset management vehicle),In subsection (1) treat the reference to a bank as a reference to a UK branch. In subsection (2), treat the first reference to the bank as a reference to the UK branch, and the second reference to the bank as a reference to the third-country institution. In subsection (3)(b) treat the first reference to the bank as a reference to the third-country institution. If the third-country institution is FCA-regulated, ignore subsection (4) (a) unless the third-country institution has as a member of its immediate group a PRA-authorised person. In subsection (6), ignore the reference to section 8.,
Section 9 (specific conditions: temporary public ownership),Ignore section 9.,
Section 11 (private sector purchaser),In subsection (1), treat the reference to the bank as a reference to the UK branch. Ignore subsection (2)(a).,
Section 11A (private sector purchaser: marketing),In subsections (1), (2)(c) and (5), treat the reference to the bank as a reference to the third-country institution. In subsection (1), ignore paragraph (a). In subsections (2)(d) and (3)(a), ignore the reference to securities.,
Section 12 (bridge bank),In subsection (1), treat the reference to the bank as a reference to the UK branch. In subsection (1A)(c), treat the reference to the bank or its business as a reference to the business of the UK branch. Ignore subsection (2)(a).,
Section 12ZA (asset management vehicle),In subsection (1)(a), treat the reference to the bank as a reference to the UK branch. In subsection (1)(b)— (a) ignore the reference to shares, (b) treat the reference to property, rights or liabilities of the bank as a reference to property, rights or liabilities of the third-country institution which form part of the business of the UK branch. In subsection (2)(c) treat the first reference to banks as including a reference to third-country institutions.,
Sections 12A (bail-in option), 12AA (bail-in: sequence of write down and conversion of capital instruments and liabilities) and 13 (temporary public ownership),Ignore sections 12A, 12AA and 13.,
Sections 15 (share transfer instrument) to 29 (reverse share transfer orders),Ignore sections 15 to 29.,
Sections 30 (resolution company: share transfers) and 31 (resolution company: reverse transfer),Ignore sections 30 and 31.,
Section 33 (property transfer instrument),In subsections (1) and (2), treat references to property, rights or liabilities of a specified bank as references to property, rights or liabilities of the third-country institution which form part of the business of a specified UK branch, or to property, rights or liabilities of a resolution company. Ignore subsection (3).,
Section 36A (directors and senior managers),In subsections (1) and (2), ignore each reference to a director. In subsections (1) and (4) treat each reference to a specified bank as a reference to a specified UK branch. In subsection (2) treat the reference to a specified bank as a reference to the third-country institution. In subsection (5), treat the first reference to a bank as a reference to a UK branch or a third-country institution, and ignore the words “(whether or not it is a bank)”.,
Section 39A (banks which are clearing houses),Ignore section 39A.,
Section 41 (procedure),In subsection (1)— (a) treat the first reference to a bank as a reference to a UK branch, (b) in paragraph (a), treat the reference to the bank as a reference to the third-country institution, (c) if the third-country institution is FCA-regulated, ignore paragraph (c). In subsection (2) treat the references to the bank as references to the third-country institution. In subsection (4), treat the first reference to a bank as a reference to a UK branch or a third-country institution, and ignore the words “even if it is not a bank”.,
Section 41A (transfer of property subsequent to resolution instrument),Ignore section 41A.,
Section 42 (supplemental instruments),In subsections (1) and (6), ignore the reference to section 41A(2). In subsection (4), ignore the reference to section 8. If the third-country institution is FCA-regulated, ignore subsection (5)(a) unless the third-country institution has as a member of its immediate group a PRA-authorised person.,
Section 42A (private sector purchaser: reverse property transfer),In subsection (1), treat the reference to property, rights or liabilities of a bank as a reference to property, rights or liabilities of a third-country institution which form part of the business of a UK branch. In subsection (5), ignore the reference to section 8. If the third-country institution is FCA-regulated, ignore subsection (6)(a) unless the third-country institution has as a member of its immediate group a PRA-authorised person.,
Section 43 (onward transfer),In subsection (6), ignore the reference to section 8. If the third-country institution is FCA-regulated, ignore subsection (7)(a) unless the third-country institution has as a member of its immediate group a PRA-authorised person.,
Section 44 (resolution company: reverse property transfer),In subsection (5), ignore the reference to section 8. If the third-country institution is FCA-regulated, ignore subsection (6)(a) unless the third-country institution has as a member of its immediate group a PRA-authorised person.,
Section 44A (bail-in: reverse property transfer),Ignore section 44A.,
Section 44BA (property transfer instruments and bail-in: supplementary matters),Ignore section 44BA.,
Section 44C (report on special bail-in provision),In subsection (4), treat each reference to “on a liquidation” as a reference to “in insolvency proceedings”. In subsection (4)(a), treat the reference to “the liabilities of the bank” as a reference to “the relevant liabilities of the third-country institution” (and for this purpose, “ relevant liability ” has the meaning given in section 48B(17)). In subsection (4), after paragraph (b), insert “ and for the purposes of this subsection “ insolvency proceedings ” means such insolvency proceedings (whether or not under the law of a country or territory outside the United Kingdom) as the Bank of England, after consultation with the Treasury, considers relevant. ”,
Sections 44D (bridge bank: supplemental property transfer powers) to 46 (temporary public ownership: reverse property transfer),Ignore sections 44D to 46.,
Section 47 (restriction of partial transfers),In subsection (1), treat the reference to a bank as a reference to a third-country institution. In subsection (1A), treat the first reference to a bank as a reference to a third-country institution, and ignore the words “(even if it is not a bank)”.,
Section 48A (creation of liabilities),In subsection (1) ignore the reference to sections 44A(3)(b), 44D(3)(b), 44E(3)(b), 45(3)(b) and 46(3)(b).,
Section 48C (meaning of “protected deposit”),In subsection (4), treat the reference to section 48B(8)(a) as a reference to section 48B(10)(a).,
Section 48D (general interpretation of section 48B),In the definition of client assets, treat the reference to the bank as a reference to the third-country institution.,
Section 48E (report on special bail-in provision),Ignore section 48E.,
Section 48F (power to amend definition of “excluded liabilities”),In subsection (1) treat the reference to section 48B(8) as including a reference to section 48B(10).,
Section 48H (business reorganisation plan),Ignore section 48H.,
Sections 48L (powers in relation to securities) to 48O (directions in or under resolution instruments),Ignore sections 48L to 48O.,
Section 48Q (continuity),Treat references to a resolution instrument as references to a property transfer instrument within section 44B(2) that makes special bail-in provision under section 48B(1).,
Section 48R (execution and registration of instruments, etc.),Treat references to a resolution instrument as references to a property transfer instrument within section 44B(2) that makes special bail-in provision under section 48B(1).,
Section 48S (resolution instruments: general matters),Treat references to a resolution instrument as references to a property transfer instrument within section 44B(2) that makes special bail-in provision under section 48B(1).,
Sections 48T (procedure) to 48WA (bail-in option: recovery of expenses),Ignore sections 48T to 48WA.,
Section 48Z (termination rights etc),In subsection (1), in paragraph (a) of the definition of “crisis management measure”, treat the reference to the bank as including a reference to a UK branch. In subsection (6)(a), treat the first reference to the third-country institution as including a reference to the UK branch.,
Section 57 (valuation principles),In subsection (4) treat the reference to the bank as a reference to the third-country institution.,
Section 60 (third party compensation),In subsection (3)— (a) in paragraph (a) treat the second reference to a bank as including a reference to a third-country institution; (b) in paragraph (c) treat the reference to insolvency as including any proceedings under the law of the country or territory outside the United Kingdom in which the country or territory outside the United Kingdom institution is incorporated which are equivalent to the proceedings listed in paragraph (c).,
Section 60B (principle of no less favourable treatment),In subsection (1), treat the references to a bank as including references to a third-country institution. In subsection (2)(a) treat the reference to the bank as a reference to the UK branch. Ignore subsection (2)(b). In subsection (3), treat the references to a bank as references to a third-country institution. In subsection (4) treat the reference to insolvency as including any proceedings under the law of the country or territory outside the United Kingdom in which the third-country institution is incorporated which are equivalent to the proceedings listed in subsection (4).,
Section 62A (independent valuer: sections 6E and 48X),In subsection (1A) , treat the reference to the bank as including a reference to the third-country institution.,
Sections 62B (resolution administrator) to 62E (resolution administrator: money),Ignore sections 62B to 62E.,
Section 63 (general continuity obligations: property transfers),In subsection (1)(a)— (a) treat the second reference to a bank as a reference to a third-country institution; (b) treat the reference to “whose business” as a reference to the business of whose UK branch; (c) ignore the references to sections 41A(2) and 44D(2). In subsection (1)(d) treat the reference to the bank as a reference to the UK branch. In subsection (1A) treat the reference to insolvency as including any proceedings under the law of the country or territory outside the United Kingdom in which the third-country institution is incorporated which are equivalent to proceedings listed in subsection (1A). In subsection (4A)— (a) treat each reference to the bank as a reference to the third-country institution; (b) treat the reference to “whose business” as a reference to “the business of whose UK branch”.,
Section 64 (special continuity obligations: property transfers),Treat the references to contracts or other arrangements, in each place where they appear, as limited to contracts or other arrangements which were entered into by the third-country institution in relation to the business of its UK branch.,
Section 65 (continuity obligations: onward property transfers),In subsection (1), ignore paragraph (a)(ii). In subsection (3), ignore paragraph (b). In subsection (4), ignore paragraph (c), and in paragraph (d) treat the reference to “(a) to (c)” as a reference to “(a) or (b)”.,
Sections 66 (share transfers) to 68 (continuity obligations: onward share transfers),Ignore sections 66 to 68.,
Section 70A (suspension of obligations),For subsection (1), substitute— 1 The Bank of England may suspend obligations to make a payment, or delivery, under a contract where— a one of the parties to the contract is a third-country institution, b the contract was entered into by the third-country institution in relation to the business of its UK branch, and c the Bank is making a property transfer instrument in relation to the business of the UK branch. . In subsection (3)(c) treat the reference to the bank under resolution as a reference to the third-country institution. In subsection (5), ignore the references to share transfer instruments, resolution instruments and third-country instruments.,
Section 70B (restriction of security interests),In subsection (1)— (a) treat the first reference to the bank as a reference to the UK branch and the second as a reference to the third-country institution; (b) treat the reference to assets of the bank as a reference to any property or rights of the third-country institution which form part of the business of the UK branch. In subsection (3), treat the reference to any asset of the bank under resolution as a reference to any property or rights of the third-country institution which form part of the business of the UK branch. In subsection (4), ignore the references to share transfer instruments, resolution instruments and third-country instruments.,
Section 70C (suspension of termination rights),For subsection (2), substitute— 2 A contract is a “qualifying contract” for the purpose of this section if— a one of the parties to the contract is a third-country institution, and the contract was entered into by the third-country institution in relation to the business of its UK branch, b the Bank is making a property transfer instrument in relation to the business of the UK branch, and c all the obligations under the contract to make a payment, make delivery or provide collateral continue to be performed. . Ignore subsection (3). In subsection (5), ignore the references to share transfer instruments, resolution instruments and third-country instruments. In subsection (6), ignore the words after paragraph (b). In subsection (7)— (a) treat the reference to the bank under resolution as a reference to the third-country institution; (b) ignore paragraph (b). In subsection (9)— (a) treat the reference to the bank under resolution as a reference to the third-country institution; (b) ignore the words “or the subsidiary undertaking”.,
Section 71 (pensions),Ignore section 71.,
Section 76 (international obligation notice: general),In subsections (1) and (3) treat the reference to exercising the power to make a resolution administrator appointment instrument or a mandatory reduction instrument or a stabilisation power as a reference to making a property transfer instrument. In subsections (1) and (4) treat the reference to a bank as a reference to a UK branch. Ignore subsection (5).,
Section 77 (international obligation notice: resolution company),In subsection (1), treat the reference to a bank's business as a reference to the business of a UK branch.,
Section 78 (public funds: general),In subsections (1) and (4) treat the reference to exercising the power to make a mandatory reduction instrument or a stabilisation power as a reference to making a property transfer instrument. In subsections (1) and (5), treat the reference to a bank as a reference to a UK branch.,
Section 78A (pre-conditions for financial assistance),Ignore section 78A.,
Section 79 (public funds: resolution company),In subsection (1), treat the reference to a bank's business as a reference to the business of a UK branch.,
Section 79A (private sector purchaser: report),In subsection (1), treat the reference to a bank's business as a reference to the business of a UK branch. In subsection (2) ignore the reference to share transfer instruments.,
Section 80 (resolution company: report),In subsection (1), treat the reference to a bank's business as a reference to the business of a UK branch.,
Sections 80A (transfer for bail-in purposes) and 81 (temporary public ownership),Ignore sections 80A and 81.,
Section 81A (accounting information to be included in reports under section 80),In subsection (1), ignore the references to sections 80A(2)(b) and 81. Ignore the references to the bank.,
Sections 81AA to 81CA (groups),Ignore sections 81AA to 81CA.,
Section 81D (interpretation: “banking group company”),In subsection (1)(a)— (a) ignore the reference to a bank and EU institution, (b) treat the reference to section 81B(9) as a reference to section 89JA(2)(c).,
Sections 82 (temporary public ownership) and 83 (supplemental),Ignore sections 82 and 83.,
Section 83ZA (information),For subsection (1), substitute— 1 This section only applies to information and documents reasonably required in connection with the making by the Bank of England of a property transfer instrument in relation to the UK branch of a third-country institution. . In subsections (2) and (4) treat references to a bank or banking group company as references to a third-country institution. In subsections (7) and (10) treat references to a bank as references to a third-country institution.,
Section 83ZB (reports by skilled persons),In subsection (2) treat the references to a bank as a reference to a third-country institution.,
Section 83ZC (appointment by persons to carry out general investigations),In subsection (2)(a) treat the reference to the business of a bank as a reference to the business conducted by a UK branch. Ignore subsections (2)(c), (3) and (4).,
Section 83ZE (investigations etc. in support of foreign resolution authorities),Ignore section 83ZE.,
Section 83ZL (entry of premises under warrant),In subsection (3), treat each reference to a bank as a reference to a third-country institution.,
Section 83ZR (regulatory sanctions),In subsection (1)(d), where the third-country institution is an investment firm, treat the references to banks as references to investment firms.,