Consultation outcome
Secondary legislation for Non-Bank resolution regimes
Read the full outcome
Detail of outcome
This is a summary of responses to the consultation on Non-Bank resolution regimes. Secondary legislation relating to this consultation will be published in due course.
Original consultation
Consultation description
Today (26 September 2013) the government has published a consultation on the secondary legislation which will underpin the extension of the Special Resolution Regime to include investment firms, banking group companies and clearing houses.
The Financial Services Act 2012 amended the Banking Act 2009 to widen the Special Resolution Regime. The relevant amendments to the Banking Act 2009 will commence once the secondary legislation is made.
The secondary legislation will:
- set out which investment firms will be captured in the Special Resolution Regime
- outline the specific conditions in which an entity will be considered a banking group company
- establish safeguards around partial property transfers
- extend third party compensation arrangements to investment firms and banking group companies
- amend insolvency rules in order to extend the Bank Administration procedure to investment firms and banking group companies
Documents
Updates to this page
Published 26 September 2013
Last updated 9 June 2014 + show all updates
Last updated 9 June 2014 + show all updates
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added summary of responses
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First published.