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Change 1
As published
4 Special resolution objectives
(1) This section sets out the special resolution objectives.
(2) The relevant authorities shall have regard to the special resolution objectives in using, or considering the use of—
(a) the stabilisation powers,
(b) the bank insolvency procedure, or
(c) the bank administration procedure.
(3) For the purpose of this section the relevant authorities are—
(a) the Treasury,
(b) the PRA,
(ba) the FCA, and
(c) the Bank of England.
(3A) Objective 1 is to ensure the continuity of banking services in the United Kingdom and of critical functions.
(4) Objective 2 is to protect and enhance the stability of the financial system of the United Kingdom, including in particular by—
(a) preventing contagion (including contagion to market infrastructures such as investment exchanges, clearing houses , recognised CSDs within the meaning of section 285 of the Financial Services and Markets Act 2000 and central counterparties authorised or recognised in the United Kingdom in accordance with Article 14 or 25 of Regulation (EU) 648/2012 of the European Parliament and the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories) as it forms part of assimilated law, and
(b) maintaining market discipline.
(5) Objective 3 is to protect and enhance public confidence in the stability of the financial system of the United Kingdom.
(6) Objective 4 is to protect public funds, including by minimising reliance on extraordinary public financial support.
(7) Objective 5 is to protect investors and depositors to the extent that they have investments or deposits covered by the FSCS.
(8) Objective 6, which applies in any case in which client assets may be affected, is to protect those assets.
(9) Objective 7 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998).
(10) The order in which the objectives are listed in this section is not significant; they are to be balanced as appropriate in each case.
Your change, as a redline
4 Special resolution objectives
(1) This section sets out the special resolution objectives.
(2) The relevant authorities shall have regard to the special resolution objectives in using, or considering the use of—
(a) the stabilisation powers,
(b) the bank insolvency procedure, or
(c) the bank administration procedure.
(3) For the purpose of this section the relevant authorities are—
(a) the Treasury,
(b) the PRA,
(ba) the FCA, and
(c) the Bank of England.
(3A) Objective 1 is to ensure the continuity of banking services in the United Kingdom and of critical functions.
(4) Objective 2 is to protect and enhance the stability of the financial system of the United Kingdom, including in particular by—
(a) preventing contagion (including contagion to market infrastructures such as investment exchanges, clearing houses , recognised CSDs within the meaning of section 285 of the Financial Services and Markets Act 2000 and central counterparties authorised or recognised in the United Kingdom in accordance with Article 14 or 25 of Regulation (EU) 648/2012 of the European Parliament and the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories) as it forms part of assimilated law, and
(b) maintaining market discipline.
(5) Objective 3 is to protect and enhance public confidence in the stability of the financial system of the United Kingdom.
(6) Objective 4 is to protect public funds, including by minimising reliance on extraordinary public financial support.
(7) Objective 5 is to protect investors and depositors to the extent that they have investments or deposits covered by the FSCS.
(8) Objective 6, which applies in any case in which client assets may be affected, is to protect those assets.
(9) Objective 7 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998).
(10) The order in which the objectives are listed in this section is not significant; they are to be balanced as appropriate in each case.
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