The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014
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Change 1
12 Application to building societies
(1) These Regulations apply to building societies (within the meaning of section 119 of the Building Societies Act 1986 ), subject to the modifications specified in paragraph (2). (2) The modifications specified in this paragraph are that references in these Regulations to— (a) “relevant persons” are to be read as references to the persons who were shareholding members of the building society (within the meaning of paragraph 5 of Schedule 2 to the Building Societies Act 1986 ) or were creditors of the building society, immediately before the coming into effect of the first resolution instrument to be made in respect of the building society; (b) “the initial instrument” are to be read as references to the first resolution instrument to be made in respect of the building society; (c) sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84 of the Act ; (d) Case 2 and Case 3 are to be disregarded. (3) Where a resolution instrument makes provision under section 84A of the Act with respect to a building society, these Regulations apply— (a) to the successor company, or (b) where provision made under section 84A includes provision under subsection (8) of that section, to the successor company and to its specified parent undertaking, as they apply to banks, subject to the modifications specified in paragraphs (2)(a), (b) and (d) and (4). (4) The modification specified in this paragraph is that references in these Regulations to sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84D of the Act. (5) In this regulation, “successor company” and “specified parent undertaking” have the meanings given by section 84D(8) of the Act.
12 Application to building societies
(1) These Regulations apply to building societies (within the meaning of section 119 of the Building Societies Act 1986 ), subject to the modifications specified in paragraph (2). (2) The modifications specified in this paragraph are that references in these Regulations to— (a) “relevant persons” are to be read as references to the persons who were shareholding members of the building society (within the meaning of paragraph 5 of Schedule 2 to the Building Societies Act 1986 ) or were creditors of the building society, immediately before the coming into effect of the first resolution instrument to be made in respect of the building society; (b) “the initial instrument” are to be read as references to the first resolution instrument to be made in respect of the building society; (c) sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84 of the Act ; (d) Case 2 and Case 3 are to be disregarded. (3) Where a resolution instrument makes provision under section 84A of the Act with respect to a building society, these Regulations apply— (a) to the successor company, or (b) where provision made under section 84A includes provision under subsection (8) of that section, to the successor company and to its specified parent undertaking, as they apply to banks, subject to the modifications specified in paragraphs (2)(a), (b) and (d) and (4). (4) The modification specified in this paragraph is that references in these Regulations to sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84D of the Act. (5) In this regulation, “successor company” and “specified parent undertaking” have the meanings given by section 84D(8) of the Act.
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