Consultation outcome

Secondary legislation for Non-Bank resolution regimes

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Download 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

This consultation ran from to

Summary

Consultation on secondary legislation which will underpin the extension of the financial services Special Resolution Regime, to include investment firms, banking group companies and clearing houses.

Documents

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