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Draft Regulations laid before Parliament under section 215 of the Banking Act 2009, for approval by resolution of each House of Parliament.

Draft Statutory Instruments

2009 No.

Banks And Banking

The Scottish and Northern Ireland Banknote Regulations 2009

Made

[]

Coming into force

23rd November 2009

Contents

Go to Preamble

  1. PART 1

    General

    1. 1.Citation and commencement

    2. 2.Interpretation

  2. PART 2

    Bank of England

    1. 3.Rules

    2. 4.Bank of England approval

    3. 5.Consultation before commencement of Regulations

  3. PART 3

    Requirements as to backing assets

    1. 6.Backing assets

    2. 7.Value of backing assets to be held by an authorised bank

    3. 8.Interest on a designated account

    4. 9.Ownership of, and interests in, backing assets

  4. PART 4

    Requirements as to banknotes

    1. 10.Unissued banknotes

    2. 11.Cessation of note issue

    3. 12.Temporary continuation of note issuing after cessation

  5. PART 5

    Information

    1. 13.Provision of information to the Bank of England

    2. 14.Reports as to banknotes and backing assets

    3. 15.Independent reports

    4. 16.Publication or disclosure by Bank of England of enforcement action

    5. 17.Permitted publication or disclosure of information

    6. 18.Annual report by Bank of England

  6. PART 6

    Insolvency

    1. 19.Interpretation

    2. 20.Notification of insolvency

    3. 21.Note exchange programme

    4. 22.Rights of noteholders

    5. 23.Backing assets

    6. 24.Note exchange programme: commencement and duration

    7. 25.Unissued banknotes

    8. 26.Rules relating to a note exchange programme and destruction of banknotes

    9. 27.Temporary continuation of note issuing after insolvency

    10. 28.Notes issued after loss of note issuing rights

    11. 29.Modification of law of insolvency

    12. 30.Processes serving a similar purpose to insolvency

    13. 31.Laws serving a similar purpose to Part 4 of the Financial Services and Markets Act 2000

  7. PART 7

    Enforcement

    1. 32.Court orders

    2. 33.Penalties

  8. SCHEDULE 1

    Modifications to the law of insolvency

  9. SCHEDULE 2

    Similar processes and laws in the Republic of Ireland

  10. SCHEDULE 3

    Imposition of penalties

Go to Explanatory Note

The Treasury make these Regulations in exercise of the powers conferred by sections 215 to 220, 222 to 224, 226 and 259(1) of the Banking Act 2009(1). In accordance with section 215 of that Act, a draft of these Regulations has been laid before and approved by resolution of each House of Parliament.

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