Central Bank Reform Act 2010

13.

Legal proceedings to which Regulatory Authority is party.

13.— (1) If on the cessation date the Regulatory Authority is a party to any legal proceedings, then the Bank is taken, immediately after that date, to be substituted for the Regulatory Authority as such a party.

(2) Nothing in subsection (1) makes available against the Bank any right (including, in particular, any right to seek discovery of documents) that was not or is no longer available against the Regulatory Authority.

(3) An order by a court or the Appeal Tribunal against the Regulatory Authority has effect, after the cessation date, as an order against the Bank.

(4) In this section “legal proceedings” includes—

( a) an appeal to the Appeal Tribunal, and

( b) a prosecution where the Regulatory Authority is prosecutor.