PART 2Financial services

Conduct of persons working in financial services sector

I126Decisions causing a financial institution to fail: meaning of insolvency

1

Section 37 of the Financial Services (Banking Reform) Act 2013 (interpretation of section 36) is amended as follows.

2

In subsection (10)—

a

after paragraph (c) insert—

ca

building society insolvency,

cb

investment bank insolvency,

b

after paragraph (e) insert—

ea

building society special administration,

3

After subsection (10) insert—

11

For the purposes of subsection (10)—

  • “bank administration” has the same meaning as in the Banking Act 2009 (see section 136 of that Act);

  • “bank insolvency” has the same meaning as in that Act (see section 90 of that Act);

  • “building society insolvency” and “building society special administration” have the same meaning as in the Building Societies Act 1986 (see section 119 of that Act);

  • “investment bank insolvency” means any procedure established by regulations under section 233 of the Banking Act 2009.