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Change 1
As published
44B Property transfer instruments: special bail-in provision
(1) A property transfer instrument within subsection (2) may make special bail-in provision with respect to the bank (see section 48B) .
(2) The instruments referred to in subsection (1) are—
(a) a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),
(b) a supplemental property transfer instrument under section 42 in relation to which the original instrument is—
(i) a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),
(ii) an onward property transfer instrument under section 43(2), or
(iii) a bridge bank supplemental property transfer instrument under section 44D(2),
(c) an onward property transfer instrument under section 43(2), or
(d) a bridge bank supplemental property transfer instrument under section 44D(2).
(3) In the case of—
(a) a property transfer instrument under section 12(2) or 12ZA(3),
(b) a supplemental property transfer instrument under section 42 in relation to which the original instrument is—
(i) a property transfer instrument under section 12(2) or 12ZA(3),
(ii) an onward property transfer instrument under section 43(2), or
(iii) a bridge bank supplemental property transfer instrument under section 44D(2),
(c) an onward property transfer instrument under section 43(2), or
(d) a bridge bank supplemental property transfer instrument under section 44D(2),
the power under subsection (1) to make the provision described in section 48B(1)(b) (see also rule 3(a) and (b) of section 48B(5)) includes power to make the provision referred to in subsection (3A).
(3A) The provision referred to in subsection (3) is provision replacing a liability (of any form)—
(a) of the bank, in the case of the instruments within subsection (3)(a) and (b)(i),
(b) of the resolution company mentioned in section 43(1), in the case of the instruments within subsections (3)(b)(ii) and (c), or
(c) of the bridge bank mentioned in section 44D(1), in the case of the instruments within subsections (3)(b)(iii) and (d),
with a relevant security (of any form or class).
(3B) The following are relevant securities for the purpose of subsection (3A)—
(a) in any case, a security of the bank,
(b) where the instrument within subsection (3)(a), or the original instrument, is made under section 12, a security of the bridge bank mentioned in section 12(1),
(c) where the instrument within subsection (3)(a), or the original instrument, is made under section 12ZA, a security of the asset management vehicle mentioned in section 12ZA(1).
(3C) In subsection (3B) references to the original instrument are—
(a) in relation to an instrument within subsection (3)(b), the original instrument referred to in that paragraph,
(b) in relation to an instrument within subsection (3)(c), the original instrument as defined in section 43(1),
(c) in relation to an instrument with subsection (3)(d), the original instrument as defined in section 44D(1).
(4) Where securities of the bridge bank or asset management vehicle (“B”) are, as a result of subsection (3), held by a person other than the Bank of England, that does not prevent B from being regarded for the purposes of this Part (see particularly section 12(1A) and 12ZA(2)) as being wholly owned by the Bank of England, as long as the Bank of England is entitled to exercise, or control the exercise of, voting rights in respect of all the ordinary shares issued by B.
Your change, as a redline
44B Property transfer instruments: special bail-in provision
(1) A property transfer instrument within subsection (2) may make special bail-in provision with respect to the bank (see section 48B) .
(2) The instruments referred to in subsection (1) are—
(a) a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),
(b) a supplemental property transfer instrument under section 42 in relation to which the original instrument is—
(i) a property transfer instrument under section 11(2), 12(2), 12ZA(3) or 41A(2),
(ii) an onward property transfer instrument under section 43(2), or
(iii) a bridge bank supplemental property transfer instrument under section 44D(2),
(c) an onward property transfer instrument under section 43(2), or
(d) a bridge bank supplemental property transfer instrument under section 44D(2).
(3) In the case of—
(a) a property transfer instrument under section 12(2) or 12ZA(3),
(b) a supplemental property transfer instrument under section 42 in relation to which the original instrument is—
(i) a property transfer instrument under section 12(2) or 12ZA(3),
(ii) an onward property transfer instrument under section 43(2), or
(iii) a bridge bank supplemental property transfer instrument under section 44D(2),
(c) an onward property transfer instrument under section 43(2), or
(d) a bridge bank supplemental property transfer instrument under section 44D(2),
the power under subsection (1) to make the provision described in section 48B(1)(b) (see also rule 3(a) and (b) of section 48B(5)) includes power to make the provision referred to in subsection (3A).
(3A) The provision referred to in subsection (3) is provision replacing a liability (of any form)—
(a) of the bank, in the case of the instruments within subsection (3)(a) and (b)(i),
(b) of the resolution company mentioned in section 43(1), in the case of the instruments within subsections (3)(b)(ii) and (c), or
(c) of the bridge bank mentioned in section 44D(1), in the case of the instruments within subsections (3)(b)(iii) and (d),
with a relevant security (of any form or class).
(3B) The following are relevant securities for the purpose of subsection (3A)—
(a) in any case, a security of the bank,
(b) where the instrument within subsection (3)(a), or the original instrument, is made under section 12, a security of the bridge bank mentioned in section 12(1),
(c) where the instrument within subsection (3)(a), or the original instrument, is made under section 12ZA, a security of the asset management vehicle mentioned in section 12ZA(1).
(3C) In subsection (3B) references to the original instrument are—
(a) in relation to an instrument within subsection (3)(b), the original instrument referred to in that paragraph,
(b) in relation to an instrument within subsection (3)(c), the original instrument as defined in section 43(1),
(c) in relation to an instrument with subsection (3)(d), the original instrument as defined in section 44D(1).
(4) Where securities of the bridge bank or asset management vehicle (“B”) are, as a result of subsection (3), held by a person other than the Bank of England, that does not prevent B from being regarded for the purposes of this Part (see particularly section 12(1A) and 12ZA(2)) as being wholly owned by the Bank of England, as long as the Bank of England is entitled to exercise, or control the exercise of, voting rights in respect of all the ordinary shares issued by B.
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