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

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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, Section 8 is up to date with all changes known to be in force on or before 18 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Transitional provisions: pre-exit EEA resolution actionU.K.

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8.—(1) Section 89H of the Banking Act 2009 (recognition of third-country resolution actions) does not apply in relation to any of the following where taken before [F1IP completion day] under the law of an EEA State other than the United Kingdom—

(a)the application of a resolution tool within the meaning of Article 2.1(19) of the recovery and resolution directive;

(b)the exercise of a resolution power within the meaning of Article 2.1(20) of the recovery and resolution directive;

(c)any other measure to which Article 66 of the recovery and resolution directive applied immediately before [F1IP completion day].

(2) In paragraph (1) “recovery and resolution directive” has the meaning given in section 3(1) of the Banking Act 2009.

(3) Paragraph (1) is without prejudice to the provision made by paragraph 37 of Schedule 8 to the European Union (Withdrawal) Act 2018.

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Commencement Information

I1Reg. 8 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)

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