Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
48L Powers in relation to securities
(1) A resolution instrument may—
(a) cancel or modify any securities to which this subsection applies;
(b) convert any such securities from one form or class into another.
(2) Subsection (1) applies to securities issued by the bank that fall within Class 1 in section 14.
(3) A resolution instrument may—
(a) make provision with respect to rights attaching to securities issued by the bank;
(b) provide for the listing of securities issued by the bank to be discontinued or suspended.
(c) provide for the listing or admission to trading on a regulated market of securities in class 1 (and related class 3 securities) created in accordance with that or any other resolution instrument;
(d) provide for the listing or admission to trading on a regulated market of existing securities in class 2 modified by that or any other resolution instrument ....
(4) The reference in subsection (1)(b) to converting securities from one form or class into another includes creating a new security in connection with the modification of an existing security.
(4A) In subsection (2) any reference to a class of securities is to be construed in accordance with section 14.
(5) The provision that may be made under subsection (3)(a) includes, for example—
(a) provision that specified rights attaching to securities are to be treated as having been exercised;
(b) provision that the Bank of England, or a resolution administrator, is to be treated as authorised to exercise specified rights attaching to securities;
(c) provision that specified rights attaching to securities may not be exercised for a period specified in the instrument.
(6) In subsection (3)—
(a) the reference to “listing” is to listing under section 74 of the Financial Services and Markets Act 2000, and
(b) “regulated market” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000.
(6A) Where the listing of securities is suspended in accordance with a resolution instrument, those securities are to be treated for the purposes of section 96 of, and paragraph 23(6) of Schedule 1ZA to, the Financial Services and Markets Act 2000 as still being listed.
(7) The provision that may be made under this section in relation to any securities is in addition to any provision that the Bank of England may have power to make in relation to them under section 48B.
Your change, as a redline
48L Powers in relation to securities
(1) A resolution instrument may—
(a) cancel or modify any securities to which this subsection applies;
(b) convert any such securities from one form or class into another.
(2) Subsection (1) applies to securities issued by the bank that fall within Class 1 in section 14.
(3) A resolution instrument may—
(a) make provision with respect to rights attaching to securities issued by the bank;
(b) provide for the listing of securities issued by the bank to be discontinued or suspended.
(c) provide for the listing or admission to trading on a regulated market of securities in class 1 (and related class 3 securities) created in accordance with that or any other resolution instrument;
(d) provide for the listing or admission to trading on a regulated market of existing securities in class 2 modified by that or any other resolution instrument ....
(4) The reference in subsection (1)(b) to converting securities from one form or class into another includes creating a new security in connection with the modification of an existing security.
(4A) In subsection (2) any reference to a class of securities is to be construed in accordance with section 14.
(5) The provision that may be made under subsection (3)(a) includes, for example—
(a) provision that specified rights attaching to securities are to be treated as having been exercised;
(b) provision that the Bank of England, or a resolution administrator, is to be treated as authorised to exercise specified rights attaching to securities;
(c) provision that specified rights attaching to securities may not be exercised for a period specified in the instrument.
(6) In subsection (3)—
(a) the reference to “listing” is to listing under section 74 of the Financial Services and Markets Act 2000, and
(b) “regulated market” has the meaning given in section 103(1) of the Financial Services and Markets Act 2000.
(6A) Where the listing of securities is suspended in accordance with a resolution instrument, those securities are to be treated for the purposes of section 96 of, and paragraph 23(6) of Schedule 1ZA to, the Financial Services and Markets Act 2000 as still being listed.
(7) The provision that may be made under this section in relation to any securities is in addition to any provision that the Bank of England may have power to make in relation to them under section 48B.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.