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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
Version date: 29 August 2023 - onwards
Version 3 of 3

Article 24 Effect of a transfer

Revoked from 29 August 2023

[deleted]

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