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| Tuesday 18th November 2008 |
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| New Amendments handed in are marked thus  |
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| Amendments which will comply with the required notice period at their next appearance
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| | The Amendments have been arranged in accordance with the Order of the |
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| | Committee [21st October]. |
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| Clause 132, page 65, line 33, after ‘administration’ insert ‘or administrators’. |
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| Clause 132, page 65, line 34, after ‘insolvency’ insert ‘or liquidators).’. |
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| Clause 132, page 68, line 27, at end insert— |
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| | | ‘(b) Ignore sub-para. (3).’. |
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| Clause 132, page 71, line 3, at end insert— |
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| | | (a) | Treat the reference to the presentation of |
| | | | | | a winding-up petition as a reference to |
| | | | | | the making of an application for a bank |
| | | | | | | | | | | | (b) | Subsection (2) applies in relation to |
| | | | | | England and Wales and Scotland (and |
| | | | | | subsection (3) does not apply). |
| | | | | | (c) | Ignore the reference to the official |
| | | | | | | | | | | | (d) | Only a person who is qualified to act as |
| | | | | | an insolvency practitioner and who |
| | | | | | consents to act may be appointed. |
| | | | | | (e) | The court may only confer on a |
| | | | | | provisional bank administrator functions |
| | | | | | in connection with the pursuance of |
| | | | | | Objective 1; and section 125(2)(a) does |
| | | | | | not apply before a bank administration |
| | | | | | | | | | | | (f) | A provisional bank administrator may |
| | | | | | | | | | | | (g) | The appointment of a provisional bank |
| | | | | | administrator lapses on the appointment |
| | | | | | of a bank administrator.’. |
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| Clause 132, page 71, leave out lines 28 to 33. |
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| Clause 138, page 75, line 7, after first ‘bank’ insert ‘(“the original bank”)’. |
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| Clause 138, page 75, line 7, after ‘bridge bank’ insert ‘(“the original bridge |
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| Clause 138, page 75, line 10, after ‘bridge bank’ insert ‘to a transferee (“the |
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| Clause 138, page 75, line 11, leave out ‘transferee under the onward property |
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| transfer instrument’ and insert ‘onward transferee’. |
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| Clause 138, page 75, line 13, after first ‘the’ insert ‘onward’. |
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| Clause 138, page 75, line 15, leave out ‘bridge bank under the original property |
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| transfer instrument’ and insert ‘original bridge bank’. |
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| Clause 138, page 75, line 17, leave out subsection (3) and insert— |
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| | ‘(3) | In any other case, the Bank of England may determine that the original bridge |
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| | bank is to be treated as a residual bank for the purposes of this Part. |
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| | (3A) | Where the original bridge bank is put into bank administration in reliance on |
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| | subsection (2)(b), Objective 1 shall apply in accordance with section 125(4) in |
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| | (a) | services provided by the original bank to the original bridge bank, and |
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| | (b) | services provided by the original bridge bank to the onward transferee. |
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| | (3B) | Where the original bridge bank is put into bank administration in reliance on a |
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| | determination under subsection (3), Objective 1 shall apply in accordance with— |
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| | (a) | section 125(3) in relation to services provided by the original bridge bank |
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| | to the onward transferee, and |
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| | (b) | section 125(4) in relation to services provided by the original bank to the |
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| | (3C) | But the Bank may determine— |
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| | (a) | that subsection (3B) does not apply, and |
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| | (b) | that section 137 shall apply as if the Bank had given— |
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| | (i) | an Objective 1 Interim Achievement Notice in respect of the |
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| | original bridge bank, and |
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| | (ii) | a notice under section 137(1)(b) in respect of the onward |
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| Clause 138, page 75, line 22, leave out subsection (4). |
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| Clause 143, page 77, line 11, leave out subsection (2). |
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| Clause 147, page 78, line 28, leave out subsection (2) and insert— |
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| | ‘(2) | After subsection (1A) (inserted by section 112 above) insert— |
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| | “(1B) | Rules may also be made for the purpose of giving effect to Part 3 of the |
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| | Banking Act 2008 (bank administration); and rules for that purpose shall |
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| | (a) | in relation to England and Wales, by the Lord Chancellor with |
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| | (ii) | in the case of rules that affect court procedure, the Lord |
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| | (b) | in relation to Scotland, by the Treasury.”’. |
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| Clause 147, page 78, line 30, at end insert— |
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| | ‘(2A) | In subsection (2), after “(1A)” (inserted by section 112 above) insert “or (1B)”.’ |
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| Clause 154, page 80, line 25, leave out ‘and an Act of the Scottish Parliament’. |
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| Clause 239, page 115, line 5, leave out ‘section 231 extends’ and insert ‘sections |
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| [Registration of charges: Scotland] and 231 extend’. |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury may by order provide that a specified institution, or an institution |
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| | of a specified class, is or is not to be treated as a financial institution for the |
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| | purposes of section 214 or 215. |
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| | (a) | shall be made by statutory instrument, and |
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| | (b) | shall be subject to annulment in pursuance of a resolution of either House |
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| To move the following Clause:— |
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| | ‘In this Act “enactment” includes— |
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| | (a) | subordinate legislation, |
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| | (b) | an Act of the Scottish Parliament and an instrument under an Act of the |
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| | (c) | Northern Ireland legislation.’. |
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| | Registration of charges: Scotland |
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| To move the following Clause:— |
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| | ‘(1) | The Bankruptcy and Diligence etc. (Scotland) Act 2007 is amended as follows. |
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| | (2) | In section 38 (creation of floating charges)— |
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| | (a) | in subsection (3), after “to” insert “subsection (3A) and”, and |
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| | (b) | after that subsection insert— |
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| | “(3A) | If a floating charge is granted in favour of a central institution, it |
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| | is created only when the document granting the floating charge |
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| | is executed by the company granting the charge.” |
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| | (3) | In section 39 (advance notice of floating charges), after subsection (3) add— |
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| | “(4) | This section does not apply where a company proposes to grant a floating |
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| | charge in favour of a central institution.” |
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| | (4) | In section 42 (assignation of floating charges), after subsection (3) add— |
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| | “(4) | This section does not apply where a floating charge is assigned (whether |
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| | in whole or to a specified extent) to or by a central institution.” |
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| | (5) | In section 43 (alteration of floating charges)— |
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| | (a) | in subsection (4), for “But paragraph” substitute “Paragraph”, and |
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| | (b) | after that subsection insert— |
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| | “(4A) | Paragraph (b) of subsection (3) above does not apply in respect |
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| | (a) | the holder of the floating charge is a central institution, |
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| | (b) | the holder of the floating charge is not a central |
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| | institution but the alteration is to be made in connection |
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| | with a floating charge which is held (or which has been |
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| | or is to be held) by a central institution.” |
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| | (6) | In section 44 (discharge of floating charges), after subsection (3) add— |
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| | “(4) | This section does not apply where the floating charge to be discharged |
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| | (whether in whole or to a specified extent) is or has been held by a central |
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| | (7) | In section 47 (interpretation), after “Part—” insert— |
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| | | ““central institution” means— |
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| | (b) | the central bank of a country or territory outside the United |
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| | (c) | the European Central Bank;”.’ |
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| To move the following Clause:— |
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| | ‘(1) | The Treasury shall make arrangements for a panel to advise the Treasury about |
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| | the exercise of powers to make statutory instruments under or by virtue of this |
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| | Part, Part 2 or Part 3 (excluding the stabilisation powers, compensation scheme |
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| | orders, resolution fund orders and third party compensation orders). |
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| | (2) | The Treasury shall ensure that the panel includes— |
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| | (a) | a member appointed by the Treasury, |
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| | (b) | a member appointed by the Bank of England, |
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| | (c) | a member appointed by the FSA, |
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| | (d) | a member appointed by the scheme manager of the Financial Services |
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| | (e) | one or more persons who in the Treasury’s opinion represent the interests |
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| | (f) | one or more persons who in the Treasury’s opinion have expertise in law |
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| | relating to the financial systems of the United Kingdom, and |
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| | (g) | one or more persons who in the Treasury’s opinion have expertise in |
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| | insolvency law and practice.’. |
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| To move the following Clause:— |
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| | ‘(1) | In this Act “financial assistance” includes giving guarantees or indemnities and |
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| | any other kind of financial assistance (actual or contingent). |
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| | (2) | The Treasury may by order provide that a specified activity or transaction, or |
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| | class of activity or transaction, is to be or not to be treated as financial assistance |
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| | for a specified purpose of this Act; and subsection (1) is subject to this subsection. |
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| | (a) | shall be made by statutory instrument, and |
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| | (b) | shall be subject to annulment in pursuance of a resolution of either House |
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| To move the following Clause:— |
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| | ‘(1) | This section applies where the Treasury have made a share transfer order in |
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| | accordance with section 12(2) (“the original order”) providing for the transfer of |
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| | securities issued by a bank to a person (“the original transferee”). |
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| | (2) | The Treasury may make one or more reverse share transfer orders in respect of |
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| | securities issued by the bank and held by the original transferee (whether or not |
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| | they were transferred by the original order). |
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| | (3) | If the Treasury makes an onward share transfer order in respect of securities |
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| | transferred by the original order, the Treasury may make one or more reverse |
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| | share transfer orders in respect of securities— |
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| | (a) | issued by the bank, and |
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| | (b) | held by a transferee under the onward share transfer order of any of the |
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| | (i) | a company wholly owned by the Bank of England, |
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| | (ii) | a company wholly owned by the Treasury, or |
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| | (iii) | a nominee of the Treasury. |
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| | (4) | A reverse share transfer order is a share transfer order which— |
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| | (a) | provides for transfer to the transferor under the original order (where |
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| | (b) | provides for transfer to the original transferee (where subsection (3) |
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| | (c) | makes other provision for the purposes of, or in connection with, the |
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| | transfer of securities which are, could be or could have been transferred |
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| | under paragraph (a) or (b). |
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| | (5) | Sections 7, 9 and 47 do not apply to a reverse share transfer order (but it is to be |
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| | treated in the same way as any other share transfer order for all other purposes |
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| | including for the purposes of the application of a power under this Part). |
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| | (6) | Before making a reverse share transfer order the Treasury must consult— |
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| | (7) | Section 26 applies where the Treasury have made a reverse share transfer order.’. |
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