C1C2Part 1Special Resolution Regime
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F14Chapter 3 Special resolution action
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
2
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
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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.
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2