C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F14Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F14

Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7

Transfer of property

I144F9F13Resolution company: reverse property transfer

1

This section applies where the Bank of England has made a property transfer instrument in accordance with section 12(2) F11or 12ZA(3) (“the original instrument”) providing for the transfer of property, rights or liabilities to a F10resolution company.

2

The Bank of England may make one or more F10resolution company reverse property transfer instruments in respect of property, rights or liabilities of the F10resolution company.

3

If the Bank of England makes an onward property transfer instrument under section 43 the Bank may make one or more F10resolution company reverse property transfer instruments in respect of property, rights or liabilities F2of a transferee under the onward property transfer instrument (“the onward transferee”).

4

F5A F10resolution company reverse property transfer instrument is a property transfer instrument which—

a

provides for transfer to the transferor under the original instrument (where subsection (2) applies);

b

provides for transfer to the F10resolution company (where subsection (3) applies);

c

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) or (b) (whether the transfer has been or is to be effected by that instrument or otherwise).

F14A

The Bank of England must not make a F10resolution company reverse property transfer instrument unless—

a

the onward transferee is—

i

a company wholly owned by the Bank of England,

ii

a company wholly owned by the Treasury, or

iii

a company wholly owned by a nominee of the Treasury, or

b

F6the F10resolution company reverse property transfer instrument is made with the written consent of the onward transferee.

5

Sections 7, 8F12, 8ZA and 52 do not apply to F7a F10resolution company reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

6

Before making F4a F10resolution company reverse property transfer instrument the Bank of England must consult—

F3a

the PRA,

aa

the FCA, and

b

the Treasury.

7

Section 42 applies where the Bank of England has made F8a F10resolution company reverse property transfer instrument.