The Bank Recovery and Resolution Order 2014 and its explanatory memorandum has been published on the legislation.gov.uk website.
This Order amends:
- the Banking Act 2009 to ensure that the Special Resolution Regime provided for in that Act complies with the Directive establishing an EU framework for the recovery and resolution of credit institutions and investment firms (the BRRD), and extends the powers of the Bank of England to intervene before it becomes necessary to resolve a failing financial institution;
- the Financial Services and Markets Act 2000, to ensure that the PRA and FCA are able to comply with the requirements imposed on competent authorities under the BRRD; and
- the Banking Act 2009 (Restrictions of Partial Property Transfers) Order 2009 and the Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009 to ensure that the existing safeguards provided for in relation to partial property transfers under the Banking Act 2009 are consistent with the BRRD.
View The Bank Recovery and Resolution Order 2014, 5 January 2014