Part 1 Special Resolution Regime
Chapter 1 Introduction
1.Overview
2.Interpretation: “bank”
3.Interpretation: other expressions
Chapter 2 Pre-resolution powers of the Bank of England
3A.Removal of impediments to the exercise of stabilisation powers etc
3B.Safeguards relating to directions under section 3A
Chapter 3 Special resolution action
Objectives and code
4.Special resolution objectives
5.Code of practice
6.Code of practice: procedure
Mandatory write-down, conversion etc of capital instruments
6A.Cases where mandatory write-down, conversion, etc applies
6B.Mandatory write-down, conversion, etc of capital instruments and liabilities
6C.Mandatory reduction instruments: implementation of requirements of section 6B
6D.Mandatory reduction instruments: supplementary matters
Valuation before mandatory write-down of capital or stabilisation action
6E.Pre-resolution valuation
Exercise of powers: general
7.General conditions
7A.Effect on other group members, financial stability in UK etc
8.Specific Condition: private sector purchaser, bridge bank or asset management vehicle
8ZA.Specific conditions: asset management vehicle
8A.Specific condition: bail-in
9.Specific conditions: temporary public ownership
10.Banking Liaison Panel
The stabilisation options
11.Private sector purchaser
11A.Private sector purchaser: marketing
12.Bridge bank
12ZA.Asset management vehicle
12A.Bail-in option
12AA.Bail-in: sequence of write-down and conversion of capital instruments and liabilities
12B.Bail-in administrators
13.Temporary public ownership
Transfer of securities
14.Interpretation: “securities”
15.Share transfer instrument
16.Share transfer order
17.Effect
18.Continuity
19.Conversion and delisting
20.Directors and senior managers
21.Ancillary instruments: production, registration, &c.
22.Termination rights, &c.
23.Incidental provision
24.Procedure: instruments
25.Procedure: orders
26.Supplemental instruments
26ZA.Onward share transfer instruments
26A.... reverse share transfer instruments
27.Supplemental orders
28.Onward transfer
29.Reverse share transfer orders
29A.Interpretation: “resolution company”
30.Resolution company: share transfers
31.Resolution company: reverse share transfer
32.Interpretation: general
Transfer of property
33.Property transfer instrument
34.Effect
35.Transferable property
36.Continuity
36A.Directors and senior managers
37.Licences
38.Termination rights, &c.
39.Foreign property
39A.Banks which are recognised central counterparties
39B.Property transfer instrument: delisting
40.Incidental provision
41.Procedure
41A.Transfer of property subsequent to resolution instrument
42.Supplemental instruments
42A.Private sector purchaser: reverse property transfer
43.Onward transfer
44.Resolution company: reverse property transfer
44A.Bail in: reverse property transfer
44B.Property transfer instruments: special bail-in provision
44BA.Property transfer instruments and special bail-in provision: supplementary matters
44C.Report on special bail-in provision
44D.Bridge bank: supplemental property transfer powers
44E.Bridge bank: supplemental reverse property transfer powers
45.Temporary public ownership: property transfer
46.Temporary public ownership: reverse property transfer
47.Restriction of partial transfers
48.Power to protect certain interests
48A.Creation of liabilities
Bail-in option
48B.Special bail-in provision
48C.Meaning of “protected deposit”
48D.General interpretation of section 48B
48E.Report on special bail-in provision
48F.Power to amend definition of “excluded liabilities”
48G.Priority between creditors
48H.Business reorganisation plans
48I.Bail-in administrator: further functions
48J.Bail-in administrator: supplementary
48K.Bail-in administrator: money
48L.Powers in relation to securities
48M.Termination rights, etc
48N.Directors and senior managers
48O.Directions in or under resolution instrument
48P.Orders for safeguarding certain financial arrangements
48Q.Continuity
48R.Execution and registration of instruments etc
48S.Resolution instruments: general matters
48T.Procedure
48U.Supplemental resolution instruments
48V.Onward transfer
48W.Reverse transfer
48WA.Bail-in option: recovery of expenses
Replacement of provisional valuation
48X.Replacement of Bank’s provisional valuation
48Y.Consequences of a replacement valuation
Termination rights etc
48Z.Termination rights etc
Compensation
49.Orders
50.Sale to private sector purchaser
51.Transfer to temporary public ownership
52.Transfer to resolution company
52A.Bail-in option
53.Onward and reverse transfers etc
54.Independent valuer: compensation scheme order or bail-in compensation order
55.Independent valuer: supplemental
56.Independent valuer: money
57.Valuation principles
58.Resolution fund
59.Third party compensation: discretionary provision
60.Third party compensation: mandatory provision
60A.Further mandatory provision: bail-in provision
60B.Principle of no less favourable treatment
61.Sources of compensation
62.Procedure
Independent valuer: valuation under section 6E or 48X
62A.Independent valuer: sections 6E and 48X
Resolution administrator
62B.Resolution administrator
62C.Resolution administrator: further functions
62D.Resolution administrator: supplementary
62E.Resolution administrator: money
Incidental functions
63.General continuity obligation: property transfers
64.Special continuity obligations: property transfers
65.Continuity obligations: onward property transfers
66.General continuity obligation: share transfers
67.Special continuity obligations: share transfers
68.Continuity obligations: onward share transfers
69.Continuity obligations: consideration and terms
70.Continuity obligations: termination
70A.Suspension of obligations
70B.Restriction of security interests
70C.Suspension of termination rights
70D.Suspension: general provisions
71.Pensions
72.Enforcement
73.Disputes
74.Tax
75.Power to change law
Treasury
76.International obligation notice: general
77.International obligation notice: resolution company
78.Public funds: general
78A.Pre-conditions for financial assistance: duty of Bank to give information
79.Public funds: resolution company
79A.Private sector purchaser: report
80.Resolution company: report
80A.Transfer for bail-in purposes: report
81.Temporary public ownership: report
81A.Accounting information to be included in reports under sections 80, 80A(2)(b) and 81
Groups
81AA.Cases where mandatory write-down, conversion etc applies: banking group companies
81B.Sale to commercial purchaser and transfer to bridge bank
81ZZBA.Sale to commercial purchaser and transfer to bridge bank: supplemental powers in relation to certain holding companies
81ZZBB.Assessment of conditions for section 81ZZBA
81ZBA.Transfer to asset management vehicle
81ZBB.Transfer to asset management vehicle: supplemental powers in relation to certain holding companies
81ZBC.Assessment of conditions for section 81ZBB
81BA.Bail-in option
81BB.Bail-in option: supplemental powers in relation to certain holding companies
81BC.Assessment of conditions for section 81BB
81C.Sections 81AA to 81ZBB: supplemental
81CA.Section 81BA and Section 81BB: supplemental
81D.Interpretation: “banking group company” &c.
82.Temporary public ownership
83.Supplemental
Chapter 4 Information, investigation and enforcement
Powers to gather information
83ZA.Information
83ZB.Reports by skilled persons
Appointment of investigators
83ZC.Appointment of persons to carry out general investigations
83ZD.Appointment of person to carry out investigations in particular cases
83ZE.Investigations etc in support of foreign resolution authorities
Conduct of investigations
83ZF.Investigations: general
83ZG.Powers of persons appointed under section 83ZC
83ZH.Powers of persons appointed as a result of section 83ZD
83ZI.Admissibility of statements made to investigators
Information and documents: supplemental provision
83ZJ.Information and documents: supplemental provision
83ZK.Protected items
83ZL.Entry of premises under warrant
83ZM.Retention of documents obtained under section 83ZL
83ZN.Offences etc
83ZO.Prosecution of offences under section 83ZN
83ZP.Offences under section 83ZN by bodies corporate etc
Enforcement of relevant requirements
83ZQ.Injunctions: prevent failure to comply with relevant requirement
83ZR.Regulatory sanctions
83ZS.Determination of sanctions
83ZT.Procedure: warning notice
83ZU.Procedure: decision notice
83ZV.Procedure: general
83ZW.Appeal
83ZX.Injunctions: failure to comply with certain section 83ZR sanctions
83ZY.Publication
83ZZ.Co-operation
83Z1.Delegation of enforcement functions
Enforcement of share transfer orders
83Z2.Enforcement: share transfer orders
Chapter 5 Special cases
Banks not regulated by PRA
83A.Modifications of Part
Building societies, &c.
84.Application of Part 1: general
84ZA.Bridge bank: share transfer instruments
84A.Bail-in option: building societies
84B.Further provision: conversion of building society into company
84C.Further provision: transfer of business of building society to company
84D.Transfer to a bridge bank or Bail-in option: modifications of this Act and other legislation
85.Temporary public ownership
86.Distribution of assets on dissolution or winding up
87.Interpretation
88.Consequential provision
89.Credit unions
Investment firms
89A.Application to investment firms
...
89B.Application to recognised central counterparties
89C.Recognised central counterparty rules
89D.Recognised central counterparty membership
89E.Recognition of transferee company
89F.Recognised central counterparty compensation orders
89G.Interpretation: “recognised central counterparty” &c.
Chapter 6 Third-country resolution actions
Third-country resolution actions
89H.Recognition of third-country resolution actions
89I.Effect of recognition of third-country resolution action by Bank of England
89J.Third-country instruments: supplementary provision
Chapter 6A RESOLUTION OF UK BRANCHES OF THIRD-COUNTRY INSTITUTIONS
89JA.Resolution of UK branches of third-country institutions
Chapter 7 General provisions
89K.Insolvency Proceedings
89L.Restrictions on disclosure of confidential information
89M.Giving of notices, documents etc under Part 1