http://www.legislation.gov.uk/ukpga/2012/21/section/97/2021-07-01Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2021-07-01 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 8 971The Banking Act 2009 is amended as follows.2After section 26 insert—26A1This section applies where the Bank of England has made a share transfer instrument in accordance with section 11(2) (“the original instrument”) providing for the transfer of securities issued by a bank to a person (“the original transferee”).2The Bank of England may make one or more private sector reverse share transfer instruments in respect of securities issued by the bank and held by the original transferee.3A private sector reverse share transfer instrument is a share transfer instrument which—aprovides for transfer to the transferor under the original instrument;bmakes other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under paragraph (a).4The Bank of England must not make a private sector reverse share transfer instrument without the written consent of the original transferee.5Sections 7, 8 and 50 do not apply to a private sector reverse share transfer instrument (but it is to be treated in the same way as any other share transfer instrument for all other purposes including for the purposes of the application of a power under this Part).6Before making a private sector reverse share transfer instrument the Bank of England must consult—athe PRA,bthe FCA, andcthe Treasury.7Section 26 applies where the Bank of England has made a private sector reverse share transfer instrument.3In section 29 (reverse share transfer)—ain subsection (3) for the words from “securities”, in the second place, to the end substitute “ securities issued by the bank and held by a transferee under the onward share transfer order (“the onward transferee”). ”, andbafter subsection (4) insert—4AThe Treasury must not make a reverse share transfer order under subsection (3) unless—athe onward transferee is—ia company wholly owned by the Bank of England,iia company wholly owned by the Treasury, oriiia nominee of the Treasury, orbthe reverse share transfer order is made with the written consent of the onward transferee.4In section 31 (bridge bank: reverse share transfer)—ain subsection (1) omit the words from “providing for” to the end,bin subsection (2) for “person within subsection (1)(a) to (c)” substitute “ transferee under the original instrument ”,cafter subsection (3) insert—3AThe Bank of England must not make a bridge bank reverse share transfer instrument unless—athe transferee under the original instrument is—ia company wholly owned by the Bank of England,iia company wholly owned by the Treasury, oriiia nominee of the Treasury, orbthe bridge bank reverse share transfer instrument is made with the written consent of the transferee under the original instrument.5After section 42 insert—42A1This section applies where the Bank of England has made a property transfer instrument in accordance with section 11(2) (“the original instrument”) providing for the transfer of property, rights or liabilities of a bank to a person (“the original transferee”).2The Bank of England may make one or more private sector reverse property transfer instruments in respect of property, rights or liabilities of the original transferee.3A private sector reverse property transfer instrument is a property transfer instrument which—aprovides for transfer to the transferor under the original instrument;bmakes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).4The Bank of England must not make a private sector reverse property transfer instrument without the written consent of the original transferee.5Sections 7, 8 and 50 do not apply to a private sector reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).6Before making a private sector reverse property transfer instrument the Bank of England must consult—athe PRA,bthe FCA, andcthe Treasury.7Section 42 applies where the Bank of England has made a private sector reverse property transfer instrument.6In section 44 (reverse property transfer)—ain subsection (3) for “of a transferee” to the end substitute “ of a transferee under the onward property transfer instrument (“the onward transferee”). ”,bafter subsection (4) insert—4AThe Bank of England must not make a reverse property transfer instrument unless—athe onward transferee is—ia company wholly owned by the Bank of England,iia company wholly owned by the Treasury, oriiia company wholly owned by a nominee of the Treasury, orbthe reverse property transfer instrument is made with the written consent of the onward transferee.7In section 46 (temporary public ownership: reverse property transfer)—ain subsection (1) omit from “providing for” to the end, andbafter subsection (3) insert—3AThe Treasury must not make a reverse property transfer order unless—athe transferee under the original order is—ia company wholly owned by the Bank of England,iia company wholly owned by the Treasury, oriiia nominee of the Treasury, orbthe reverse property transfer order is made with the written consent of the transferee under the original order.8In section 48A (creation of liabilities), in subsection (1) after “42(3)(b),” insert “ 42A(3)(b), ”.9In section 53 (onward and reverse transfers: compensation), in subsection (1)—abefore paragraph (a) insert—zathe Bank of England makes a private sector reverse share transfer instrument under section 26A,, andbafter paragraph (d) insert—dathe Bank of England makes a private sector reverse property transfer instrument under section 42A,.10In section 83 (supplemental), in subsection (2)(d)—aat the end of sub-paragraph (iii) insert “ and ”, andbfor sub-paragraphs (iv) and (v) substitute—ivis not subject to the restriction in section 29(3) that the securities issued by the bank were transferred under the original order (as defined in section 29(1)).11In the Table in section 261 (index of defined terms), after the entry relating to “partial property transfer”, insert—

Private sector reverse property transfer instrument	42A
Private sector reverse share transfer instrument	26A

S. 97 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.