Safeguards for shareholders, creditors and counterparties under the special resolution regime
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The following Restructuring & Insolvency practice note produced in partnership with provides comprehensive and up to date legal information covering:

  • Safeguards for shareholders, creditors and counterparties under the special resolution regime
  • Publication and approval
  • Reporting and accountability
  • Compensation
  • Independent valuer and appeals

Safeguards for shareholders, creditors and counterparties under the special resolution regime

The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 have an impact. For further details see Practice Note: Impact of Brexit: BRRD—quick guide.

Publication and approval

The publication and approval requirements depend on the nature of the transfer power:

TransferInstrument or orderPublication and approval
Private sector purchaserShare transfer instrument (section 11 of the Banking Act 2009 (BA 2009)The Bank of England must send copies of the share transfer instrument as soon as reasonably practical to the banking institution concerned, the Treasury and the FCA/PRA. The Bank of England is required to publish a copy on its website and in two newspapers chosen by the Bank of England to maximise the likelihood of the instrument coming to the attention of the persons likely to be affected and to arrange for a copy to be published on the affected bank's website (BA 2009, s 24(1)–(2))
A copy must be laid before Parliament by the Treasury when its copy is received (BA 2009, s 24(3))
Property transfer instrument (BA 2009, s 11)The Bank of England must send copies of the property transfer instrument to the banking institution concerned, the Treasury and the FCA/PRA. The Bank of England is required to publish a copy on its website and in

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