UK: the Banking Act 2009 (Commencement No 2) Order 2009

The Banking Act 2009 (Commencement No 2) Order 2009 was made on 20 May and has been published on the OPSI website. The Order brings into force Sections 238 to 243 of the Banking Act 2009 on 1 June 2009. These sections concern the governance of the Bank of England and its statutory objectives. They provide for the formation of a new Financial Stability Committee and amend the Bank of England Act 1998 to give the Bank of England a new statutory objective: to contribute to protecting and enhancing the stability of financial systems in the UK.

UK: the Bank Administration (England and Wales) Rules 2009

The Bank Administration (England and Wales) Rules 2009 were made on 23 February and came into force on 25 February. A copy is available on the OPSI website: see here (HTML) or here (PDF). An explanatory memorandum has also been published. The Rules set out the procedure for the bank administration procedure introduced by Part 3 of the Banking Act 2009. They are based on the rules for administration in Part 2 of the Insolvency Rules 1986.

UK: the Banking Act 2009 - Commencement Order made

The great majority of provisions within the Banking Act 2009 will come into force on 21 February by virtue of the Banking Act 2009 (Commencement No. 1) Order 2009, made on 16 February 2009 and published today on OPSI. 

Other Orders have also been published in connection with the 2009 Act, some of which modify earlier legislation including the Companies Act (2006) and Financial Services and Markets Act (2000): see here. 

UK: the Banking Act 2009 - explanatory notes published

Explanatory notes for the Banking Act 2009 have been published today on the OPSI website: see here (PDF) and here (HTML). 

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).