Termination rights etcU.K.
This
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Memorandwm Esboniadol
23.—(1) Section 48Z (termination rights etc) is amended as follows.
(2) In subsection (1)—
(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in the definition of “crisis prevention measure”—
(i)omit the words from “has” to “Kingdom”;
(ii)in paragraph (a), for the words from “of a” to the end substitute “ under the Bank Recovery and Resolution (No 2) Order 2014 (SI 2014/3348) of a requirement to take relevant measures as described in article 15, 16, or 23 of that Order, ”;
(iii)in paragraph (b), for the words from “Article” to the end substitute “ section 3A, ”;
(iv)for paragraph (c) substitute—
“(c)the taking by the FCA or the PRA of a measure for early intervention under article 111 of the Bank Recovery and Resolution (No. 2) Order 2014,”;
(c)for the definition of “third-country institution” substitute—
““third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;”;
(d)after the definition of “third-country institution” insert—
““third-country parent financial holding company” means a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent institution” means a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent mixed financial holding company” means a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;”;
(e)for the definition of “third-country parent undertaking” substitute—
““third-country parent undertaking” means a third-country parent institution, a third-country parent financial holding company or a third-country parent mixed financial holding company.”.
Textual Amendments
Commencement Information