The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
As published
184 Duty to send copy of share transfer instrument etc to members and creditors of institution
(1) This article applies where, in respect of an undertaking—
(a) the Bank has applied one or more of the resolution tools; or
(b) the Treasury have made a share transfer order for the purpose of taking the undertaking into temporary public ownership.
(2) Except where securities issued by the undertaking have been admitted to trading on a regulated market (within the meaning given in section 103(1) of FSMA), the Bank must send a copy of any property transfer instrument, resolution instrument, share transfer instrument, share transfer order or third-country instrument made in respect of the undertaking to the members and creditors of the undertaking who are known to the Bank.
(3) In this article—
“member” includes—
a shareholder of a company;
a member of a limited liability partnership; and
a shareholding or borrowing member of a building society established under the Building Societies Act 1986 (“shareholding member” and “borrowing member” have the meaning given in paragraph 5(2) of Schedule 2 to that Act);
“property transfer instrument” means a property transfer instrument (within the meaning given by section 33 ) made under section 11 (private sector purchaser), section 41A (transfer of property subsequent to resolution instrument), section 42 (supplemental instruments), section 42A (private sector purchaser: reverse property transfer), section 43 (onward transfer), section 44 (resolution company: reverse property transfer) or section 44A (bail-in: reverse property transfer);
“resolution instrument” means a resolution instrument made under section 12A (bail-in option), section 48U (supplemental resolution instruments), section 48V (onward transfer) or section 48W (reverse transfer) ;
“share transfer instrument” means a share transfer instrument (within the meaning given by section 15) made under section 11, section 26 (supplemental instruments), section 26A (private sector purchaser: reverse share transfer), section 30 (resolution company: share transfers) or section 31 (resolution company: reverse share transfer);
“share transfer order” means a share transfer order (within the meaning given by section 16) made by the Treasury under section 13 (temporary public ownership), section 27 (supplemental orders), section 28 (onward transfer) or section 29 (reverse share transfer); and
“third-country instrument” has the meaning given in section 89I(4) .
(4) In paragraph (3) each reference to a section is a reference to a section of the Banking Act 2009.
Your change, as a redline
184 Duty to send copy of share transfer instrument etc to members and creditors of institution
(1) This article applies where, in respect of an undertaking—
(a) the Bank has applied one or more of the resolution tools; or
(b) the Treasury have made a share transfer order for the purpose of taking the undertaking into temporary public ownership.
(2) Except where securities issued by the undertaking have been admitted to trading on a regulated market (within the meaning given in section 103(1) of FSMA), the Bank must send a copy of any property transfer instrument, resolution instrument, share transfer instrument, share transfer order or third-country instrument made in respect of the undertaking to the members and creditors of the undertaking who are known to the Bank.
(3) In this article—
“member” includes—
a shareholder of a company;
a member of a limited liability partnership; and
a shareholding or borrowing member of a building society established under the Building Societies Act 1986 (“shareholding member” and “borrowing member” have the meaning given in paragraph 5(2) of Schedule 2 to that Act);
“property transfer instrument” means a property transfer instrument (within the meaning given by section 33 ) made under section 11 (private sector purchaser), section 41A (transfer of property subsequent to resolution instrument), section 42 (supplemental instruments), section 42A (private sector purchaser: reverse property transfer), section 43 (onward transfer), section 44 (resolution company: reverse property transfer) or section 44A (bail-in: reverse property transfer);
“resolution instrument” means a resolution instrument made under section 12A (bail-in option), section 48U (supplemental resolution instruments), section 48V (onward transfer) or section 48W (reverse transfer) ;
“share transfer instrument” means a share transfer instrument (within the meaning given by section 15) made under section 11, section 26 (supplemental instruments), section 26A (private sector purchaser: reverse share transfer), section 30 (resolution company: share transfers) or section 31 (resolution company: reverse share transfer);
“share transfer order” means a share transfer order (within the meaning given by section 16) made by the Treasury under section 13 (temporary public ownership), section 27 (supplemental orders), section 28 (onward transfer) or section 29 (reverse share transfer); and
“third-country instrument” has the meaning given in section 89I(4) .
(4) In paragraph (3) each reference to a section is a reference to a section of the Banking Act 2009.
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