The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

Amendment of Commission Delegated Regulation (EU) 2016/778U.K.

This adran has no associated Memorandwm Esboniadol

1.—(1) Commission Delegated Regulation (EU) 2016/778 is amended as follows.

(2) In Article 1 (subject matter)—

(a)omit paragraph (a);

(b)in paragraph (b) for the words from “point (35)” to the end substitute “ the definition of “critical functions” in section 3(1) of the Banking Act 2009 (including as applied by that Act in relation to persons other than a bank) ”;

(c)in paragraph (c) for the words from “point (36)” to the end substitute “ the definition of “core business lines” in section 48B(14) of the Banking Act 2009 (including as applied in relation to other persons by that Act) ”;

(d)omit the words from “Those rules” to the end.

(3) In Article 2 (definitions) at the end insert—

(4) ‘resolution authority’ means the Bank of England;

(5) ‘institution’ has the meaning given in section 3A(8) of the Banking Act 2009;

(6) ‘group’ has the meaning given in section 3(2)(b) of the Banking Act 2009..

(4) Omit Chapter II (deferral of ex post contributions).

(5) In Article 6 (criteria relating to the determination of critical functions), in paragraph (2), in point (b), for “, national or European” substitute “ or national ”.

(6) After Article 8 omit the sentence beginning “This regulation shall be binding”.

Commencement Information

I1Sch. 5 para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)