C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F2Chapter 3 Special resolution action

Annotations:
Amendments (Textual)
F2

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

Compensation

I2I154Independent valuerF4: compensation scheme order or bail-in compensation order

1

A compensation scheme order F3or bail-in compensation order may provide for the amount of any compensation payable to be determined by a person appointed in accordance with the order (the “independent valuer”); and subsections (2) to (5) apply to an order which includes provision for an independent valuer.

2

An order must provide for the independent valuer to be appointed by a person appointed by the Treasury (“the appointing person”).

3

An order may either—

a

require the Treasury to make arrangements to identify a number of possible independent valuers, one of whom is to be selected by the appointing person, or

b

require the appointing person to make arrangements to select the independent valuer, having regard to any criteria specified in the order.

4

The independent valuer may be removed only—

a

on the grounds of incapacity or serious misconduct, and

b

by a person specified by the Treasury in accordance with the compensation scheme order F1or bail-in compensation order.

5

An order must include provision for resignation and replacement of the independent valuer (and subsections (2) and (3) apply to replacement as to the first appointment).