The Bank Recovery and Resolution ( No. 2) Order 2014

Minimum requirement for other group entities set up in the United Kingdom U.K.

139.—(1) The Bank may decide, after consulting the regulator, that a group entity, other than a [F1 group institution], set up in the United Kingdom should be required to maintain a minimum requirement for own funds and eligible liabilities F2 ....

(2) Where the Bank makes a such decision, articles 134 [F3 , 135 and 138] apply for the purpose of determining and reviewing the requirement and ensuring that the requirement is maintained and met, but have effect for that purpose as if each reference to an institution F4 ... included a reference to the group entity for which the requirement is being (or has been) determined.

(3) In this article “the regulator”—

(a) where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;

(b) where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;

(c) where there is no PRA-authorised person in the relevant group, means the FCA.

Textual Amendments

F1 Words in art. 139(1) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 79(2); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in art. 139(1) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 54

F3 Words in art. 139(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 79(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in art. 139(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 79(3)(b); 2020 c. 1, Sch. 5 para. 1(1)