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This consultation seeks views on all aspects of the draft FSMA 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2010 which will be made under the new FSMA provisions when clause 28 of the Financial Services Bill is enacted.
The Banking Act 2009 received Royal Assent on 12 February 2009. The Act establishes a permanent special resolution regime (SRR) to provide the authorities with the tools to deal with banks and building societies that are failing.
The Act inserted a new section 214B into the Financial Services and Markets Act 2000 (FSMA), which made provision to allow the Treasury to require the FSCS to contribute to the cost of using the special resolution regime. The Regulations to enable this were made in March 2009 in time to be put to use in the resolution of the Dunfermline Building Society. The Government consulted on the 2009 Regulations from 21 July to 31 October 2009.
Subject to Parliamentary approval, the Financial Services Bill (which was introduced in the House of Commons on 19 November 2009) will make significant corrections to the provisions introduced into FSMA by the Banking Act 2009 by substituting a new section 214B and introducing two further sections.
- Special resolution regime: The FSMA (Contribution to Costs of Special Resolution Regime) Regulations 2009