97 Private sector purchasers
Financial Services Act 2012 (2012 c 21) | Legislation

97  Private sector purchasers

(1)     The Banking Act 2009 is amended as follows.

(2)     After section 26 insert—

“26A Private sector purchaser: reverse share transfer

(1)     This section applies where the Bank of England has made a share transfer instrument in accordance with section 11(2) (“the original instrument”) providing for the transfer of securities issued by a bank to a person (“the original transferee”).

(2)     The Bank of England may make one or more private sector reverse share transfer instruments in respect of securities issued by the bank and held by the original transferee.

(3)     A private sector reverse share transfer instrument is a share transfer instrument which—

(a)     provides for transfer to the transferor under the original instrument;

(b)     makes other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under paragraph (a).

(4)     The Bank of England must not make a private sector reverse share transfer instrument without the written consent of the original transferee.

(5)     Sections 7, 8 and 50 do not apply to a private sector reverse share transfer instrument (but it is to be treated in the same way as any other

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