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Section 190A: Assessment and resolution

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XII: Control Over Authorised Persons

This section applies if—

the appropriate regulator receives a section 178 notice in relation to a qualifying credit institution, investment firm or banking group company,
as a result of a direction under section 189(1A) or the application of section 189(1ZB), the appropriate regulator is required to act under this Part in a timely manner in relation to that notice, and
the appropriate regulator does not complete the assessment required by section 185 before a relevant transfer instrument has been made by the Bank of England which transfers shares issued by, or voting power in, that qualifying credit institution, investment firm or banking group company.

The transfer of shares or voting takes effect in accordance with the terms of the relevant transfer instrument, but the right of the person who acquires shares under that instrument ("the acquirer") to exercise the voting power represented by those shares is suspended.

During the suspension, the voting power represented by the shares in question may be exercised by the Bank (and only by the Bank).

If the appropriate regulator issues a decision notice under section 189(7) objecting to the acquisition, the Bank may direct the acquirer to sell the shares within a period specified by the Bank in the direction ("the sale period").

In determining the sale period, the Bank must take account of prevailing market conditions.

The suspension provided for in subsection (2) ends—

if the appropriate regulator gives notice under section 189(4)(a) or (b)(i) that it approves the acquisition, on the date of that notice, or
if the Bank gives a direction under subsection (4), on the earlier of the day on which the sale period ends and the day on which the shares are sold.

In this section a "relevant transfer instrument" means an instrument made by the Bank acting in the exercise of its functions under sections 6A to 6C of the Banking Act 2009 or under the special resolution regime under Part 1 of that Act, which transfers, or has the effect of transferring, shares issued by, or voting power in, the qualifying credit institution, investment firm or banking group company.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.