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Between September and November 2013, HM Treasury consulted on proposed secondary legislation to underpin the extension of the financial services Special Resolution Regime.
The proposed secondary legislation was intended to:
• set out the investment firms captured by the new 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 to extend the Bank Administration procedure to investment firms and banking group companies.
The response document is set out here : Response to consultation
As a result of responses received, the government:
• will include a separate section within the Code of Practice which will offer guidance as to how the Special Resolution Regime will be applied to central counterparties (CCPs)
• aim to publish the Code of Practice in autumn 2014
• will not extend the regime to the activities of a non-€730,000 investment firm
• has revised the draft banking group company (BGC) order so as to remove legal uncertainty—the concept of resolution group holding company has been removed
• will use the Code of Practice to reiterate the policy intent that in exercising resolution powers over BGCs, the Bank of England will only do so as is necessary to achieve the objectives of the regime
• has amended the definition of a ‘financial holding company’
• will set out in the Code of Practice how the resolution powers are to be used with respect to BGCs
• intends to proceed with implementing safeguards to ensure the protection of contractual and market arrangements with the intention of mitigating negative market consequences to creditors and counterparties
• will provide guidance on the use of resolution tools with respect to CCPs in the Code of Practice
• will leave the safeguard concerning reverse transfers in place
The government’s response also notes and responds to a number of concerns raised by respondents to the consultation.
The government will now implement the secondary legislation to amend the Banking Act 2009.
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