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Scottish and Northern Ireland Banknote Regulations 2009 [SI 2009 No. 3056]Introductory TextPart 1 General (reg. 1-2)Regulation 1 Citation and commencementRegulation 2 InterpretationPart 2 Bank of England (regs. 3-5)Regulation 3 RulesRegulation 4 Bank of England approvalRegulation 5 Consultation before commencement of RegulationsPart 3 Requirements as to backing assets (regs. 6-9)Regulation 6 Backing assetsRegulation 7 Value of backing assets to be held by an authorised bankRegulation 8 Interest on a designated accountRegulation 9 Ownership of, and interests in, backing assetsPart 4 Requirements as to banknotes (regs. 10-12)Regulation 10 Unissued banknotesRegulation 11 Cessation of note issueRegulation 12 Temporary continuation of note issuing after cessationPart 5 Information (regs. 13-18)Regulation 13 Provision of information to the Bank of EnglandRegulation 14 Reports as to banknotes and backing assetsRegulation 15 Independent reportsRegulation 16 Publication or disclosure by Bank of England of enforcement actionRegulation 17 Permitted publication or disclosure of informationRegulation 18 Annual report by Bank of EnglandPart 6 Insolvency (regs. 19-31)Regulation 19 InterpretationRegulation 20 Notification of insolvencyRegulation 21 Note exchange programmeRegulation 22 Rights of noteholdersRegulation 23 Backing assetsRegulation 24 Note exchange programme: commencement and durationRegulation 25 Unissued banknotesRegulation 26 Rules relating to a note exchange programme and destruction of banknotesRegulation 27 Temporary continuation of note issuing after insolvencyRegulation 28 Notes issued after loss of note issuing rightsRegulation 29 Modification of law of insolvencyRegulation 30 Processes serving a similar purpose to insolvencyRegulation 31 Laws serving a similar purpose to Part 4A of the Financial Services and Markets Act 2000Part 7 Enforcement (regs. 32-33)Regulation 32 Court ordersRegulation 33 PenaltiesSchedule 1 Modifications to the law of insolvencySchedule 1, Part 1 Modifications to primary legislationSchedule 1, Part 2 Modifications to secondary legislationSchedule 2 Similar processes and laws in the Republic of IrelandSchedule 2, Part 1Schedule 2, Part 2Schedule 3 Imposition of penaltiesSignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 November 2009 - onwards
Version 2 of 2

Regulation 5 Consultation before commencement of Regulations

Where the Bank of England is required by regulation 3(3), 4(3) or 7(5) to consult an authorised bank, the Bank of England may rely on consultation with the bank carried out before the coming into force of these Regulations.

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