UK:
UK Legislation To Ensure Continuity Of Functions For Firms In Resolution Comes Into Force
20 February 2017
Shearman & Sterling LLP
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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
.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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