UK: the Banking Act 2009

The Banking Act 2009 received Royal Assent on 12 February and is available here (HTML) and here (PDF). The accompanying explanatory memorandum has not yet been published. Background information, and parliamentary debate, is available here. 

The Act introduces a new statutory regime to deal with failing banks, including new insolvency and administration procedures. It also makes changes to the governance of the Bank of England and places on a statutory footing the Bank of England's responsibility for financial stability. The Bank of England's oversight of payment systems is also formalised. 

Section 263 of the Act sets out commencement information and explains that all of the provisions within the Act will be brought into force by Treasury Order. There is, however, one exception: Section 254, which abolishes the funds attached rule with regard to cheques in Scotland, comes into force 2 months after the date of Royal Assent. 

Update (20 February 2009): the explanatory notes have been published on OPSI: see here (PDF).