Some units are allowed to carry magic banners, as detailed in their army list entry. A Magic Standard can only be carried by a standard bearer, as shown in the army list in the relevant Warhammer army book.
The only character permitted to carry a Magic Standard is the army's Battle Standard Bearer.
A unit with this Magic Standard can re-roll its charge distance dice.
A unit with the Ranger's Standard has the Strider special rule.
A unit with this banner causes Terror in its enemies.
Models in a unit with the Razor Standard have the Armour Piercing special rule.
A unit with this banner adds +1 to its combat result.
Models in a unit with the Banner of Swiftness have +1 to their Movement characteristic.
Models in a unit with the Lichebone Pennant have Magic Resistance (1).
Models in a unit with the Standard of Discipline have +1 Leadership, but cannot use the General's Inspiring Presence special rule.
Models in a unit with the Banner of Eternal Flame have Flaming Attacks.
One use only. A unit with the Gleaming Pennant can re-roll its first failed Leadership test.
A unit with the Scarecrow Banner causes Fear in models with the Fly special rule.