Financial Services and Markets Act 2023 · PART 5 Special resolution action

16 Code of Practice

Sch. 11 para. 16 · in force: yes

Captured statutory text (L5)

16 Code of Practice

(1)The Treasury must issue a code of practice about the use of the stabilisation powers.

(2)The code may, in particular, provide guidance on—

(a)how the special resolution objectives are to be understood and achieved,

(b)the choice between different options,

(c)the information to be provided in the course of a consultation under this Schedule,

(d)how to determine whether Condition 2 in paragraph 17 is met,

(e)how to determine whether the test for the use of stabilisation powers under paragraph 19 is satisfied,

(f)paragraphs 89 and 92, and

(g)compensation, including how the Treasury intend to satisfy the requirement under paragraph 87(3).

(3)See also paragraph 29 which requires the inclusion in the code of certain matters about bridge central counterparties.

(4)The Treasury may revise and re-issue the code of practice.

(5)Before issuing or re-issuing the code of practice the Treasury must consult the Bank, the FCA and the PRA.

(6)The Bank must have regard to the code of practice.

(7)As soon as is reasonably practicable after issuing or re-issuing the code of practice the Treasury must lay a copy before Parliament.

Full captured verbatim text

(1) The Treasury must issue a code of practice about the use of the stabilisation powers.

(2) The code may, in particular, provide guidance on—

(a) how the special resolution objectives are to be understood and achieved,

(b) the choice between different options,

(c) the information to be provided in the course of a consultation under this Schedule,

(d) how to determine whether Condition 2 in paragraph 17 is met,

(e) how to determine whether the test for the use of stabilisation powers under paragraph 19 is satisfied,

(f) paragraphs 89 and 92, and

(g) compensation, including how the Treasury intend to satisfy the requirement under paragraph 87(3).

(3) See also paragraph 29 which requires the inclusion in the code of certain matters about bridge central counterparties.

(4) The Treasury may revise and re-issue the code of practice.

(5) Before issuing or re-issuing the code of practice the Treasury must consult the Bank, the FCA and the PRA.

(6) The Bank must have regard to the code of practice.

(7) As soon as is reasonably practicable after issuing or re-issuing the code of practice the Treasury must lay a copy before Parliament.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

The Treasury must issue a code of practice on stabilisation powers, and the Bank must have regard to it.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

schedule ref schedule_ref · Sch. 11 para. 17

schedule ref schedule_ref · Sch. 11 para. 19

schedule ref schedule_ref · Sch. 11 para. 29

schedule ref schedule_ref · Sch. 11 para. 87

schedule ref schedule_ref · Sch. 11 para. 89

schedule ref schedule_ref · Sch. 11 para. 92

Referred to by

schedule ref schedule_ref · Sch. 11 para. 139

schedule ref schedule_ref · Sch. 11 para. 140

schedule ref schedule_ref · Sch. 11 para. 149

schedule ref schedule_ref · Sch. 11 para. 159

schedule ref schedule_ref · Sch. 11 para. 160

schedule ref schedule_ref · Sch. 11 para. 162

schedule ref schedule_ref · Sch. 11 para. 163

schedule ref schedule_ref · Sch. 11 para. 20

schedule ref schedule_ref · Sch. 11 para. 29

schedule ref schedule_ref · Sch. 11 para. 48

schedule ref schedule_ref · Sch. 11 para. 64

schedule ref schedule_ref · Sch. 11 para. 81

schedule ref schedule_ref · s. 10

Part summaries

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Verification findings (537)

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Instrument tier unavailable

Change history as published

No captured publisher history.

Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2023/29
Part: PART 5 Special resolution action
Version: 86372fb4e615f9918e757dfa…
Content hash: sha256 b31609157b9a9bddf23e3966…
Source: legislation.gov.uk/ukpga/2023/29