|
| |
|
(5) | The following provisions apply in relation to an order under subsection (2) or |
| |
(4) with any necessary modifications— |
| |
(a) | sections 3(2) to (4) and 4, together with Schedule 1, so apply in relation |
| |
to an order making provision for or in connection with, or in |
| |
consequence of, the transfer of any securities; |
| 5 |
(b) | section 6(2) to (5), together with Schedule 2, so apply in relation to an |
| |
order making provision for or in connection with, or in consequence of, |
| |
the transfer of any property, rights or liabilities. |
| |
(6) | The Treasury may by order make provision, in relation to any description of |
| |
order under subsection (2) or (4), for determining the amount of any |
| 10 |
consideration payable by the transferee in respect of any securities, or any |
| |
property, rights and liabilities, transferred by or under any such order under |
| |
| |
(7) | A person to whom anything is transferred by or under an order under section |
| |
3 or 6 is not to be regarded as precluded by subsection (2) or (4) from making |
| 15 |
any contractual or other disposition of, or relating to, anything falling within |
| |
| |
| |
9 | Supplementary provision about compensation schemes etc. |
| |
(1) | An order under section 5, 7 or 8(6) may in particular make provision— |
| 20 |
(a) | for the manner in which any compensation or consideration is to be |
| |
assessed, including provision as to methods of calculation, valuation |
| |
dates and matters to be taken into, or left out of, account in making |
| |
| |
(b) | for the assessment to be made by an independent valuer appointed by |
| 25 |
| |
(c) | as to the procedure in relation to the assessment of any compensation |
| |
or consideration, including provision enabling any such valuer to make |
| |
rules as to that procedure; |
| |
(d) | for decisions relating to the assessment of any compensation or |
| 30 |
consideration to be reconsidered by the person who made those |
| |
decisions (including any such provision as to procedure as is |
| |
mentioned in paragraph (c)); |
| |
(e) | for enabling persons to apply for decisions relating to the assessment of |
| |
any compensation or consideration to be reviewed by the Financial |
| 35 |
Services and Markets Tribunal or a tribunal appointed by the Treasury |
| |
for the purposes of the order; |
| |
(f) | as to the powers of a relevant tribunal (that is to say, the Financial |
| |
Services and Markets Tribunal or a tribunal appointed by the Treasury |
| |
for the purposes of the order); |
| 40 |
(g) | as to the procedure for applying for any review to a relevant tribunal, |
| |
including provision enabling the tribunal to make rules as to that |
| |
| |
(h) | as to remuneration and expenses of any independent valuer, or of any |
| |
tribunal, appointed by the Treasury for the purposes of the order; |
| 45 |
(i) | as to the appointment of any staff of any such valuer (including |
| |
provision as to their terms and conditions of employment and as to |
| |
their pensions, allowances or gratuities). |
| |
|
| |
|
| |
|
(2) | The provision that may be made by virtue of subsection (1)(a) includes the |
| |
making of assumptions as to any matter, including in particular the making of |
| |
one or more of the following assumptions about the authorised UK deposit- |
| |
| |
(a) | that it is unable to continue as a going concern; |
| 5 |
(b) | that it is in administration; |
| |
(c) | that it is being wound up. |
| |
(3) | Subsection (1)(a) is subject to sections 5(4) and 7(3), but those subsections do |
| |
| |
(a) | prevent the inclusion of provision requiring the making of the |
| 10 |
assumptions mentioned in those subsections in any case where they are |
| |
not required to be made by either of those subsections; or |
| |
(b) | otherwise restrict the provision that may be made by virtue of |
| |
| |
(4) | In subsection (1)(a) the reference to valuation dates includes— |
| 15 |
(a) | valuation dates falling before the day on which this Act is passed; and |
| |
(b) | valuation dates falling before the day on which the relevant event takes |
| |
| |
(5) | In subsection (1)(e)— |
| |
(a) | the reference to persons includes the Treasury; and |
| 20 |
(b) | the reference to decisions relating to the assessment of any |
| |
compensation or consideration includes decisions following any such |
| |
reconsideration as is mentioned in subsection (1)(d). |
| |
(6) | The provision that may be made by virtue of subsection (1)(f)— |
| |
(a) | includes provision enabling a relevant tribunal, where satisfied that the |
| 25 |
decision in question was not a reasonable decision, to send the matter |
| |
back to the person who made the decision for reconsideration in |
| |
accordance with such directions (if any) as it considers appropriate; but |
| |
(b) | does not include provision enabling a relevant tribunal to substitute its |
| |
own decision for that of the person who made the decision. |
| 30 |
(7) | The power of any valuer or tribunal to make provision as to procedure by |
| |
virtue of subsection (1)(c), (d) or (g) includes power to make different provision |
| |
for different cases or circumstances. |
| |
(8) | In this section “the relevant event” means the transfer or (as the case may be) |
| |
extinguishment of rights made by or under the order to which the order |
| 35 |
mentioned in subsection (1) relates. |
| |
| |
(1) | The Treasury may by regulations make provision for or in connection with varying the |
| |
way in which any relevant tax would, apart from the regulations, have effect in relation |
| |
to, or in connection with, any of the following— |
| 40 |
(a) | anything done for the purpose of, in relation to, or by or under or in |
| |
consequence of, a relevant order; |
| |
(b) | any securities, or any property, rights or liabilities, which are transferred, |
| |
extinguished or otherwise affected by any provision made by or under a |
| |
| 45 |
(c) | any securities issued by, or any property, rights or liabilities of, any transferee |
| |
which have not been transferred by or under a relevant order; |
| |
|
| |
|
| |
|
(d) | any securities issued by, or any property, rights or liabilities of, any relevant |
| |
institution which have not been so transferred. |
| |
(2) | The provision that may be made by the regulations includes provision for or in |
| |
connection with any of the following— |
| |
(a) | a tax provision not to apply, or to apply with modifications, in prescribed cases |
| 5 |
| |
(b) | anything done to have or not to have a specified consequence for the purposes |
| |
of a tax provision in prescribed cases or circumstances; |
| |
(c) | any securities, or any property, rights or liabilities, to be treated in a specified |
| |
way for the purposes of a tax provision in prescribed cases or circumstances |
| 10 |
(whether or not affected by any provision made by or under a relevant order); |
| |
(d) | the withdrawal of relief (whether or not granted by virtue of the regulations), |
| |
and the charging of any relevant tax, in prescribed cases or circumstances; |
| |
(e) | requiring or enabling the Treasury to determine or to specify the method to be |
| |
used for determining anything (including amounts or values, or times or |
| 15 |
periods of time) which needs to be determined for the purposes of any tax |
| |
provision (whether or not modified by the regulations) as it applies in relation |
| |
to, or in connection with, any of the matters mentioned in subsection (1)(a) to |
| |
| |
| 20 |
“prescribed” means prescribed by or determined in accordance with |
| |
regulations under this section; |
| |
“relevant institution” means any body in relation to which a relevant |
| |
| |
“relevant order” means an order under section 3, 4, 6 or 8; |
| 25 |
“relevant tax” means corporation tax, income tax, capital gains tax, stamp |
| |
duty, stamp duty reserve tax and stamp duty land tax; |
| |
“tax provision” means any enactment relating to any relevant tax; |
| |
“transferee” means any person to whom any securities, or any property, |
| |
rights or liabilities, are transferred by or under a relevant order. |
| 30 |
| |
11 | Modification of legislation applying in relation to building societies |
| |
(1) | The Treasury may by order make such modifications of any enactment as they |
| |
consider appropriate for or in connection with facilitating the provision of |
| |
relevant financial assistance by the Bank of England to building societies. |
| 35 |
(2) | In this section “relevant financial assistance” means any financial assistance |
| |
provided for the purpose of maintaining the stability of the financial system in |
| |
| |
(3) | An order under this section may in particular make provision for or in |
| |
connection with modifying the operation of any of the following— |
| 40 |
(a) | sections 5, 6 and 7 of, and Schedule 2 to, the Building Societies Act 1986 |
| |
(c. 53) (establishment, constitution and powers, the lending limit and |
| |
| |
(b) | any other provision of that Act which might otherwise prevent any |
| |
relevant financial assistance from being provided by the Bank of |
| 45 |
England to building societies or affect the amount of any such |
| |
| |
|
| |
|
| |
|
(c) | sections 8, 9A and 9B of the Building Societies Act 1986 (c. 53) |
| |
(restrictions on raising funds and borrowing, on transactions involving |
| |
derivative instruments etc. and on creation of floating charges); |
| |
(d) | any other provision of that Act which might otherwise prevent |
| |
building societies from entering into any transaction in connection with |
| 5 |
the provision of financial assistance by the Bank of England to building |
| |
| |
(4) | An order under this section may in particular— |
| |
(a) | disapply (to such extent as is specified) any specified statutory |
| |
| 10 |
(b) | provide for any specified statutory provision that would not otherwise |
| |
apply in relation to building societies to apply in relation to them with |
| |
| |
(5) | In this section “building society” means a building society incorporated (or |
| |
deemed to be incorporated) under the Building Societies Act 1986. |
| 15 |
| |
12 | Consequential and supplementary provision |
| |
(1) | The Treasury may by order make— |
| |
(a) | such supplementary, incidental or consequential provision, or |
| |
(b) | such transitory, transitional or saving provision, |
| 20 |
| as they consider appropriate for the general purposes, or any particular |
| |
purposes, of this Act or in consequence of any provision made by or under this |
| |
Act, or for giving full effect to this Act or any such provision. |
| |
(2) | An order under this section may in particular— |
| |
(a) | disapply (to such extent as is specified) any specified statutory |
| 25 |
provision or rule of law; |
| |
(b) | provide for any specified statutory provision to apply (whether or not |
| |
it would otherwise apply) with specified modifications; |
| |
(c) | make provision for or in connection with any of the matters mentioned |
| |
| 30 |
| |
(a) | imposing a moratorium on the commencement or continuation of |
| |
proceedings or other legal processes of any specified description in |
| |
relation to any body or property of any such description; |
| |
(b) | providing exceptions from any provision made in pursuance of |
| 35 |
paragraph (a), whether framed by reference to— |
| |
(i) | the leave of the court or the consent of the Treasury or the Bank |
| |
| |
(ii) | instruments or transactions of specified descriptions, |
| |
| 40 |
(c) | the dissolution of any relevant deposit-taker or of any UK undertaking |
| |
which is a subsidiary undertaking of any relevant deposit-taker; |
| |
(d) | exempting directors of any relevant deposit-taker, or of any group |
| |
undertaking of any relevant deposit-taker, from liability in connection |
| |
with acts or omissions in relation to the deposit-taker or undertaking; |
| 45 |
|
| |
|
| |
|
(e) | the payment of any compensation by the Treasury to persons affected by an |
| |
order under this section. |
| |
(4) | An order under this section may, in connection with the payment of any such |
| |
compensation, make provision for any matter for which provision is or may be |
| |
made by or under section 5, 7 or 9. |
| 5 |
(5) | In this section “relevant deposit-taker” means any authorised UK deposit-taker |
| |
in relation to which an order is being, or has been, made under section 3 or 6. |
| |
13 | Orders and regulations: general |
| |
(1) | Orders and regulations under this Act are to be made by statutory instrument. |
| |
(2) | Such orders and regulations— |
| 10 |
(a) | may make different provision for different cases or circumstances; |
| |
(b) | may make such supplementary, incidental, consequential, transitory, |
| |
transitional or saving provision as the Treasury consider appropriate. |
| |
(3) | A statutory instrument containing an order under this Act is subject to |
| |
annulment in pursuance of a resolution of either House of Parliament. |
| 15 |
(4) | A statutory instrument containing regulations under section 10 is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| |
(5) | Nothing in any provision of this Act that authorises the making of any order or |
| |
regulations, or the making of any particular kind of provision by any order or |
| |
regulations, affects the generality of any other such provision of this Act. |
| 20 |
14 | Orders and regulations: retrospective provisions |
| |
(1) | Subsections (2) and (3) apply to any order made under section 3, 4, 6 or 12 (a |
| |
| |
(2) | A relevant order may— |
| |
(a) | provide for any provision made by the order to have retrospective |
| 25 |
effect as from any appropriate time or any specified later time; |
| |
(b) | make provision for or in connection with, or in consequence of, |
| |
nullifying the effect of transactions or events taking place after the time |
| |
| |
(3) | “Appropriate time”, in relation to a relevant order, means — |
| 30 |
(a) | the specified time on the date of a statement published by the Treasury |
| |
of their intention to make an order that would have the same general |
| |
effect as the relevant order; |
| |
(b) | the specified time on the date on which any transfer was effected by or |
| |
under a previous relevant order. |
| 35 |
(4) | It is immaterial whether the statement mentioned in subsection (3)(a) is |
| |
published before or after the passing of this Act. |
| |
(5) | Regulations under section 10 may provide for any of their provisions to have |
| |
retrospective effect as from any time which is not earlier than 3 months before |
| |
the day on which this Act is passed. |
| 40 |
|
| |
|