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Change 1
As published
1 Overview
(1) The purpose of the special resolution regime for banks is to address the situation where all or part of the business of a bank has encountered, or is likely to encounter, financial difficulties.
(2) The special resolution regime consists of—
(a) the five stabilisation options,
(b) the bank insolvency procedure (provided by Part 2), and
(c) the bank administration procedure (provided by Part 3).
(3) The five “stabilisation options” are—
(a) transfer to a private sector purchaser (section 11),
(b) transfer to a bridge bank (section 12),
(ba) transfer to an asset management vehicle (section 12ZA),
(c) the bail-in option (section 12A), and
(d) transfer to temporary public ownership (section 13).
(4) Each of the five stabilisation options is achieved through the exercise of one or more of the “stabilisation powers”, which are—
(za) the resolution instrument powers (sections 12A(2) and 48U to 48W),
(a) the share transfer powers (sections 15, 16, 26 to 31 and 85), and
(b) the property transfer powers (sections 33, 41A and 42 to 46).
(c) the third country instrument powers (sections 89H to 89J).
(5) Each of the following has a role in the operation of the special resolution regime—
(a) the Bank of England,
(b) the Treasury,
(c) the Prudential Regulation Authority, and
(d) the Financial Conduct Authority.
(6) The Table describes the provisions of this Part.
Sections | Topic
Sections 1 to 3 | Introduction
Sections 3A and 3B | Pre-resolution powers
Sections 4 to 6 | Objectives and code
Sections 6A to 6D | Mandatory write-down, conversion etc of capital instruments
Section 6E | Valuation before mandatory write-down or stabilisation action
Sections 7 to 10 | Exercise of powers: general
Sections 11 to 13 | The stabilisation options
Sections 14 to 32 | Transfer of securities
Sections 33 to 48A | Transfer of property
Sections 48B to 48WA | Bail-in option
Sections 48X and 48Y | Replacement of provisional valuation
Section 48Z | Termination rights etc
Sections 49 to 62 | Compensation
Section 62A | Independent valuer
Sections 62B to 62E | Resolution administrator
Sections 63 to 75 | Incidental functions
Sections 76 to 81A | Treasury
Sections 81B to 83 | Groups
Sections 83ZA to 83Z2 | Information and enforcement
Section 83A | Banks not regulated by the PRA
Sections 84 to 89 | Building societies, &c.
Section 89A | Investment firms
. . . | . . .
Sections 89H to 89J | Third-country resolution actions
Section 89JA | Resolution of UK branches of third-country institutions
Your change, as a redline
1 Overview
(1) The purpose of the special resolution regime for banks is to address the situation where all or part of the business of a bank has encountered, or is likely to encounter, financial difficulties.
(2) The special resolution regime consists of—
(a) the five stabilisation options,
(b) the bank insolvency procedure (provided by Part 2), and
(c) the bank administration procedure (provided by Part 3).
(3) The five “stabilisation options” are—
(a) transfer to a private sector purchaser (section 11),
(b) transfer to a bridge bank (section 12),
(ba) transfer to an asset management vehicle (section 12ZA),
(c) the bail-in option (section 12A), and
(d) transfer to temporary public ownership (section 13).
(4) Each of the five stabilisation options is achieved through the exercise of one or more of the “stabilisation powers”, which are—
(za) the resolution instrument powers (sections 12A(2) and 48U to 48W),
(a) the share transfer powers (sections 15, 16, 26 to 31 and 85), and
(b) the property transfer powers (sections 33, 41A and 42 to 46).
(c) the third country instrument powers (sections 89H to 89J).
(5) Each of the following has a role in the operation of the special resolution regime—
(a) the Bank of England,
(b) the Treasury,
(c) the Prudential Regulation Authority, and
(d) the Financial Conduct Authority.
(6) The Table describes the provisions of this Part.
Sections | Topic
Sections 1 to 3 | Introduction
Sections 3A and 3B | Pre-resolution powers
Sections 4 to 6 | Objectives and code
Sections 6A to 6D | Mandatory write-down, conversion etc of capital instruments
Section 6E | Valuation before mandatory write-down or stabilisation action
Sections 7 to 10 | Exercise of powers: general
Sections 11 to 13 | The stabilisation options
Sections 14 to 32 | Transfer of securities
Sections 33 to 48A | Transfer of property
Sections 48B to 48WA | Bail-in option
Sections 48X and 48Y | Replacement of provisional valuation
Section 48Z | Termination rights etc
Sections 49 to 62 | Compensation
Section 62A | Independent valuer
Sections 62B to 62E | Resolution administrator
Sections 63 to 75 | Incidental functions
Sections 76 to 81A | Treasury
Sections 81B to 83 | Groups
Sections 83ZA to 83Z2 | Information and enforcement
Section 83A | Banks not regulated by the PRA
Sections 84 to 89 | Building societies, &c.
Section 89A | Investment firms
. . . | . . .
Sections 89H to 89J | Third-country resolution actions
Section 89JA | Resolution of UK branches of third-country institutions
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