On December 16, 2016, the UK Bank Recovery and Resolution Order 2016 came into force. The Order implements in part the BRRD which sets out the framework for the recovery and resolution of banks and investment firms. The Order amends the Banking Act 2009, the Financial Services and Markets Act 2000 and certain related secondary legislation to, amongst other things, ensure that the Bank of England, as the UK's resolution authority, and the PRA and FCA, as the regulators, have powers to manage the failure of a bank or investment firm and their group companies to ensure that critical functions continue to be performed. The Order also provides specific powers to the PRA and FCA to replace directors and senior managers and appoint temporary managers in accordance with the BRRD, amends provisions relating to triggers of contractual termination rights and adds new provisions relating to the resolution of UK branches of third-country institutions.
The Order is available at: http://www.legislation.gov.uk/uksi/2016/1239/pdfs/uksi_20161239_en.pdf .
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