HM Treasury has published a revised version of the Banking Act 2009 (the Act) special resolution regime (SRR) code of practice. The code of practice, issued in accordance with sections 5 and 6 of the Act, supports the legal framework of the SRR, and provides guidance as to how and in what circumstances the authorities will use the special resolution tools. Section 1 of the code of practice deals with banks, building societies, investment firms and banking group companies. Section 2 deals with central counterparties.
The code of practice has been updated to reflect both changes to the Act following the implementation of the Bank Recovery and Resolution Directive and also the changes in the regulatory architecture, with the creation of the PRA and FCA.
View Banking Act 2009: revised special resolution regime code of practice, 12 March 2015