| Guvnor

Enforced by: FCA, PRA
Status: Amended (in force with amendments)
Penalty ceiling: Imprisonment 6 of 84 obligations carry an unlimited fine. 1 carries different penalties and 77 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Director or Officer18 Any Person13 Operator1 Trader1

Plus 51 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Director or Officer — also bound by 429 other Acts

Insolvency (England and Wales) Rules 2016 162 duties

Companies Act 2006 126 duties

Insolvency Act 1986 77 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 68 duties

Building Societies Act 1986 32 duties

Any Person — also bound by 2340 other Acts

Human Medicines Regulations 2012 184 duties

Merchant Shipping Act 1995 144 duties

Insolvency (England and Wales) Rules 2016 104 duties

Communications Act 2003 92 duties

Road Traffic Act 1988 92 duties

Operator — also bound by 746 other Acts

Regulation (EU) No 965/2012 (Air Operations) 203 duties

Commission Implementing Regulation (EU) 2018/2066 of 19 December 2018 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council and amending Commission Regulation (EU) No 601/2012 (Text with EEA relevance) 121 duties

Commission Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council (Text with EEA relevance) (repealed) 112 duties

Space Industry Regulations 2021 76 duties

Regulation (EU) 2016/429 of the European Parliament and of the Council of 9 March 2016 on transmissible animal diseases and amending and repealing certain acts in the area of animal health (‘Animal Health Law’) (Text with EEA relevance) 66 duties

Trader — also bound by 825 other Acts

Value Added Tax Regulations 1995 416 duties

Companies Act 2006 243 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 133 duties

Companies Act 1985 85 duties

Insolvency (England and Wales) Rules 2016 62 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Special Resolution Regime

36 of 222 sections shown

s.003 Safeguards relating to directions under section 3A Regulated

Other duties (1) — Crown / regulator

Bank of England must follow safeguard procedures when issuing directionsStatutory regulator

s.004 Special resolution objectives Regulated

Other duties (1) — Crown / regulator

Regulators must follow specific objectives when intervening with failing banksStatutory regulator

s.005 Code of practice Regulated

Other duties (1) — Crown / regulator

Relevant authorities must follow the Banking Act Code of PracticeStatutory regulator

s.006 Mandatory reduction instruments: supplementary matters Regulated

Other duties (1) — Crown / regulator

Bank of England must report to the Treasury on mandatory reduction instrumentsStatutory regulator

s.006 Pre-resolution valuation Regulated

Other duties (1) — Crown / regulator

Bank of England must value bank assets before taking resolution actionStatutory regulator

s.010 Banking Liaison Panel Regulated

Other duties (1) — Crown / regulator

The Treasury must maintain a Banking Liaison Panel to advise on bank resolutionsCrown / Minister / Government department

s.024 Procedure: instruments Regulated

Other duties (1) — Crown / regulator

Bank of England must notify you and publish share transfer instrumentsStatutory regulator

s.039 Foreign property Regulated

Ensure effective transfer of foreign property and liabilitiesAny Person

s.041 Procedure Regulated

Other duties (1) — Crown / regulator

Bank of England must notify and publish bank property transfer instrumentsStatutory regulator

s.044 Report on special bail-in provision Regulated

Other duties (1) — Crown / regulator

Bank of England must report to the Chancellor on bail-in provisionsStatutory regulator

s.048 Report on special bail-in provision Regulated

Other duties (1) — Crown / regulator

Bank of England must report on bail-in decisions and notify the ChancellorStatutory regulator

s.048 Business reorganisation plans Regulated

Create and submit a business reorganisation planDirector or Officer

s.048 Directions in or under resolution instrument Regulated

Directors must comply with Bank of England directions during bank resolutionDirector or Officer

s.048 Procedure Regulated

Other duties (1) — Crown / regulator

Bank of England must notify and publish bank resolution instrumentsStatutory regulator

s.048 Replacement of Bank’s provisional valuation Regulated

Other duties (1) — Crown / regulator

Bank of England must appoint an independent valuer for a full valuationStatutory regulator

s.050 Sale to private sector purchaser Regulated

Other duties (1) — Crown / regulator

The Treasury must create a compensation scheme for private salesCrown / Minister / Government department

s.051 Transfer to temporary public ownership Regulated

Other duties (1) — Crown / regulator

HM Treasury must establish compensation or resolution fund ordersCrown / Minister / Government department

s.052 Transfer to resolution company Regulated

Other duties (1) — Crown / regulator

HM Treasury must issue a resolution fund order following a bank transferCrown / Minister / Government department

s.052 Bail-in option Regulated

Other duties (1) — Crown / regulator

The Treasury must issue a bail-in compensation orderCrown / Minister / Government department

s.054 Independent valuer : compensation scheme order or bail-in compensation order Regulated

Other duties (1) — Crown / regulator

Treasury must appoint an independent valuer to determine compensationCrown / Minister / Government department

s.057 Valuation principles Regulated

Other duties (1) — Crown / regulator

Independent valuer must disregard BoE/Treasury financial assistance in compensation valuationsCrown / Minister / Government department

s.060 Principle of no less favourable treatment Regulated

Other duties (1) — Crown / regulator

HM Treasury must ensure creditors are not worse off under bank resolutionCrown / Minister / Government department

s.070 Restriction of security interests Regulated

Other duties (1) — Crown / regulator

Bank of England may temporarily suspend your right to enforce securityStatutory regulator

s.077 International obligation notice: resolution company Regulated

Other duties (1) — Crown / regulator

Bank of England must follow Treasury instructions regarding resolution companiesStatutory regulator

s.079 Private sector purchaser: report Regulated

Other duties (1) — Crown / regulator

Bank of England must report on the sale of a bank to a private purchaserStatutory regulator

s.080 Resolution company: report Regulated

Other duties (1) — Crown / regulator

Bank of England must report annually on resolution companies to the ChancellorStatutory regulator

s.080 Transfer for bail-in purposes: report Regulated

Other duties (1) — Crown / regulator

Bank of England must report to the Treasury following a bail-inStatutory regulator

s.081 Temporary public ownership: report Regulated

Other duties (1) — Crown / regulator

The Treasury must report to Parliament on banks in public ownershipCrown / Minister / Government department

s.081 Accounting information to be included in reports under sections 80 , 80A(2)(b) and 81 Regulated

Include specific accounting information in bank resolution reportsAny Person

s.083 Investigations: general Regulated

Other duties (1) — Crown / regulator

Bank of England must notify businesses of formal investigationsStatutory regulator

s.083 Prosecution of offences under section 83ZN Regulated

Other duties (1) — Crown / regulator

Bank of England must follow Treasury conditions when prosecuting offencesStatutory regulator

s.083 Determination of sanctions Regulated

Other duties (1) — Crown / regulator

Bank of England must consider specific criteria when setting sanctionsStatutory regulator

s.083 Procedure: warning notice Regulated

Other duties (1) — Crown / regulator

Bank of England must issue warning notice before sanctioning a personStatutory regulator

s.083 Co-operation Regulated

Other duties (1) — Crown / regulator

Bank of England must co-operate with other regulators on sanctionsStatutory regulator

s.084 Further provision: conversion of building society into company Regulated

Prepare specific company documents for building society conversionTrader

s.089 Resolution of UK branches of third-country institutions Regulated

Cooperate with UK branch valuation and resolution assessmentsDirector or Officer

186 other sections in this Part — procedural and definitional

s.001 Overview

s.002 Interpretation: “bank”

s.003 Interpretation: other expressions

s.003 Removal of impediments to the exercise of stabilisation powers etc

s.006 Code of practice: procedure

s.006 Cases where mandatory write-down, conversion, etc applies

s.006 Mandatory write-down, conversion, etc of capital instruments and liabilities

s.006 Mandatory reduction instruments: implementation of requirements of section 6B

s.007 General conditions

s.007 Effect on other group members, financial stability in UK etc

s.008 Specific Condition: private sector purchaser, bridge bank or asset management vehicle

s.008 Specific condition: bail-in

s.008 Specific conditions: asset management vehicle

s.009 Specific conditions: temporary public ownership

s.011 Private sector purchaser

s.011 Private sector purchaser: marketing

s.012 Bridge bank

s.012 Bail-in option

s.012 Bail-in: sequence of write-down and conversion of capital instruments and liabilities

s.012 Bail-in administrators

s.012 Asset management vehicle

s.013 Temporary public ownership

s.014 Interpretation: “securities”

s.015 Share transfer instrument

s.016 Share transfer order

s.017 Effect

s.018 Continuity

s.019 Conversion and delisting

s.020 Directors and senior managers

s.021 Ancillary instruments: production, registration, &c.

s.022 Termination rights, &c.

s.023 Incidental provision

s.025 Procedure: orders

s.026 Supplemental instruments

s.026 ... reverse share transfer instruments

s.026 Onward share transfer instruments

s.027 Supplemental orders

s.028 Onward transfer

s.029 Reverse share transfer orders

s.029 Interpretation: “resolution company”

s.030 Resolution company: share transfers

s.031 Resolution company: reverse share transfer

s.032 Interpretation: general

s.033 Property transfer instrument

s.034 Effect

s.035 Transferable property

s.036 Continuity

s.036 Directors and senior managers

s.037 Licences

s.038 Termination rights, &c.

s.039 Banks which are recognised central counterparties

s.039 Property transfer instrument: delisting

s.040 Incidental provision

s.041 Transfer of property subsequent to resolution instrument

s.042 Supplemental instruments

s.042 Private sector purchaser: reverse property transfer

s.043 Onward transfer

s.044 Resolution company : reverse property transfer

s.044 Bail in: reverse property transfer

s.044 Property transfer instruments: special bail-in provision

s.044 Property transfer instruments and special bail-in provision: supplementary matters

s.044 Bridge bank: supplemental property transfer powers

s.044 Bridge bank: supplemental reverse property transfer powers

s.045 Temporary public ownership: property transfer

s.046 Temporary public ownership: reverse property transfer

s.047 Restriction of partial transfers

s.048 Power to protect certain interests

s.048 Creation of liabilities

s.048 Special bail-in provision

s.048 Meaning of “protected deposit”

s.048 General interpretation of section 48B

s.048 Power to amend definition of “excluded liabilities”

s.048 Priority between creditors

s.048 Bail-in administrator: further functions

s.048 Bail-in administrator: supplementary

s.048 Bail-in administrator: money

s.048 Powers in relation to securities

s.048 Termination rights, etc

s.048 Directors and senior managers

s.048 Orders for safeguarding certain financial arrangements

s.048 Continuity

s.048 Execution and registration of instruments etc

s.048 Resolution instruments: general matters

s.048 Supplemental resolution instruments

s.048 Onward transfer

s.048 Reverse transfer

s.048 Bail-in option: recovery of expenses

s.048 Consequences of a replacement valuation

s.048 Termination rights etc

s.049 Orders

s.053 Onward and reverse transfers etc

s.055 Independent valuer: supplemental

s.056 Independent valuer: money

s.058 Resolution fund

s.059 Third party compensation: discretionary provision

s.060 Third party compensation: mandatory provision

s.060 Further mandatory provision: bail-in provision

s.061 Sources of compensation

s.062 Procedure

s.062 Independent valuer: sections 6E and 48X

s.062 Resolution administrator

s.062 Resolution administrator: further functions

s.062 Resolution administrator: supplementary

s.062 Resolution administrator: money

s.063 General continuity obligation: property transfers

s.064 Special continuity obligations: property transfers

s.065 Continuity obligations: onward property transfers

s.066 General continuity obligation: share transfers

s.067 Special continuity obligations: share transfers

s.068 Continuity obligations: onward share transfers

s.069 Continuity obligations: consideration and terms

s.070 Continuity obligations: termination

s.070 Suspension of obligations

s.070 Suspension of termination rights

s.070 Suspension: general provisions

s.071 Pensions

s.072 Enforcement

s.073 Disputes

s.074 Tax

s.075 Power to change law

s.076 International obligation notice: general

s.078 Public funds: general

s.078 Pre-conditions for financial assistance: duty of Bank to give information

s.079 Public funds: resolution company

s.081 Cases where mandatory write-down, conversion etc applies: banking group companies

s.081 Sale to commercial purchaser and transfer to bridge bank

s.081 Bail-in option

s.081 Bail-in option: supplemental powers in relation to certain holding companies

s.081 Assessment of conditions for section 81BB

s.081 Sections 81AA to 81ZBB: supplemental

s.081 Section 81BA and Section 81BB : supplemental

s.081 Interpretation: “banking group company” &c.

s.081 Transfer to asset management vehicle

s.081 Transfer to asset management vehicle: supplemental powers in relation to certain holding companies

s.081 Assessment of conditions for section 81ZBB

s.081 Sale to commercial purchaser and transfer to bridge bank: supplemental powers in relation to certain holding companies

s.081 Assessment of conditions for section 81ZZBA

s.082 Temporary public ownership

s.083 Supplemental

s.083 Modifications of Part

s.083 Delegation of enforcement functions

s.083 Enforcement: share transfer orders

s.083 Information

s.083 Reports by skilled persons

s.083 Appointment of persons to carry out general investigations

s.083 Appointment of person to carry out investigations in particular cases

s.083 Investigations etc in support of foreign resolution authorities

s.083 Powers of persons appointed under section 83ZC

s.083 Powers of persons appointed as a result of section 83ZD

s.083 Admissibility of statements made to investigators

s.083 Information and documents: supplemental provision

s.083 Protected items

s.083 Entry of premises under warrant

s.083 Retention of documents obtained under section 83ZL

s.083 Offences etc

s.083 Offences under section 83ZN by bodies corporate etc

s.083 Injunctions: prevent failure to comply with relevant requirement

s.083 Regulatory sanctions

s.083 Procedure: decision notice

s.083 Procedure: general

s.083 Appeal

s.083 Injunctions: failure to comply with certain section 83ZR sanctions

s.083 Publication

s.084 Application of Part 1: general

s.084 Bail-in option: building societies

s.084 Further provision: transfer of business of building society to company

s.084 Transfer to a bridge bank or Bail-in option: modifications of this Act and other legislation

s.084 Bridge bank: share transfer instruments

s.085 Temporary public ownership

s.086 Distribution of assets on dissolution or winding up

s.087 Interpretation

s.088 Consequential provision

s.089 Credit unions

s.089 Application to investment firms

s.089 Application to recognised central counterparties

s.089 Recognised central counterparty rules

s.089 Recognised central counterparty membership

s.089 Recognition of transferee company

s.089 Recognised central counterparty compensation orders

s.089 Interpretation: “recognised central counterparty” &c.

s.089 Recognition of third-country resolution actions

s.089 Effect of recognition of third-country resolution action by Bank of England

s.089 Third-country instruments: supplementary provision

s.089 Insolvency Proceedings

s.089 Restrictions on disclosure of confidential information

s.089 Giving of notices, documents etc under Part 1

Part 2

Bank Insolvency

39 of 48 sections shown

s.099 Objectives Regulated

Bank liquidators must prioritise depositor protection and winding upDirector or Officer

s.100 Liquidation committee Regulated

Bank liquidator must report to and notify the liquidation committeeDirector or Officer

amended 3 times (opens in a new tab)

s.101 Liquidation committee: supplemental Regulated

Other duties (1) — Crown / regulator

PRA, FCA and Bank of England may attend liquidation committee meetingsStatutory regulator

amended 2 times (opens in a new tab)

s.102 Objective 1: (a) or (b)? Regulated

Liquidation committee must recommend a pursuit strategy for the bankAny Person

amended 1 time (opens in a new tab)

s.103 General powers, duties and effect

amended 23 times (opens in a new tab)

s.104 Additional general powers

amended 2 times (opens in a new tab)

s.105 Status of bank liquidator

amended 1 time (opens in a new tab)

s.106 Term of appointment

amended 1 time (opens in a new tab)

s.107 Resignation

amended 1 time (opens in a new tab)

s.108 Removal by court

amended 7 times (opens in a new tab)

s.109 Removal by creditors

amended 2 times (opens in a new tab)

s.110 Disqualification

amended 2 times (opens in a new tab)

s.111 Release

amended 1 time (opens in a new tab)

s.112 Replacement Regulated

Other duties (1) — Crown / regulator

Bank of England must appoint a replacement liquidatorStatutory regulator

amended 1 time (opens in a new tab)

s.113 Company voluntary arrangement Regulated

Conditions for a bank liquidator to propose a voluntary arrangementDirector or Officer

amended 3 times (opens in a new tab)

s.114 Administration

amended 1 time (opens in a new tab)

s.115 Dissolution Regulated

Liquidator must report on bank insolvency and seek releaseDirector or Officer

amended 3 times (opens in a new tab)

s.116 Dissolution: supplemental Regulated

File deferral direction with Companies House within 7 daysAny Person

amended 1 time (opens in a new tab)

s.117 Bank insolvency as alternative order

amended 4 times (opens in a new tab)

s.118 Voluntary winding-up

amended 1 time (opens in a new tab)

s.119 Exclusion of other procedures

amended 1 time (opens in a new tab)

s.120 Notice to PRA of preliminary steps Regulated

Notify PRA and Bank of England before taking insolvency steps for a bankDirector or Officer

amended 14 times (opens in a new tab)

s.120 Notice to the regulators and the Bank of England of preliminary steps

amended 14 times

s.121 Disqualification of directors

amended 2 times (opens in a new tab)

s.122 Application of insolvency law

amended 1 time (opens in a new tab)

s.123 Role of FSCS Regulated

Bank liquidator must provide information to the FSCSDirector or Officer

amended 1 time (opens in a new tab)

s.124 Transfer of accounts Regulated

Bank liquidator must ensure depositors can access funds after transferDirector or Officer

amended 1 time (opens in a new tab)

s.125 Rules

amended 1 time (opens in a new tab)

s.126 Fees

amended 1 time (opens in a new tab)

s.127 Insolvency Services Account Regulated

Pay money from bank asset sales into the Insolvency Services AccountDirector or Officer

amended 1 time (opens in a new tab)

s.128 Evidence

amended 1 time (opens in a new tab)

s.129 Co-operation between courts

amended 1 time (opens in a new tab)

s.129 Banks not regulated by PRA

amended 1 time

s.130 Building societies

amended 1 time (opens in a new tab)

s.131 Credit unions

amended 1 time (opens in a new tab)

s.132 Partnerships

amended 2 times (opens in a new tab)

s.133 Scottish partnerships

amended 1 time (opens in a new tab)

s.134 Northern Ireland

amended 2 times (opens in a new tab)

s.135 Consequential provision

amended 1 time (opens in a new tab)

9 other sections in this Part — procedural and definitional

s.090 Overview

s.091 Interpretation: “bank”

s.092 Interpretation: “the court”

s.093 Interpretation: other expressions

s.094 The order

s.095 Application

s.096 Grounds for applying

s.097 Grounds for making

s.098 Commencement

Part 3

Bank Administration

37 of 37 sections shown

s.136 Overview

amended 4 times (opens in a new tab)

s.137 Objectives Regulated

Bank administrator must pursue dual objectives immediately upon appointmentDirector or Officer

amended 2 times (opens in a new tab)

s.138 Objective 1: supporting private sector purchaser or resolution company Regulated

Bank administrator must cooperate with Bank of England following a saleDirector or Officer

amended 4 times (opens in a new tab)

s.139 Objective 1: duration

amended 2 times (opens in a new tab)

s.140 Objective 2: “normal” administration Regulated

Bank administrator must prioritize rescuing the bank as a going concernDirector or Officer

amended 2 times (opens in a new tab)

s.141 Bank administration order

amended 2 times (opens in a new tab)

s.142 Application

amended 1 time (opens in a new tab)

s.143 Grounds for applying

amended 2 times (opens in a new tab)

s.144 Grounds for making

amended 1 time (opens in a new tab)

s.145 General powers, duties and effect

amended 24 times (opens in a new tab)

s.145 Power to direct bank administrator

amended 24 times

s.146 Status of bank administrator

amended 1 time (opens in a new tab)

s.147 Administrator's proposals Regulated

Bank administrator must produce and agree a statement of proposalsDirector or Officer

amended 2 times (opens in a new tab)

s.148 Sharing information Regulated

Share information and records with the Bank of England and resolution companyDirector or Officer

amended 1 time (opens in a new tab)

s.149 General application of this Part

amended 3 times (opens in a new tab)

s.150 Resolution company to private purchaser

amended 3 times (opens in a new tab)

s.151 Property transfer from resolution company

amended 3 times (opens in a new tab)

s.152 Property transfer from temporary public ownership

amended 1 time (opens in a new tab)

s.152 Property transfer from transferred institution

amended 1 time

s.153 Successful rescue Regulated

Notify the PRA and FCA of an application to end bank administrationDirector or Officer

amended 4 times (opens in a new tab)

s.154 Winding-up or voluntary arrangement Regulated

Other duties (1) — Crown / regulator

Bank administrator must confirm resolution fund payments before winding up or proposing voluntary arrangementStatutory regulator

amended 6 times (opens in a new tab)

s.155 Disqualification of directors

amended 2 times (opens in a new tab)

s.156 Application of other law

amended 1 time (opens in a new tab)

s.157 Other processes Regulated

Other duties (1) — Crown / regulator

Regulators must notify Bank of England before insolvency action against a bankStatutory regulator

amended 4 times (opens in a new tab)

s.157 Banks not regulated by PRA

amended 4 times

s.158 Building societies

amended 1 time (opens in a new tab)

s.159 Credit unions

amended 1 time (opens in a new tab)

s.159 Application to investment firms

amended 1 time

s.160 Rules

amended 1 time (opens in a new tab)

s.161 Fees

amended 1 time (opens in a new tab)

s.162 Evidence

amended 1 time (opens in a new tab)

s.163 Partnerships

amended 2 times (opens in a new tab)

s.164 Scottish partnerships

amended 1 time (opens in a new tab)

s.165 Co-operation between courts

amended 1 time (opens in a new tab)

s.166 Interpretation: general

amended 2 times (opens in a new tab)

s.167 Northern Ireland

amended 2 times (opens in a new tab)

s.168 Consequential provision

amended 1 time (opens in a new tab)

Part 4

Financial Services Compensation Scheme

11 of 12 sections shown

s.169 Overview

amended 1 time (opens in a new tab)

s.171 Special resolution regime

amended 2 times (opens in a new tab)

s.172 Investing in National Loans Fund Regulated

Other duties (1) — Crown / regulator

Treasury must return contingency funds upon request by the scheme managerCrown / Minister / Government department

s.173 Borrowing from National Loans Fund

amended 1 time (opens in a new tab)

s.174 Procedure for claims

amended 1 time (opens in a new tab)

s.175 Rights in insolvency

amended 1 time (opens in a new tab)

s.176 Information

amended 1 time (opens in a new tab)

s.177 Payments in error

amended 1 time (opens in a new tab)

s.178 Regulations

amended 1 time (opens in a new tab)

s.179 Delegation of functions

amended 1 time (opens in a new tab)

s.180 Functions under this Act

amended 1 time (opens in a new tab)

1 other section in this Part — procedural and definitional

s.170 Contingency funding

Part 5

... Payment Systems and service providers

38 of 38 sections shown

s.181 Overview

amended 4 times (opens in a new tab)

s.182 Interpretation: ... key terms

amended 12 times (opens in a new tab)

s.183 Interpretation: other expressions

amended 12 times (opens in a new tab)

s.184 Recognition order : payment system

amended 6 times (opens in a new tab)

s.184 Recognition order: DSA service provider

amended 6 times

s.185 Recognition criteria : payment system

amended 2 times (opens in a new tab)

s.185 Recognition criteria: DSA service provider

amended 2 times

s.186 Procedure Regulated

Other duties (1) — Crown / regulator

HM Treasury must consult and notify before designating payment systemsCrown / Minister / Government department

amended 11 times (opens in a new tab)

s.186 Amendment of recognition order

amended 11 times

s.187 De-recognition Regulated

Other duties (1) — Crown / regulator

Treasury must consult and notify before revoking a recognition orderCrown / Minister / Government department

amended 13 times (opens in a new tab)

s.188 Principles

amended 7 times (opens in a new tab)

s.189 Codes of practice

amended 8 times (opens in a new tab)

s.190 System rules

amended 5 times (opens in a new tab)

s.190 Service provider rules

amended 5 times

s.191 Directions

amended 19 times (opens in a new tab)

s.192 Role of FCA and PRA Regulated

Other duties (1) — Crown / regulator

Bank of England must consult FCA/PRA before taking actionStatutory regulator

amended 14 times (opens in a new tab)

s.192 Power of Bank to require FCA to refrain from specified action

amended 14 times

s.193 Inspection Regulated

Allow Bank of England inspectors to access premises and cooperate with themOperator

amended 10 times (opens in a new tab)

s.194 Inspection: warrant

amended 11 times (opens in a new tab)

s.195 Independent report

amended 11 times (opens in a new tab)

s.196 Compliance failure

amended 5 times (opens in a new tab)

s.197 Publication

amended 6 times (opens in a new tab)

s.198 Penalty Regulated

Other duties (1) — Crown / regulator

Bank of England must publish and follow penalty principlesStatutory regulator

amended 6 times (opens in a new tab)

s.199 Closure Prosecution

Failure to comply with a Bank of England closure orderAny Person

Unlimited fine · amended 16 times (opens in a new tab)

s.200 Management disqualification Prosecution

Breach of a management disqualification orderAny Person

Unlimited fine · amended 10 times (opens in a new tab)

s.201 Warning Regulated

Other duties (1) — Crown / regulator

Bank of England must issue a warning notice before imposing sanctionsStatutory regulator

amended 19 times (opens in a new tab)

s.202 Appeal

amended 9 times (opens in a new tab)

s.202 Injunctions

amended 9 times

s.203 Fees

amended 5 times (opens in a new tab)

s.203 Records

amended 5 times

s.203 Annual report Regulated

Other duties (1) — Crown / regulator

Bank of England must report annually to the Treasury on financial stabilityStatutory regulator

amended 5 times

s.203 Policy statement Regulated

Other duties (1) — Crown / regulator

Bank of England must publish oversight policy for digital settlement assetsStatutory regulator

amended 5 times

s.204 Information Prosecution

Fail to provide information or providing false information to the Bank of EnglandAny Person

Unlimited fine · amended 32 times (opens in a new tab)

s.205 Pretending to be recognised Prosecution

Falsely claiming to be a recognised payment system or providerAny Person

Unlimited fine · amended 7 times (opens in a new tab)

s.206 Saving for informal oversight

amended 7 times (opens in a new tab)

s.206 Service providers

amended 7 times

s.206 Service providers connected with a recognised payment system that uses digital settlement assets

amended 7 times

s.206 International obligations

amended 7 times

Part 5

Wholesale cash distribution

29 of 29 sections shown

s.206 Overview and purpose

amended 7 times

s.206 Policy statement Regulated

Other duties (1) — Crown / regulator

Bank of England must publish and consult on wholesale cash policyStatutory regulator

amended 7 times

s.206 Interpretation: “wholesale cash distribution”

amended 7 times

s.206 Interpretation: other terms

amended 7 times

s.206 Wholesale cash oversight orders

amended 7 times

s.206 “Market significance” and “systemic significance”

amended 7 times

s.206 Procedure Regulated

Other duties (1) — Crown / regulator

HM Treasury must follow specific procedures before issuing oversight ordersCrown / Minister / Government department

amended 7 times

s.206 Amendment or revocation of a wholesale cash oversight order

amended 7 times

s.206 Principles

amended 7 times

s.206 Codes of practice

amended 7 times

s.206 Directions

amended 7 times

s.206 Role of the FCA, PRA and Payment Systems Regulator Regulated

Other duties (1) — Crown / regulator

Bank of England must consult other regulators before taking actionStatutory regulator

amended 7 times

s.206 Inspection Regulated

Provide access and cooperation to wholesale cash distribution inspectorsAny Person

amended 7 times

s.206 Inspection: warrant

amended 7 times

s.206 Independent report

amended 7 times

s.206 Compliance failure

amended 7 times

s.206 Publication

amended 7 times

s.206 Penalty Regulated

Other duties (1) — Crown / regulator

Bank of England must publish penalty principles and apply them fairlyStatutory regulator

amended 7 times

s.206 Closure Prosecution

Fail to comply with a wholesale cash distribution closure orderAny Person

Unlimited fine · amended 7 times

s.206 Management disqualification Prosecution

Breach of a management disqualification orderAny Person

Unlimited fine · amended 7 times

s.206 Warning Regulated

Other duties (1) — Crown / regulator

Bank of England must issue a warning notice before imposing sanctionsStatutory regulator

amended 7 times

s.206 Appeal

amended 7 times

s.206 Injunctions

amended 7 times

s.206 Records Regulated

Other duties (1) — Crown / regulator

Bank of England must record decisions and preserve recordsStatutory regulator

amended 7 times

s.206 Annual report

amended 7 times

s.206 Requirement to provide information

amended 7 times

s.206 Disclosure of information

amended 7 times

s.206 Saving for informal oversight

amended 7 times

s.206 Power to disapply regulation and enforcement provisions

amended 7 times

Part 6

Banknotes: Scotland and Northern Ireland

22 of 22 sections shown

s.207 Overview

amended 2 times (opens in a new tab)

s.208 “Banknote”

amended 1 time (opens in a new tab)

s.209 “Issue”

amended 2 times (opens in a new tab)

s.210 “Authorised bank”

amended 4 times (opens in a new tab)

s.211 “Commencement”

amended 1 time (opens in a new tab)

s.212 Repeal of old authorising enactments

amended 1 time (opens in a new tab)

s.213 Authorisation to issue banknotes

amended 4 times (opens in a new tab)

s.214 Consequential repeals and amendments

amended 1 time (opens in a new tab)

s.214 Power to designate banks as “authorised banks”

amended 1 time

s.215 Banknote regulations Regulated

Other duties (1) — Crown / regulator

The Treasury must create regulations for bank banknote operationsCrown / Minister / Government department

amended 1 time (opens in a new tab)

s.216 Banknote rules

amended 1 time (opens in a new tab)

s.217 Backing assets Regulated

Authorised banks must hold approved backing assets for banknotesAny Person

amended 1 time (opens in a new tab)

s.218 Information

amended 1 time (opens in a new tab)

s.219 Ceasing the business of issuing notes Regulated

Do not resume issuing banknotes after stoppingAny Person

amended 1 time (opens in a new tab)

s.220 Insolvency, &c.

amended 2 times (opens in a new tab)

s.221 Offence: unlawful issue Imprisonment

Unlawfully issue banknotes in Scotland or Northern IrelandDirector or Officer

10 years imprisonment · amended 1 time (opens in a new tab)

s.222 Financial penalty

amended 1 time (opens in a new tab)

s.223 Termination of right to issue

amended 3 times (opens in a new tab)

s.224 Application to court

amended 1 time (opens in a new tab)

s.225 Organisation

amended 1 time (opens in a new tab)

s.226 Discretionary functions

amended 1 time (opens in a new tab)

s.227 Exemption

amended 1 time (opens in a new tab)

Part 7

Miscellaneous

31 of 31 sections shown

s.228 Consolidated Fund

amended 1 time (opens in a new tab)

s.229 National Loans Fund

amended 1 time (opens in a new tab)

s.230 “Financial institution”

amended 1 time (opens in a new tab)

s.231 Reports Regulated

Other duties (1) — Crown / regulator

HM Treasury must report to Parliament on financial support arrangementsCrown / Minister / Government department

amended 1 time (opens in a new tab)

s.232 Definition

amended 11 times (opens in a new tab)

s.233 Insolvency regulations

amended 1 time (opens in a new tab)

s.234 Regulations: details

amended 3 times (opens in a new tab)

s.235 Regulations: procedure

amended 2 times (opens in a new tab)

s.236 Review Regulated

Other duties (1) — Crown / regulator

The Treasury must review investment bank insolvency regulationsCrown / Minister / Government department

amended 1 time (opens in a new tab)

s.237 Compensation: valuer

amended 1 time (opens in a new tab)

s.238 UK financial stability

amended 2 times (opens in a new tab)

s.239 Number of directors

amended 1 time (opens in a new tab)

s.240 Meetings

amended 1 time (opens in a new tab)

s.241 Chair of court

amended 1 time (opens in a new tab)

s.242 Quorum

amended 1 time (opens in a new tab)

s.243 Tenure

amended 1 time (opens in a new tab)

s.244 Immunity

amended 7 times (opens in a new tab)

s.245 Weekly return

amended 1 time (opens in a new tab)

s.246 Information

amended 6 times (opens in a new tab)

s.247 Bank of England Act 1946

amended 1 time (opens in a new tab)

s.248 Variation of permission

amended 2 times (opens in a new tab)

s.249 Functions

amended 6 times (opens in a new tab)

s.250 Information

amended 4 times (opens in a new tab)

s.251 Financial assistance to building societies

amended 5 times (opens in a new tab)

s.252 Registration of charges

amended 1 time (opens in a new tab)

s.253 Registration of charges: Scotland

amended 1 time (opens in a new tab)

s.254 Abolition for cheques

amended 1 time (opens in a new tab)

s.255 Regulations

amended 6 times (opens in a new tab)

s.256 Supplemental

amended 2 times (opens in a new tab)

s.256 State aid

amended 2 times

s.256 Bank of England” and “Prudential Regulation Authority”

amended 2 times

Part 8

General

7 of 10 sections shown

s.257 “Financial assistance”

amended 1 time (opens in a new tab)

s.258 “Enactment”

amended 1 time (opens in a new tab)

s.258 Investment firm”

amended 1 time

s.259 Statutory instruments

amended 28 times (opens in a new tab)

s.260 Money

amended 1 time (opens in a new tab)

s.261 Index of defined terms

amended 31 times (opens in a new tab)

s.262 Repeal

amended 1 time (opens in a new tab)

3 other sections in this Part — procedural and definitional

s.263 Commencement

s.264 Extent

s.265 Short title

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Payment systems and banking protections for businesses

How the Financial Services (Banking Reform) Act 2013 protects your business through the Payment Systems Regulator, FSCS deposit insurance, and ring-fencing rules. …

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Banking regulation and PRA authorisation

Connected legislation

Instruments made under this Act. They carry the detail the Act delegates.

The Banking Act 2009 (Banking Group Companies) Order 2014 SI 2014/1831

The Banking Act 2009 (Commencement No. 5) Order 2016 SI 2016/598

The Banking Act 2009 (Exclusion of Insurers) Order 2010 SI 2010/35

The Banking Act 2009 (Exclusion of Investment Firms of a Specified Description) Order 2014 SI 2014/1832

The Banking Act 2009 (Inter-Bank Payment Systems) (Disclosure and Publication of Specified Information) (Amendment) Regulations 2015 SI 2015/488

The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014 SI 2014/3330

The Banking Act 2009 (Restriction of Special Bail-in Provision, etc. ) Order 2014 SI 2014/3350

The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) (Amendment) Regulations 2014 SI 2014/1830

The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 SI 2018/1394

The Building Societies (Financial Assistance) Order 2010 SI 2010/1188

The Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 SI 2010/1189

The Building Societies (Insolvency and Special Administration) Order 2009 SI 2009/805

The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 SI 2022/847

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.

Banking Act 2009 (as amended)

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What it requires

Special Resolution Regime

Bank Insolvency

Bank Administration

Financial Services Compensation Scheme

... Payment Systems and service providers

Wholesale cash distribution

Banknotes: Scotland and Northern Ireland

Miscellaneous

General

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Payment systems and banking protections for businesses

Connected legislation