The Bank Recovery and Resolution Order 2016
| Jurisdiction | UK Non-devolved |
| Citation | SI 2016/1239 |
| Year | 2016 |
(1) This Order may be cited as the Bank Recovery and Resolution Order 2016.(2) This Order comes into force on the day after the day on which it is made.The Banking Act 2009
In the Table in section 1(6) , in the first column of the entry for sections 48B to 48W, for “48W” substitute In section 3 (interpretation: other expressions)
In this Part references to a director include, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned.In section 3A(8) (removal of impediments to the exercise of stabilisation powers etc)
In section 6A(6) (b) (cases where mandatory write-down, conversion etc applies)
in paragraph (b) , for the words from “determined”, in the first place it occurs, to the end substitute in paragraph (d) , for “one or more of paragraphs (a) to (c) ” substitute After section 11 (private sector purchaser) , insert— any securities issued by the bank which the Bank intends to transfer by a share transfer instrument under section 11(2) (a) , orany property, rights or liabilities of the bank which the Bank intends to transfer by a property transfer instrument under section 11(2) (b) .be as transparent as possible having regard to the circumstances and the need to maintain financial stability;ensure there is no conflict of interest;take account of the need for the Bank to act quickly to address the situation where a bank is failing or likely to fail;aim at maximising, as far as possible, the sale price for the securities or property, rights or liabilities involved.materially misrepresent the securities or property, rights or liabilities which the Bank intends to transfer;favour or discriminate between potential purchasers or grant an unfair advantage to a potential purchaser.Subsection (1) does not apply if the Bank of England considers that complying with that subsection would undermine one or more of the special resolution objectives.there is a material threat to financial stability in the United Kingdom or another EEA state arising from or aggravated by the failure or likely failure of the bank, andcomplying with subsection (1) would undermine the effectiveness of the first stabilisation option in addressing that threat or achieving the objective in section 4(4) .Any public disclosure of the marketing which may be required under Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse may be delayed in accordance with Article 17(4) or (5) of that Regulation.(1) After section 26 (supplemental instruments) This section applies where the Bank of England has made a share transfer instrument, in respect of securities issued by a bank, in accordance with section 12(2) (“the original instrument”) .The Bank of England may make one or more onward share transfer instruments.securities which were issued by the bank before the original instrument and have been transferred by the original instrument or a supplemental share transfer instrument, orsecurities which were issued by the bank after the original instrument;makes other provision for the purposes of, or in connection with, the transfer of securities issued by the bank (whether the transfer has been or is to be effected by that instrument, by another share transfer instrument or
- “(1) Subject to subsection (4) , the Bank of England must make arrangements for marketing—
- (a) any securities issued by the bank which the Bank intends to transfer by a share transfer instrument under section 11(2) (a) , or
- (b) any property, rights or liabilities of the bank which the Bank intends to transfer by a property transfer instrument under section 11(2) (b) .
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