|
| |
| |
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(1) | A reference in an enactment to functions conferred on the Financial Services |
| |
Authority by or under the Financial Services and Markets Act 2000 (or any part |
| |
of it) includes a reference to functions conferred on the Authority by or under |
| |
| 5 |
(2) | A reference in an enactment to functions of the Financial Services Authority |
| |
includes a reference to functions conferred by or under this Act (irrespective of |
| |
whether the enactment was passed or made before or after the commencement |
| |
| |
(3) | The Treasury may by order disapply subsection (1) or (2) to a specified extent; |
| 10 |
| |
(a) | shall be made by statutory instrument, and |
| |
(b) | may not be made unless a draft has been laid before and approved by |
| |
resolution of each House of Parliament. |
| |
(4) | At the end of section 1 of the Financial Services and Markets Act 2000 (the |
| 15 |
| |
“(4) | Section 227 of the Banking Act 2008 provides for references to functions |
| |
of the Authority (whether generally or under this Act) to include |
| |
references to functions conferred on the Authority by that Act (subject |
| |
to any order under that section).” |
| 20 |
| |
(1) | The Financial Services Authority shall collect information that it thinks is or |
| |
may be relevant to the stability of— |
| |
(a) | individual financial institutions, or |
| |
(b) | one or more aspects of the financial systems of the United Kingdom. |
| 25 |
(2) | The Authority may perform its function under subsection (1) by the exercise of |
| |
the power in section 165 of the Financial Services and Markets Act 2000 (power |
| |
to require information - as qualified by section 227 above) or in any other way. |
| |
| |
229 | Financial assistance to building societies |
| 30 |
(1) | The Treasury may by order modify the Building Societies Act 1986 for the |
| |
purpose of facilitating, or in connection with, the provision of financial |
| |
assistance to building societies by— |
| |
| |
| 35 |
(c) | another central bank of a Member State of the European Economic |
| |
| |
(d) | the European Central Bank. |
| |
(2) | An order may affect any provision of the Building Societies Act 1986 which |
| |
appears to the Treasury otherwise capable of preventing, impeding or affecting |
| 40 |
the provision of financial assistance; including, in particular, provision— |
| |
(a) | about the establishment, constitution or powers of building societies, |
| |
(b) | restricting or otherwise dealing with raising funds or borrowing, |
| |
| |
| |
|
| |
| |
(c) | restricting or otherwise dealing with what may be done by or in |
| |
relation to building societies, |
| |
| |
(e) | about the application of insolvency law or other legislation relating to |
| |
| 5 |
| |
(a) | may disapply or modify a provision; |
| |
(b) | may (but need not) take the form of textual amendment. |
| |
(4) | Incidental provision of an order (included in reliance on section 234(1)(c)) may, |
| |
| 10 |
(a) | impose conditions, limits or other restrictions on what may be done in |
| |
reliance on a provision of the order; |
| |
(b) | confer a discretion on the Treasury, the Bank of England or another |
| |
person or class of person. |
| |
(5) | Incidental or consequential provision of an order (included in reliance on |
| 15 |
section 234(1)(c)) may disapply or modify an enactment, whether by textual |
| |
| |
| |
(a) | shall be made by statutory instrument, and |
| |
(b) | may not be made unless a draft has been laid before and approved by |
| 20 |
resolution of each House of Parliament. |
| |
230 | Registration of charges |
| |
Part 25 of the Companies Act 2006 (registration of charges) does not apply to a |
| |
charge if the person entitled to it is— |
| |
| 25 |
(b) | the central bank of a country or territory outside the United Kingdom, |
| |
| |
(c) | the European Central Bank. |
| |
Funds attached rule (Scotland) |
| |
231 | Abolition for cheques |
| 30 |
(1) | A reference to the “funds attached” rule is a reference to the rule of law in |
| |
Scotland by virtue of which a bill of exchange, when presented to the drawee |
| |
for payment, operates as an assignation of the sum for which it is drawn (or, if |
| |
the drawee holds insufficient funds, of those funds) in favour of the holder of |
| |
| 35 |
(2) | The “funds attached” rule is abolished for cheques presented for payment after |
| |
the commencement of this section. |
| |
(3) | Expressions used in this section have the same meaning as in the Bills of |
| |
| |
| 40 |
(a) | in section 53(2) (funds in hands of drawee: Scotland)— |
| |
| |
| |
|
| |
| |
(i) | the words “Subject to section 75A of this Act,” cease to have |
| |
| |
(ii) | after “drawee of a bill” insert “other than a cheque”, and |
| |
(b) | section 75A(countermanded cheques) ceases to have effect. |
| |
(5) | Section 11 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 |
| 5 |
(countermanded cheques) ceases to have effect. |
| |
Financial collateral arrangements |
| |
| |
(1) | The Treasury may make regulations about financial collateral arrangements. |
| |
(2) | “Financial collateral arrangements” are arrangements under which financial |
| 10 |
collateral is used as security in respect of a loan or other liability; and for that |
| |
| |
(a) | collateral may be in cash, securities or any other form, |
| |
(b) | use as security may involve transfer of the collateral or the creation or |
| |
transfer of any kind of right, interest or charge (fixed or floating) in |
| 15 |
| |
(c) | in particular, use as security can include use under arrangements of a |
| |
kind described commercially as “title transfer financial collateral |
| |
| |
| 20 |
(a) | may make any provision that the Treasury think necessary or desirable |
| |
for the purpose of, or in connection with, implementation of the |
| |
Financial Collateral Arrangements Directive (2002/47/EC) (or any |
| |
| |
(b) | are not restricted to provision required in connection with the |
| 25 |
Directive, and may make any provision that the Treasury think |
| |
necessary or desirable for the purpose of enabling financial collateral |
| |
arrangements, whether or not with an international element, to be |
| |
commercially useful and effective. |
| |
(4) | The regulations may, in particular— |
| 30 |
(a) | disapply or modify an enactment or rule of law about formalities or |
| |
| |
(b) | disapply or modify an enactment about insolvency, administration, |
| |
receivership or any similar procedure, |
| |
(c) | disapply or modify an enactment about property law, |
| 35 |
(d) | disapply or modify an enactment about companies or other commercial |
| |
| |
(e) | provide for provisions of financial collateral arrangements to have |
| |
effect despite a reorganisation, winding-up or other process affecting a |
| |
party to the arrangements, |
| 40 |
(f) | make provision for the enforcement of financial collateral |
| |
arrangements (which may include, in particular, provision— |
| |
(i) | about sale, appropriation and set-off, |
| |
(ii) | about the use of collateral while subject to the arrangements, |
| |
| |
| |
|
| |
| |
(iii) | about “close out netting arrangements”, under which |
| |
obligations under a number of contracts may be set off against |
| |
each other in the event of default under a specified contract, |
| |
(iv) | permitting a person to foreclose or exercise another right under |
| |
the arrangements with or without an order of a court, |
| 5 |
(v) | permitting or requiring the disclosure of information, and |
| |
(vi) | for enforcement after the commencement of, and despite, |
| |
reorganisation, winding-up or another process), |
| |
(g) | make provision for the choice of law according to which, or under |
| |
which, matters arising under financial collateral arrangements are to be |
| 10 |
| |
(h) | apply to persons whether or not provisions of the Directive apply to |
| |
| |
(5) | The regulations may, in particular— |
| |
(a) | do anything done or purported to be done by the Financial Collateral |
| 15 |
Arrangements (No. 2) Regulations 2003, |
| |
(b) | provide for those regulations, or a specified provision, to be treated as |
| |
having had effect despite any lack of vires, |
| |
(c) | provide for anything done under or in reliance on those regulations to |
| |
be treated as having had effect despite any lack of vires, and |
| 20 |
(d) | make any provision which the Treasury think necessary or desirable to |
| |
achieve or restore certainty and stability in connection with the matters |
| |
to which those regulations relate. |
| |
| |
(1) | Regulations under section 232— |
| 25 |
(a) | shall be made by statutory instrument, and |
| |
(b) | shall lapse unless approved by resolution of each House of Parliament |
| |
during the period of 28 days (ignoring periods of dissolution, |
| |
prorogation or adjournment of either House for more than 4 days) |
| |
beginning with the day on which the regulations are made. |
| 30 |
(2) | The lapse of regulations under subsection (1)(b)— |
| |
(a) | does not invalidate anything done under or in reliance on the |
| |
regulations before the lapse and at a time when neither House has |
| |
declined to approve the regulations, and |
| |
(b) | does not prevent the making of new regulations. |
| 35 |
| |
| |
234 | Statutory instruments |
| |
(1) | A statutory instrument under this Act— |
| |
(a) | may make provision that applies generally or only for specified |
| 40 |
purposes, cases or circumstances, |
| |
(b) | may make different provision for different purposes, cases or |
| |
| |
(c) | may include incidental, consequential or transitional provision. |
| |
| |
| |
