On 15 July 2025, HM Treasury published a revised edition of the Banking Act 2009: special resolution regime code of practice.
The code of practice, issued in accordance with sections 5 and 6 of the Banking Act 2009, supports the legal framework of the Special Resolution Regime, and provides guidance as to how and in what circumstances the authorities will use the special resolution tools.
The code of practice has been revised before and this current revision reflects:
- Changes to the relevant legislation which removed FCA solo-regulated investment firms from the UK resolution regime.
- Removal of sections related to the resolution regime for central counterparties, following the enactment of the Financial Services and Markets Act 2023.
- The enactment of the Bank Resolution (Recapitalisation) Act 2025.