accounting information — — a balance sheet that, in the opinion of the person making the report, gives a true and fair view of the state of affairs of the bank or resolution company as at the reporting date, and a profit and loss account that, in the opinion of the person making the report, gives a true and fair view of the profit or loss of the bank or resolution company for the reporting period Section 81A(2)

Additional Tier 1 instruments — capital instruments that meet the conditions laid down in Article 52(1) of the capital requirements regulation (or which qualify as Additional Tier 1 instruments by virtue of Chapter 2 or 4 of Title I of Part Ten of that regulation), “bail-in liabilities”, of an undertaking, means liabilities and capital instruments that— do not qualify as Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments, of the undertaking, and are not excluded liabilities listed in section 48B(8) Section 3(1)

agreement — an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the bank. a bank that is in default on an obligation to pay a sum due and payable under an agreement, is to be treated as unable to pay its debts, and section 123 of the Insolvency Act 1986 (inability to pay debts) also applies Section 166(3)

agreement — an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the bank. a bank that is in default on an obligation to pay a sum due and payable under an agreement, is to be treated as unable to pay its debts, and section 123 of the Insolvency Act 1986 (inability to pay debts) also applies Section 93(4)

amend the law — — disapply or modify the effect of a provision of an enactment (other than a provision made by or under this Act), disapply or modify the effect of a rule of law not set out in legislation, or amend any provision of an instrument or order made in the exercise of a stabilisation power Section 75(4)

appointment instrument — an instrument under subsection (2)(a) Section 62B(3)

appropriate authority — — in the case of a banking group company which is a PRA-authorised person, the PRA; in the case of a banking group company which is a UK authorised person but not a PRA-authorised person, the FCA; in the case of a banking group company which is not an UK authorised person— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . if the parent undertaking of the group is not a UK authorised person and there is a PRA-authorised person in the group, the PRA; and in all other cases, the Bank of England Section 81AA(11)

Associated provision — provision cancelling or modifying a contract under which a banking group company has a liability Section 48B(3)

Associated provision — provision modifying a contract under which a company which is a banking group company in relation to the third-country institution has a liability (whether or not the institution in relation to which special bail-in provision is made is the third-country institution). A power to make special bail-in provision— may be exercised only for the purpose of, or in connection with, reducing or deferring a relevant liability of the relevant institution; may not be exercised so as to affect any excluded liability. The following rules apply to the interpretation of subsection (1). 1 The reference to modifying a relevant liability includes a reference to modifying the terms (or the effect of the terms) of a contract under which the relevant institution has a liability. 2 The reference to changing the form of a relevant liability, includes, for example— converting an instrument under which the relevant institution owes a relevant liability from one form or class to another, replacing such an instrument with another instrument of a different form or class, or converting those liabilities into securities issued by a bridge bank or a UK parent undertaking. For the purposes of rule 2 in subsection… Section 89JA(8)

authorised bank — a bank which immediately before commencement was authorised to issue banknotes in Scotland or Northern Ireland (unless by virtue of regulations under section 214A it is no longer an authorised bank for the purposes of this Part), or a bank which is designated as an authorised bank for the purposes of this Part by regulations under section 214A(1)(a) Section 210

Backing assets — assets of a kind specified by banknote regulations; and the regulations may, in particular, specify— banknotes issued by the Bank of England, current coins of the United Kingdom, and funds in a specified kind of account held with the Bank of England or with another specified institution or class of institution Section 217(2)

bank — a UK institution which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22) Section 2(1)

bank — a UK institution which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22) Section 91(1)

banking group company — an undertaking— which is (or, but for the exercise of a stabilisation power, would be) in the same group as a bank ... or third-country institution (within the meaning of section 81AA(14)), and in respect of which any conditions specified in an order made by the Treasury are met Section 81D(1)

banknote — a promissory note, bill of exchange or other document which— records an engagement to pay money, is payable to the bearer on demand, and is designed to circulate as money Section 208

business day — any day other than a Saturday, a Sunday, or a day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom Section 70D(1)

Business reorganisation plan — a plan that includes— an assessment of the factors that caused Condition 1 in section 7 to be met in the case of the bank, a description of the measures to be adopted with a view to restoring the viability of the bank, and a timetable for the implementation of those measures Section 48H(2)

capital requirements directive — Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. by or under the Financial Services and Markets Act 2000, by or under the capital requirements regulation including any assimilated law that was originally made under Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms, by any enactment which was relied on by the United Kingdom immediately before IP completion day to implement the capital requirements directive and its implementing measures or any assimilated law originally made under that directive, or by the Bank of England under this Act Section 81BC(10)

capital requirements directive — Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. by or under the Financial Services and Markets Act 2000, by or under the capital requirements regulation including any assimilated law that was originally made under Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms, by any enactment which was relied on by the United Kingdom immediately before IP completion day to implement the capital requirements directive and its implementing measures or any assimilated law originally made under that directive, or by the Bank of England under this Act Section 81ZBC(10)

capital requirements directive — Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. by or under the Financial Services and Markets Act 2000, by or under the capital requirements regulation including any assimilated law that was originally made under Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms, by any enactment which was relied on by the United Kingdom immediately before IP completion day to implement the capital requirements directive and its implementing measures or any assimilated law originally made under that directive, or by the Bank of England under this Act Section 81ZZBB(10)

cash — — banknotes issued by the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland, or coins made by the Mint, within the meaning of the Coinage Act 1971 (see section 11 of that Act); “issue”, in relation to banknotes, has the meaning given by section 209 Section 206E(2)

central institution — — the Bank of England, the central bank of a country or territory outside the United Kingdom, or the European Central Bank Section 253(7)

client assets — assets which an institution has undertaken to hold for a client (whether or not on trust and whether or not the undertaking has been complied with) Section 232(4)

client assets — assets which an institution has undertaken to hold for a client (whether or not on trust, and whether or not the undertaking has been complied with) Section 3(1)

client assets — assets which the bank has undertaken to hold on trust for, or on behalf of, a client; “contract” includes any instrument Section 48D(1)

commencement — the date set for the coming into force of section 212 (under the commencement power in section 263) Section 211

Common Equity Tier 1 instruments — capital instruments that meet the conditions laid down in Article 28(1) to (4), or 29(1) to (5) ... of the capital requirements regulation (or which qualify as Common Equity Tier 1 instruments by virtue of Chapter 2 of Title I of Part Ten of that regulation), “critical functions”, subject to subsections (2) and (2A), means activities, services or operations (wherever carried out) the discontinuance of which is likely ...— due to the size, market share, external and internal connectedness, complexity or cross-border activities of a bank or a group which includes a bank (with particular regard to the substitutability of those activities, services or operations),; to lead to the disruption of services that are essential to the economy of the United Kingdom, or to disrupt financial stability in the United Kingdom Section 3(1)

company — a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares; “deposit” has the meaning given by article 5(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), but ignoring the exclusions in article 6 Section 84A(12)

company — a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares; “the successor company”, in relation to a building society, means the company into which the building society is converted as a result of provision made under section 84ZA(2)(a) or 84A(5)(a) Section 84B(8)

company — a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares Section 84C(3)

company — a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares Section 84D(8)

compliance failure — a failure by the operator of a recognised ... payment system , a recognised DSA service provider , or a service provider in relation to such a system, or such a DSA service provider to— comply with a code of practice under section 189, comply with a requirement under section 190, comply with a direction under section 191, or ensure compliance with a requirement under section 195 Section 196

compliance failure — a failure by a recognised person to— comply with a code of practice under section 206L, comply with a direction under section 206M, or ensure compliance with a requirement under section 206Q (independent reports) Section 206R

Compliance failure — — a failure to comply with a direction under section 83ZR(1)(c) or (3)(c), or a breach of a prohibition imposed under section 83ZR(1)(d) Section 83ZX(4)

Condition for financial assistance — a condition specified in— of the recovery and resolution directive. Article 37(10)(a) (financial assistance through government stabilisation tools), or Article 44(5)(a) (contributions to institution from resolution financing arrangement where bail-in liabilities have been excluded from bail-in) Section 78A(2)

consent — consent of the Bank of England. (a) In Scotland, on the giving by the Bank of England of consent as provided for in Para 65 (as applied by this section), any floating charge granted by the bank attaches to the property which is subject to the charge, unless it has already so attached, but only if the distribution concerned is to be made to creditors of the residual bank who are neither secured creditors nor preferential creditors and otherwise than by virtue of section 176A(2)(a) (as applied by this section). (b) Where paragraph (a) applies, ignore sub-paras (1A) and (1B). Treat the reference to the presentation of a winding-up petition as a reference to the making of an application for a bank administration order. Subsection (2) applies in relation to England and Wales and Scotland (and subsection (3) does not apply). Ignore the reference to the official receiver. Only a person who is qualified to act as an insolvency practitioner in relation to the bank and who consents to act may be appointed. The court may only confer on a provisional bank administrator functions in connection with the pursuance of Objective 1; and section 138(2)(a) does not apply before a bank administration… Section 145

consolidated situation — the situation that results from an entity being treated, for the purposes of the capital requirements regulation or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity Section 6A(9)

consolidating supervisor — supervisor responsible for the exercise of supervision of an entity on a consolidated basis, “group” has the meaning given in section 3(2)(b), “parent undertaking” has the meaning given by Article 4.1(15)(a) of the capital requirements regulation, and “subsidiary” has the meaning given by Article 4.1(16) of the capital requirements regulation Section 6A(9)

core business lines — business lines and associated services which represent material sources of revenue, profit or franchise value for the bank or a group which includes the bank (or in the case of an instrument made in relation to a resolution company, of the resolution company); “protected deposit” has the meaning given by section 48C Section 48B(14)

core business lines — business lines and associated services which represent material sources of revenue, profit or franchise value for the third-country institution or its UK branch (or in the case of an instrument made in relation to a resolution company, of the resolution company); “protected deposit” has the meaning given by section 48C Section 89JA(8)

court — — the High Court; in Scotland, the Court of Session Section 83ZN(11)

credit institution — any credit institution as defined in Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, other than an entity mentioned in Article 2.5(2), (3) or (24) of Directive 2013/36/EU of the European Parliament and of the Council Section 48D(1)

default event provision — a Type 1 or Type 2 default event provision (see subsections (2) and (3)); “group” has the meaning given by section 474 of the Companies Act 2006 Section 48Z(1)

designated settlement system — a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979); ... “employee” includes the holder of an office; ... ... “pension scheme” includes any arrangement for the payment of pensions, allowances and gratuities; “recognised central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000 Section 48D(1)

digital settlement asset — a digital representation of value or rights, whether or not cryptographically secured, that— can be used for the settlement of payment obligations, can be transferred, stored or traded electronically, and uses technology supporting the recording or storage of data (which may include distributed ledger technology) Section 182(4A)

digital settlement asset exchange provider — a person who provides one or more of the following services, including as creator or issuer of any of the digital settlement assets, by— exchanging, or arranging the exchange of— digital settlement assets for money, money for digital settlement assets, digital settlement assets and money for digital settlement assets, or digital settlement assets and money for money, exchanging, or arranging the exchange of, one digital settlement asset for another, or operating an automated process to carry out any of the activities mentioned in paragraphs (a) and (b) Section 182(5B)

eligible claim — a claim in respect of which compensation is payable under the Financial Services Compensation Scheme .. Section 70A(7)

eligible deposit — a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme ... Section 70A(7)

eligible depositors — depositors who are eligible for compensation under the FSCS Section 93(3)

excluded person — — a person who has been declared to be, or who is an operator of, a designated system under regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, ... a recognised central counterparty ... or third country central counterparty, or a central bank Section 70D(1)

extraordinary public financial support — financial assistance that is provided by the Treasury or the Bank of England in order to preserve or restore the viability, liquidity or solvency of a bank, a banking group company or a group which includes a bank, other than— and for the purposes of this definition “group” (other than in “banking group company”) has the meaning given in subsection (2)(b); ordinary market assistance offered by the Bank of England on its usual terms, ... a liquidity facility which is provided— to a bank that is facing temporary liquidity problems but is solvent, and by the Bank of England on its own initiative and on its own terms, , or any amount in respect of which the Bank of England may require a recapitalisation payment under section 214E of the Financial Services and Markets Act 2000 Section 3(1)

FCA — the Financial Conduct Authority Section 206F(1)

FCA-regulated bank — a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000; “immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000; “PRA-authorised person” has the meaning given by section 2B(5) of that Act Section 129A(2)

FCA-regulated bank — a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000 Section 157A(2)

FCA-regulated bank — a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000; “ immediate group ” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000; “ PRA-authorised person ” has the meaning given by section 2B(5) of that Act Section 83A(2)

FCA-regulated investment firm — an investment firm which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000 Section 89A(3)

FCA-regulated person — — a person who has Part 4A permission, an authorised payment institution or small payment institution, within the meaning of the Payment Services Regulations 2017 (S.I. 2017/752), or an authorised electronic money institution or small electronic money institution, within the meaning of the Electronic Money Regulations 2011 (S.I. 2011/99); “Part 4A permission” has the meaning given by section 55A of the Financial Services and Markets Act 2000 Section 206F(1)

financial assistance case — a case in which the Treasury notify the Bank of England that they have provided financial assistance in respect of a bank in the same group for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom Section 81B(8)

Financial assistance case — a case where the Treasury notify the Bank of England that they have provided financial assistance in respect of a bank for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom Section 8(2)

foreign law — the law of a country or territory outside the United Kingdom Section 39(8)

foreign property — — property outside the United Kingdom, and rights and liabilities under foreign law Section 39(2)

Foreign resolution authority — — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . an authority, in a country or territory outside the United Kingdom, which exercises functions referred to in subsection (3)(b) Section 83ZE(10)

former group company — anything which was a group undertaking in relation to the transferred bank immediately before the transfer (whether or not it is also a group undertaking in relation to the transferred bank immediately after the transfer), “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006 (interpretation) Section 66(1)

FSCS — the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000) Section 3(1)

group — a parent undertaking within the meaning given by Article 4.1(15)(a) of the capital requirements regulation and its subsidiaries within the meaning given by Article 4.1(16) of that regulation Section 3(2)

group company — anything which is, or was immediately before the transfer, a group undertaking in relation to a residual bank, “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006 (interpretation) Section 63(1)

immunity — immunity from liability in damages in respect of action or inaction, and a reference to the Bank's capacity as a monetary authority includes a reference to the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000 , of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023, of its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018 , of its functions under or in connection with this Act or as a resolution authority for the purposes of the recovery and resolution directive, of its other regulatory functions or of functions undertaken by the Bank for the purpose of or in connection with— acting as the central bank of the United Kingdom, or protecting or enhancing the stability of the financial systems of the United Kingdom Section 244(2)

imposing a sanction — — publishing details under section 197(1), requiring the payment of a penalty under section 198, giving a closure order under section 199, or making an order under section 200 Section 201(2)

imposing a sanction — — publishing details under section 206S; requiring the payment of a penalty under section 206T; giving a closure order under section 206U; making an order under section 206V Section 206W(2)

Information requirement — a requirement imposed by an investigator under section 83ZG, 83ZH or 83ZJ Section 83ZI(4)

Information requirement — a requirement imposed— by the Bank of England under section 83ZA or 83ZJ, or by an investigator under section 83ZG, 83ZH or 83ZJ Section 83ZL(13)

insolvency date — the date on which the bank insolvency order is made, and subsections (9) to (11) are omitted Section 121(3)

insolvency date — the date on which the bank administration order is made; and subsections (9) to (11) are omitted Section 155(3)

insolvency power — — section 359 of the Financial Services and Markets Act 2000 (application for administration order), and section 367 of that Act (winding-up petition) Section 157(2)

insolvency proceedings — such insolvency proceedings (whether or not under the law of a country or territory outside the United Kingdom) as the Bank of England, after consultation with the Treasury, considers relevant. ” In subsection (1), treat the reference to a bank as a reference to a third-country institution. In subsection (1A), treat the first reference to a bank as a reference to a third-country institution, and ignore the words “(even if it is not a bank) Section 89JA(11)

insolvency proceedings — such insolvency proceedings (whether or not under the law of a country or territory outside the United Kingdom) as the person carrying out the valuation, after consultation with the Bank of England and the Treasury, considers relevant. Where appropriate, the information in subsection (7)(c) may be supplemented by an analysis and estimate of the value of the business of the UK branch on a market value basis in order to inform the decision referred to in paragraph (a)(ii) or (iii) of subsection (4). Where a provisional valuation is carried out under subsection (3)— the Bank of England need only comply with subsection (7) as far as it is reasonable to do so in the circumstances, and the requirement in subsection (8) to consult the Bank of England does not apply. A provisional valuation carried out under subsection (1) must make provision in respect of additional losses by the third-country institution in accordance with— any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far are as they are assimilated law, or technical standards made under subsection (12)(b). The Bank… Section 89JA(4)

insolvency proceedings — such insolvency proceedings (whether or not under the law of a country or territory outside the United Kingdom) as the Bank of England, after consultation with the Treasury, considers relevant. the principle that all the relevant liabilities of the relevant institution ought to be treated in accordance with the priority they would enjoy if the relevant institution went into insolvency proceedings, and the principle that any creditors who would have equal priority in insolvency proceedings ought to bear losses on an equal footing with each other, For the purposes of subsection (14)— Section 89JA(8)

Investigative power — one of the powers mentioned in subsection (1) Section 83ZE(11)

investigator — a person appointed under section 83ZC or 83ZD, “relevant person”, in relation to a person who is required to produce a document, means a person who— has been or is or is proposed to be a director or controller of that person, has been or is an auditor of that person, has been or is an actuary, accountant or lawyer appointed or instructed by that person, or has been or is an employee of that person Section 83ZJ(9)

Investigator — an investigator appointed under section 83ZC or 83ZD Section 83ZL(12)

investment activity — — anything that falls within the definition of “investment services and activities” in section 417(1) of that Act; or anything that is “designated investment business” within the meaning of the Financial Conduct Authority Handbook or the Prudential Regulation Authority Handbook Section 232(5B)

investment bank — an institution which satisfies the following conditions Section 232(1)

investment firm — a UK institution which is (or, but for the exercise of a stabilisation power, would be) an investment firm for the purposes of Regulation (EU) No. 575/2013 of the European Parliament and of the Council as it forms part of assimilated law Section 258A(1)

issuing authority — — the Bank of England, or an authorised bank in its capacity as an issuer of banknotes in Scotland or Northern Ireland Section 206E(2)

legislation — primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and assimilated direct legislation, but does not include rules or other instruments made by any regulator; “modify” includes amend, repeal or revoke Section 206Z6(3)

micro, small and medium-sized enterprises — micro, small and medium-sized enterprises as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission Recommendation 2003/361/EC Section 48B(14)

micro, small and medium-sized enterprises — micro, small and medium-sized enterprises as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission Recommendation 2003/361/EC. For the purposes of the definition of “core business lines” Article 7 of Commission Delegated Regulation (EU) 2016/778 (criteria relating to the determination of core business lines) applies. The Treasury may by regulations made by statutory instrument specify criteria for the determination of the business lines and associated services referred to in the definition of “core business lines”. The power conferred by subsection (16) includes— power to amend or revoke Article 7 of Commission Delegated Regulation (EU) 2016/778; and power to amend or repeal subsection (17A). A statutory instrument containing regulations under subsection (17B) is subject to annulment in pursuance of a resolution of either House of Parliament. For the purposes of this section— Section 89JA(8)

netting arrangements — arrangements under which a number of claims or obligations can be converted into a net claim or obligation, and includes, in particular, “close-out” netting arrangements, under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set off against each other or to be converted into a net debt Section 48P(2)

normal insolvency proceedings — the collective insolvency proceedings which— and, in particular, includes the bank insolvency procedure and the bank administration procedure; entail the partial or total divestment of a debtor and the appointment of a liquidator or administrator (or a similar officeholder), are normally applicable to institutions under the law of any part of the United Kingdom, and are either specific to those institutions or generally applicable to any natural or legal person; “eligible liabilities” has the meaning given by section 3A(4A) Section 3(1)

officer — — a director, a manager, a secretary or similar officer, and a person purporting to act as an officer within paragraphs (a) to (c) Section 221(4)

officer — — a partner, or a person purporting to act as a partner Section 221(5)

Officer — an officer of the Bank of England, and includes a member of the Bank’s staff or an agent of the Bank Section 83ZA(8)

on a consolidated basis — on the basis of the consolidated situation Section 6A(9)

onward transfer — a transfer of property, rights or liabilities (whether or not under a power in this Part) from— a person who is a transferee under a property transfer instrument under section 12(2) or 12ZA(3) (an “original transferee”), or a bank, securities issued by which were earlier transferred by a share transfer instrument under section 12(2) or a share transfer order under section 13(2), and the person to whom the onward transfer is made is referred to as an “onward transferee Section 65(1)

onward transfer — a transfer (whether or not under a power in this Part) of securities issued by a bank where— securities issued by the bank were earlier transferred by a share transfer instrument under section 12(2), a resolution instrument under section 12A(2) or supplemental resolution instrument under section 48U(2) or a share transfer order under section 13(2), or the bank was the transferee under a property transfer instrument under section 12(2) Section 68(1)

own funds — own funds as defined in Article 4.1(118) of the capital requirements regulation (read with Title I of Part Ten of that regulation) Section 3(1)

own funds requirements — the requirements laid down in Articles 92 and 93 of the capital requirements regulation and Article 94 of Chapter 3 of the Trading Book (CRR) Part of the PRA Rulebook (read with Title I of Part Ten of that regulation) Section 3(1)

parent — a parent undertaking within the meaning given by section 1162 of the Companies Act 2006 Section 3A(8)

Part 1 instrument — — a mandatory reduction instrument, a share transfer instrument, a property transfer instrument, or a resolution instrument Section 48Z(1)

Part 1 instrument — an instrument of a kind mentioned in subsection (2)(b) Section 62B(3)

partial property transfer — a property transfer instrument which provides for the transfer of some, but not all, of the property, rights and liabilities of a bank Section 47(1)

PRA — the Prudential Regulation Authority; “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000; “the UK financial system” has the meaning given by section 1I of the Financial Services and Markets Act 2000 Section 206F(1)

pre-transfer shareholder or creditor — a person who— holds securities issued by, or is a creditor of, a residual bank immediately before a property transfer instrument takes effect, and satisfies conditions specified by the regulations, and the reference to insolvency includes a reference to (i) liquidation, (ii) bank insolvency, (iii) administration, (iv) bank administration, (v) receivership, (vi) a composition with creditors, and (vii) a scheme of arrangement Section 60(3)

protected arrangements — security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements Section 48(1)

protected arrangements — security interests, title transfer collateral arrangements, set-off arrangements and netting arrangements Section 48P(1)

Protected items — — communications between a professional legal adviser and that adviser’s client or any person representing such a client which fall within subsection (3), communications between a professional legal adviser, that adviser’s client or any person representing such a client and any other person which fall within subsection (3) (as a result of paragraph (b) of that subsection), and items which— are enclosed with, or referred to in, such communications, fall within subsection (3), and are in the possession of a person entitled to possession of them Section 83ZK(2)

public funds — the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, and action has implications for public funds if it would or might involve or lead to a need for the application of public funds Section 78(2)

recognised third-country resolution action — third-country resolution action, or a part of such action, recognised by the Bank of England in an instrument under section 89H(2) Section 48Z(1)

regulatory requirement — a requirement imposed— and for the purposes of this definition Section 81BC(10)

regulatory requirement — a requirement imposed— and for the purposes of this definition Section 81ZBC(10)

regulatory requirement — a requirement imposed— and for the purposes of this definition Section 81ZZBB(10)

regulatory technical standards — — any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or technical standards made under subsection (2B) Section 62A(2A)

relevant capital instruments — Additional Tier 1 instruments and Tier 2 instruments, “relevant internal liabilities” of a bank or banking group company means eligible liabilities held by a resolution entity in the same resolution group as the bank or banking group company, either directly or indirectly (through other entities in the same resolution group that bought the liabilities from the bank or banking group company) Section 3(1)

relevant day — the day on which the Bank Recovery and Resolution Order 2014 (which inserted this section into this Act) was made; “relevant requirement” has the meaning given in section 83ZD Section 83ZN(11)

relevant firm — — a financial holding company, investment firm, mixed financial holding company or a mixed activity holding company, or a financial institution which is a subsidiary undertaking of a bank or an entity within paragraph (a)(i); “financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation (within the meaning of section 3); “financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation (within the meaning of section 3); “mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation (within the meaning of section 3); “mixed financial holding company” has the meaning given in Article 4.1(21) of the capital requirements regulation (within the meaning of section 3) Section 120A(2)

relevant firm — — a bank, building society, investment firm, financial holding company, mixed financial holding company or a mixed activity holding company, or a financial institution which is a subsidiary undertaking of an entity within sub-paragraph (i); “building society” has the meaning given in the Building Societies Act 1986; “financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation; “financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation; “mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation; “mixed financial holding company” has the meaning given in Article 4.1(21) of the capital requirements regulation Section 89K(3)

relevant institution — the third-country institution or resolution company whose liabilities are so transferred Section 89JA(8)

relevant liability — a liability of a third-country institution or resolution company which is transferred in the property transfer instrument which makes special bail-in provision Section 89JA(8)

relevant MAHC — a mixed activity holding company (within the meaning given by Article 4.1(22) of the capital requirements regulation) which has at least one subsidiary which— is an institution, and is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company Section 3A(8)

relevant person — — an institution authorised for the purpose of the Financial Services and Markets Act 2000 by the PRA or FCA, a parent of such an institution which— is a financial holding company or a mixed financial holding company; and is established in, or formed under the law of any part of, the United Kingdom, or a subsidiary of such an institution or of such a parent which— is a financial institution authorised by the PRA or FCA, and is established in, or formed under the law of any part of, the United Kingdom Section 3A(1)

relevant requirement — — a requirement imposed by the Bank of England under this Part (other than section 83ZR (regulatory sanctions)), or a requirement imposed by or under— which , immediately before IP completion day, gave effect to the recovery and resolution directive. any other provision of this Act, or any other Act or subordinate legislation Section 83ZD(3)

relevant third-country authority — an authority in a country or territory other than the United Kingdom which has functions corresponding to those of the Bank of England, the FCA or the PRA, in relation to bank recovery and resolution; “third-country institution” has the meaning given in section 89H(7); “third-country resolution action” has the meaning given in section 89H(7); “UK authorised person” has the same meaning as in section 105(8) of the Financial Services and Markets Act 2000 Section 81AA(14)

relevant third-country authority — an authority in a country or territory outside the United Kingdom that has functions corresponding to the stabilisation powers of the Bank of England, the FCA or the PRA. The valuation carried out under this section must follow the methodology specified in— any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or technical standards made under subsection 12(a). A valuation under subsection (1) must be accompanied by— a balance sheet of the business of the UK branch as at the date of the valuation, a report on the financial position of the UK branch, an analysis and an estimate of the accounting value of the property and rights of the third-country institution which form part of the business of the UK branch, a list of the outstanding liabilities of the third-country institution which form part of the business of the UK branch (including any off-balance sheet liabilities), with the creditors subdivided into classes according to the priority their claims would receive in insolvency proceedings, and an estimate of the amount that each… Section 89JA(4)

reporting date — the last day of the reporting period Section 81A(3)

reporting period — the period to which the report relates Section 81A(3)

residual bank — a bank all or part of whose business has been transferred to a commercial purchaser in accordance with section 11 or to a resolution company in accordance with section 12 or 12ZA Section 157(2)

residual bank — a bank that is a transferor under a property transfer instrument Section 60(3)

residual bank — a bank all or part of whose business has been transferred in accordance with section 11(2)(b), 12(2) , 12ZA(3) , 41A(2) or 44D(2) Section 63(1)

Resolution administrator appointment instrument — an instrument under section 62B(2)(a) Section 76(5)

resolution company — a bridge bank or an asset management vehicle Section 29A

resolution entity — an entity which is identified by the Bank of England in a resolution plan or a group resolution plan under Part 5 of the Bank Recovery and Resolution (No.2) Order 2014 as an entity in respect of which— and for the purposes of this definition, ... “relevant third-country authority” has the meaning given by section 81AA(14) ... and “third-country resolution action” has the meaning given by section 89H(7), the Bank of England might exercise a stabilisation power, or ... a relevant third-country authority might take third-country resolution action Section 3(1)

resolution group — a resolution entity together with any subsidiary that— and for the purpose of this definition “subsidiary” has the meaning given by Article 4.1(16) of the capital requirements regulation, is not a resolution entity itself, is not a subsidiary of another resolution entity, and where the subsidiary is established in a country or territory other than the United Kingdom, is stated by the group resolution plan under Part 5 of the Bank Recovery and Resolution (No.2) Order 2014 to be included in the resolution group Section 3(1)

retail cash distribution — arrangements for the provision of cash to end users of cash Section 206E(2)

rules — general rules (within the meaning of the Financial Services and Markets Act 2000) made by virtue of section 137B(1) of that Act; “insurance mediation activity” has the meaning given by paragraph 2(5) of Schedule 6 to that Act (read as mentioned in paragraph 2(6) of that Schedule) Section 232(5B)

Schedule 9 to the 2015 Act — Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company insolvency) Section 103(7)

Schedule 9 to the 2015 Act — Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company insolvency) Section 145(7)

secured — secured against property or rights, or otherwise covered by collateral arrangements; “third country central counterparty” has the meaning given in section 285 of the Financial Services and Markets Act 2000 Section 48D(1)

security interest — an interest or right held for the purpose of securing the payment of money or the performance of any other obligation Section 70B(7)

security interests — arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another, “title transfer collateral arrangements” are arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged, “set-off” arrangements are arrangements under which two or more debts, claims or obligations can be set off against each other, “netting arrangements” are arrangements under which a number of claims or obligations can be converted into a net claim or obligation and include, in particular, “close-out” netting arrangements, under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set off against each other or to be converted into a net debt Section 48(1)

security interests — arrangements under which one person acquires, by way of security, an actual or contingent interest in the property of another Section 48P(2)

senior manager — a person who— exercises executive functions within a specified bank or banking group company, and is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company Section 20(5)

senior manager — a person who— exercises executive functions within a specified bank or banking group company, and is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company Section 36A(4)

senior manager — a person who— exercises executive functions within a specified bank or banking group company, and is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company Section 48N(4)

set-off arrangements — arrangements under which two or more debts, claims or obligations can be set off against each other Section 48P(2)

specified — specified in the direction Section 206M(9)

specified — specified in the closure order Section 206U(6)

specified — specified in the order Section 206V(4)

specified — specified in the notice Section 206Z3(7)

specified — specified in the regulations Section 206Z4(4)

Specified — — in subsections (2) and (3), specified in the notice, and in subsection (4), specified in the authorisation Section 83ZA(9)

specified — specified in a notice in writing Section 83ZG(6)

specified parent undertaking — a company by which in accordance with provision falling within paragraph (g) of section 84ZA(3) or paragraph (a) or (b) of section 84A(8) the successor company is (or is to be) wholly owned; “the successor company”, in relation to a building society, means the company into which the building society is converted, or to which the property, rights and liabilities of the building society are transferred, as a result of provision made under section 84ZA(2) or 84A(5) Section 84D(8)

subsidiary — a subsidiary undertaking within the meaning given by section 1162 of the Companies Act 2006 Section 3A(8)

Surplus — remaining after the satisfaction of liabilities to creditors and shareholders Section 86(3)

termination right — — a right to terminate a contract, a right to accelerate, close out, set-off or net obligations, or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract, or a provision that prevents an obligation from arising under the contract Section 70C(10)

the capital requirements regulation — Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms, as it forms part of assimilated law, “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000 Section 3(1)

The continuity authority — — the Bank of England, where subsection (1)(a)(i) applies, and the Treasury, where subsection (1)(a)(ii) applies Section 65(3)

the continuity authority — — the Bank of England, where ownership was transferred in accordance with section 11(2)(a), 12(2)(a), or in a case falling within subsection (1A), and the Treasury, where ownership was transferred in accordance with section 13(2) Section 66(1)

the court — — in England and Wales, the High Court, in Scotland, the Court of Session, and in Northern Ireland, the High Court Section 166(1)

the court — — in England and Wales, the High Court, in Scotland, the Court of Session, and in Northern Ireland, the High Court Section 92

the Disqualification Act — the Company Directors Disqualification Act 1986 Section 121(1)

the Disqualification Act — the Company Directors Disqualification Act 1986 Section 155(1)

the FCA — the Financial Conduct Authority Section 166(2)

the FCA — the Financial Conduct Authority, and “financial assistance” has the meaning given by section 257 Section 3(1)

the FCA — the Financial Conduct Authority Section 93(1)

the general conditions — the general conditions for the exercise of a stabilisation power set out in section 7; “relevant third-country authority” has the meaning given by section 81AA(14); “third-country institution” has the meaning given by section 89H(7); “third-country resolution action” has the meaning given by section 89H(7) Section 81B(9)

the Payment Systems Regulator — the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013, and in sections 188 to 199 (regulation and enforcement), references to the provision of services by a service provider to a payment system or to a DSA service provider include references to— services provided by the service provider which form part of the arrangements constituting , or connected with, the system, and the service provider’s arrangements for governance or risk management, or for any other matters which may affect the provision of the services by the service provider Section 183

the Payment Systems Regulator — the Payment Systems Regulator established under section 40 of the Financial Services (Banking Reform) Act 2013 Section 206F(1)

the PRA — the Prudential Regulation Authority Section 166(2)

the PRA — the Prudential Regulation Authority, “PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000, ... “recognised investment exchange” has the meaning given by section 285 of that Act Section 183

the PRA — the Prudential Regulation Authority Section 3(1)

the PRA — the Prudential Regulation Authority Section 93(1)

the recovery and resolution directive — Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms as last amended by Directive (EU) 2019/879 of the European Parliament and of the Council of 20th May 2019 Section 3(1)

The relevant post-transfer period — the period of two years beginning with the day of the transfer mentioned in subsection (3A)(a), subject to any extension under subsection (3D) Section 12(3C)

the shortfall amount — the sum of the amounts referred to in Article 47.3(b) and (c) of the resolution and recovery directive less the amount of any recapitalisation payment required under section 214E of the Financial Services and Markets Act 2000 in relation to the bank in question Section 12AA(2)

The threshold conditions — the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA is treated as responsible under subsection (2) of that section Section 7(5D)

The threshold conditions — the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA (or in the case of an FCA-regulated third-country institution, the FCA) is treated as responsible under subsection (2) of that section. For the purposes of Condition 3— “UK creditor”, in relation to a third-country institution, means a creditor of the institution who— in the case of an individual, is ordinarily resident in the United Kingdom; and in the case of a body corporate or unincorporated association, has its head office in the United Kingdom. For the purposes of Conditions 3 and 5, “third-country resolution action” has the meaning given in section 89H(7). Before determining that Condition 1 is met, the PRA (or in the case of an FCA-regulated third-country institution, the FCA) must consult the Bank of England. Before determining whether or not Condition 2 or 4 is met the Bank of England must, subject to subsection (13), consult— the PRA, the FCA, and the Treasury. In the case of an FCA-regulated third-country institution, the Bank of England need only consult the PRA before determining whether or not Condition 2 or 4 is met if the… Section 89JA(5)

the transferred business — the part of the bank's business that has been transferred Section 63(1)

third-country group company — an undertaking— which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking) Section 89H(7)

third-country institution — an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm Section 48Z(1)

third-country institution — an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm Section 89H(7)

third-country parent financial holding company — a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom Section 48Z(1)

third-country parent institution — a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom Section 48Z(1)

third-country parent mixed financial holding company — a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom Section 48Z(1)

third-country parent undertaking — a third-country parent institution, a third-country parent financial holding company or a third-country parent mixed financial holding company Section 48Z(1)

third-country parent undertaking — a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom Section 89H(7)

third-country resolution action — action under the law of a country or territory outside the United Kingdom to manage the failure or likely failure of a third-country institution or third-country parent undertaking — the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking ..., broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and the objectives of which are broadly comparable, in relation to the country or territory concerned, to the objectives in section 4 as they apply in relation to the United Kingdom; .. Section 89H(7)

Tier 2 instruments — capital instruments or subordinated loans that meet the conditions laid down in Article 63 of the capital requirements regulation (or which qualify as Tier 2 instruments by virtue of Chapter 2 or 4 of Title I of Part Ten of that regulation) Section 3(1)

title transfer collateral arrangements — arrangements under which Person 1 transfers assets to Person 2 on terms providing for Person 2 to transfer assets if specified obligations are discharged Section 48P(2)

transfer — a transfer provided for by a share transfer instrument or order, by a mandatory reduction instrument or by a resolution instrument Section 17(1)

transfer — a transfer provided for by a property transfer instrument Section 34(1)

transfer date — the date or time on or at which a share transfer instrument or order (or the relevant part of it) takes effect Section 32

transferee — a commercial purchaser or resolution company to whom all or part of the transferred business has been transferred Section 63(1)

transferred bank — a bank all or part of the ownership of which has been transferred in accordance with section 11(2)(a), 12(2)(a) or 13(2), or which falls within subsection (1A) Section 66(1)

UK branch — a branch located in the United Kingdom of a third-country institution authorised for the purposes of the Financial Services and Markets Act 2000 by the PRA or the FCA Section 75(9)

UK branch — a branch located in the United Kingdom of a third-country institution authorised for the purpose of the Financial Services and Markets Act 2000 by the PRA or the FCA, references to the business of a UK branch are to— any rights and liabilities of the third-country institution arising as a result of the operations of the UK branch, and any other property in the United Kingdom of the third-country institution, “third-country institution” has the same meaning as in section 89H, and a third-country institution is “FCA-regulated” if it does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000, references to a third-country institution are to the third-country institution in respect of whose UK branch the Bank of England— is considering making a property transfer instrument, or has made a property transfer instrument, “immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000 Section 89JA(2)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 258A(6)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 2(3)

UK institution — an institution which is incorporated in, or formed under the law of any part of, the United Kingdom Section 91(3)

UK parent undertaking — a parent undertaking that is incorporated in, or formed under the law of, any part of the United Kingdom Section 6C(7)

UK parent undertaking — a parent undertaking that is incorporated in, or formed under the law of, any part of the United Kingdom. Examples of special bail-in provision include— provision that transactions or events of any specified kind have or do not have (directly or indirectly) specified consequences or are to be treated in a specified manner for specified purposes; provision discharging persons from further performance of obligations under a contract and dealing with the consequences of persons being so discharged. The form and class of the instrument (“the resulting instrument”) into which an instrument is converted, or with which it is replaced, do not matter for the purposes of paragraphs (a) and (b) of rule 2 in subsection (5); for instance, the resulting instrument may (if it is a security) fall within Class 1 or any other Class in section 14. Liabilities of the relevant institution are “excluded liabilities” if they are— liabilities listed in subsection (10), or liabilities which the Bank of England has excluded under subsection (12) from the application of special bail-in provision. The following liabilities of the relevant institution are the excluded liabilities referred to in subsection… Section 89JA(8)

wholesale cash distribution — the arrangements (taken as a whole) by which banknotes issued by an issuing authority, or coins made by the Mint, are— made available for retail cash distribution, and removed from circulation; “wholesale cash distribution activities” are activities intended to facilitate or control wholesale cash distribution and include (but are not limited to)— purchasing cash from issuing authorities or the Mint; storing cash; transporting cash; undertaking authentication processes; facilitating the return of cash to issuing authorities or the Mint Section 206E(1)