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Bank Recovery and Resolution Order 2014 [SI 2014 No. 3329]Introductory TextArticle 1 Citation and commencementArticle 2 Introduction to amendments of the Banking ActArticle 3 Creation of Chapter 1 of Part 1Article 4 Overview of Part 1Article 5 Interpretation of Part 1 of the Banking Act 2009Article 6 Power to address impediments to the resolution of institutions and their groupsArticle 7 Creation of Chapter 3 of Part 1Article 8 Special resolution objectivesArticle 9 Code of practiceArticle 10 Mandatory write-down, conversion, etc of capital instrumentsArticle 11 ValuationArticle 12 Exercise of stabilisation powers: general conditionsArticle 13 Effect on other group members, financial stability in EU etcArticle 14 Specific conditions in section 8Article 15 Specific conditions: asset management vehicleArticle 16 Specific conditions: bail-inArticle 17 Specific conditions: temporary public ownershipArticle 18 Bridge bankArticle 19 Asset management vehicleArticle 20 Bail-in optionArticle 21 Conditions to be met when exercising bail-in optionArticle 22 Bail-in administratorsArticle 23 Temporary public ownershipArticle 24 Effect of a transferArticle 25 ContinuityArticle 26 Share transfer instruments and orders: delistingArticle 27 Share transfer instruments: directors and senior managersArticle 28 Termination rights: share transfer instruments and ordersArticle 29 Procedure: share transfer instrumentsArticle 30 Procedure: share transfer ordersArticle 31 Supplemental share transfer instrumentsArticle 32 Meaning of "resolution company"Article 33 Asset management vehicles: share transfersArticle 34 Asset management vehicles: reverse share transferArticle 35 Property transfer instrumentsArticle 36 DirectorsArticle 37 Termination rights: property transfer instrumentsArticle 38 Foreign PropertyArticle 39 Property transfer instruments: delistingArticle 40 Property transfer instrument: procedureArticle 41 Transfer of property subsequent to resolution instrumentArticle 42 Supplementary instrumentsArticle 43 Onward transferArticle 44 Bridge bank: reverse property transferArticle 45 Bail in: reverse property transferArticle 46 Property transfer instruments: special bail-in provisionArticle 47 Restriction of partial transfersArticle 48 Liabilities excluded from scope of special bail-in provisionArticle 49 Meaning of "protected deposit"Article 50 General interpretation of section 48BArticle 51 Business reorganisation plansArticle 52 Functions of bail-in administratorsArticle 53 Powers in relation to securitiesArticle 54 Termination rights, etc: resolution instrumentsArticle 55 Resolution instruments: directors and senior managersArticle 56 Directions in or under resolution instrumentArticle 57 Procedure: resolution instrumentsArticle 58 Supplemental resolution instrumentsArticle 59 Onward transferArticle 60 Reverse transferArticle 61 Replacement of provisional valuationArticle 62 Termination rights, etcArticle 63 Transfer to resolution companyArticle 64 Onward and reverse transfers etcArticle 65 Independent valuer: compensationArticle 66 Resolution fundArticle 67 Third party compensation: mandatory provisionArticle 68 Principle of no less favourable treatmentArticle 69 Independent valuer: valuation under section 6E or 48XArticle 70 Resolution administratorArticle 71 General continuity obligation: property transfersArticle 72 Special continuity obligations: property transfersArticle 73 Continuity obligations: onward property transfersArticle 74 General continuity obligation: share transfersArticle 75 Contractual variation: share transfersArticle 76 Continuity obligations: onward share transfersArticle 77 Suspension powersArticle 78 PensionsArticle 79 EnforcementArticle 80 DisputesArticle 81 TaxArticle 82 International obligation notice: generalArticle 83 International obligation notice: bridge bankArticle 84 Public funds: generalArticle 85 Duty of Bank of England to notify TreasuryArticle 86 Public funds: resolution companyArticle 87 Resolution company: reportArticle 88 Accounting information in reportsArticle 89 Cases where mandatory write-down, conversion etc applies: banking group companiesArticle 90 Groups: transfer to bridge bank etcArticle 91 Groups: transfer to asset management vehicleArticle 92 Groups: bail-in optionArticle 93 Sections 81B and 81ZBA: supplementalArticle 94 Section 81BA: supplementalArticle 95 Interpretation: "banking group company" etcArticle 96 Holding companiesArticle 97 Information and enforcementArticle 98 Creation of Chapter 5 of Part 1Article 99 Banks not regulated by PRAArticle 100 Building societiesArticle 101 Investment firmsArticle 102 Recognised central counterpartiesArticle 103 Third-country resolution proceedingsArticle 104 Grounds for applyingArticle 105 Notice to PRA of preliminary stepsArticle 106 Notice to regulators and the Bank of England of preliminary stepsArticle 107 Power to direct bank administratorArticle 108 ImmunityArticle 109 State aidArticle 110 Statutory instrumentsArticle 111 Index of defined terms in the Banking ActArticle 112 Introduction to amendments of the Financial Services and Markets Act 2000Article 113 Consolidated supervisionArticle 114 Discontinuance and suspension of listingArticle 115 Discontinuance of suspension: procedureArticle 116 Proceedings before Upper TribunalArticle 117 Assessment: consultation by PRA with FCAArticle 118 Assessment procedureArticle 119 Requests for further informationArticle 120 Rules requiring parent undertakings to facilitate resolutionArticle 121 Power to impose penalty or issue censureArticle 122 Sanctions: procedureArticle 123 Corporation Tax Act 2009Article 124 Financial Services Act 2012Article 125 Amendment of Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009Article 126 Amendment of Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009Article 127 Amendment of the Banking Act 2009 (Banking Group Companies) Order 2014Article 128 ReviewSignatureExplanatory NoteExplanatory MemorandumImpact Assessment
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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Published date: 17 December 2014

Bank Recovery and Resolution Order 2014 [SI 2014 No. 3329]

Introductory Text
Article 1 Citation and commencement
Article 2 Introduction to amendments of the Banking Act
Article 3 Creation of Chapter 1 of Part 1
Article 4 Overview of Part 1
Article 5 Interpretation of Part 1 of the Banking Act 2009
Article 6 Power to address impediments to the resolution of institutions and their groups
Article 7 Creation of Chapter 3 of Part 1
Article 8 Special resolution objectives
Article 9 Code of practice
Article 10 Mandatory write-down, conversion, etc of capital instruments
Article 11 Valuation
Article 12 Exercise of stabilisation powers: general conditions
Article 13 Effect on other group members, financial stability in EU etc
Article 14 Specific conditions in section 8
Article 15 Specific conditions: asset management vehicle
Article 16 Specific conditions: bail-in
Article 17 Specific conditions: temporary public ownership
Article 18 Bridge bank
Article 19 Asset management vehicle
Article 20 Bail-in option
Article 21 Conditions to be met when exercising bail-in option
Article 22 Bail-in administrators
Article 23 Temporary public ownership
Article 24 Effect of a transfer
Article 25 Continuity
Article 26 Share transfer instruments and orders: delisting
Article 27 Share transfer instruments: directors and senior managers
Article 28 Termination rights: share transfer instruments and orders
Article 29 Procedure: share transfer instruments
Article 30 Procedure: share transfer orders
Article 31 Supplemental share transfer instruments
Article 32 Meaning of "resolution company"
Article 33 Asset management vehicles: share transfers
Article 34 Asset management vehicles: reverse share transfer
Article 35 Property transfer instruments
Article 36 Directors
Article 37 Termination rights: property transfer instruments
Article 38 Foreign Property
Article 39 Property transfer instruments: delisting
Article 40 Property transfer instrument: procedure
Article 41 Transfer of property subsequent to resolution instrument
Article 42 Supplementary instruments
Article 43 Onward transfer
Article 44 Bridge bank: reverse property transfer
Article 45 Bail in: reverse property transfer
Article 46 Property transfer instruments: special bail-in provision
Article 47 Restriction of partial transfers
Article 48 Liabilities excluded from scope of special bail-in provision
Article 49 Meaning of "protected deposit"
Article 50 General interpretation of section 48B
Article 51 Business reorganisation plans
Article 52 Functions of bail-in administrators
Article 53 Powers in relation to securities
Article 54 Termination rights, etc: resolution instruments
Article 55 Resolution instruments: directors and senior managers
Article 56 Directions in or under resolution instrument
Article 57 Procedure: resolution instruments
Article 58 Supplemental resolution instruments
Article 59 Onward transfer
Article 60 Reverse transfer
Article 61 Replacement of provisional valuation
Article 62 Termination rights, etc
Article 63 Transfer to resolution company
Article 64 Onward and reverse transfers etc
Article 65 Independent valuer: compensation
Article 66 Resolution fund
Article 67 Third party compensation: mandatory provision
Article 68 Principle of no less favourable treatment
Article 69 Independent valuer: valuation under section 6E or 48X
Article 70 Resolution administrator
Article 71 General continuity obligation: property transfers
Article 72 Special continuity obligations: property transfers
Article 73 Continuity obligations: onward property transfers
Article 74 General continuity obligation: share transfers
Article 75 Contractual variation: share transfers
Article 76 Continuity obligations: onward share transfers
Article 77 Suspension powers
Article 78 Pensions
Article 79 Enforcement
Article 80 Disputes
Article 81 Tax
Article 82 International obligation notice: general
Article 83 International obligation notice: bridge bank
Article 84 Public funds: general
Article 85 Duty of Bank of England to notify Treasury
Article 86 Public funds: resolution company
Article 87 Resolution company: report
Article 88 Accounting information in reports
Article 89 Cases where mandatory write-down, conversion etc applies: banking group companies
Article 90 Groups: transfer to bridge bank etc
Article 91 Groups: transfer to asset management vehicle
Article 92 Groups: bail-in option
Article 93 Sections 81B and 81ZBA: supplemental
Article 94 Section 81BA: supplemental
Article 95 Interpretation: "banking group company" etc
Article 96 Holding companies
Article 97 Information and enforcement
Article 98 Creation of Chapter 5 of Part 1
Article 99 Banks not regulated by PRA
Article 100 Building societies
Article 101 Investment firms
Article 102 Recognised central counterparties
Article 103 Third-country resolution proceedings
Article 104 Grounds for applying
Article 105 Notice to PRA of preliminary steps
Article 106 Notice to regulators and the Bank of England of preliminary steps
Article 107 Power to direct bank administrator
Article 108 Immunity
Article 109 State aid
Article 110 Statutory instruments
Article 111 Index of defined terms in the Banking Act
Article 112 Introduction to amendments of the Financial Services and Markets Act 2000
Article 113 Consolidated supervision
Article 114 Discontinuance and suspension of listing
Article 115 Discontinuance of suspension: procedure
Article 116 Proceedings before Upper Tribunal
Article 117 Assessment: consultation by PRA with FCA
Article 118 Assessment procedure
Article 119 Requests for further information
Article 120 Rules requiring parent undertakings to facilitate resolution
Article 121 Power to impose penalty or issue censure
Article 122 Sanctions: procedure
Article 123 Corporation Tax Act 2009
Article 124 Financial Services Act 2012
Article 125 Amendment of Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
Article 126 Amendment of Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
Article 127 Amendment of the Banking Act 2009 (Banking Group Companies) Order 2014
Article 128 Review
Signature
Explanatory Note
Explanatory Memorandum
Impact Assessment
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