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

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Changes over time for: Paragraph 41

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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, Paragraph 41 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

Third-country resolution actionsU.K.

This section has no associated Explanatory Memorandum

41.—(1) Section 89H (recognition of third-country resolution actions) is amended as follows.

(2) In subsection (4)—

(a)in paragraph (a) omit “or another EEA state”;

(b)in paragraph (c)—

(i)for “an EEA state” substitute “ the United Kingdom ”;

(ii)for “EEA state” substitute “ United Kingdom ”;

(iii)omit the word “third” before “country concerned”;

(c)in paragraph (e) omit “or contrary to a provision of EU law”.

(3) Omit subsection (6).

(4) In subsection (7)—

(a)omit the definitions of “EU institution” and “normal insolvency proceedings”;

(b)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;;

(c)for the definition of “third-country parent undertaking” for the words from “has” to the end substitute “ means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom; ”;

(d)in the definition of “third-country resolution action”—

(i)in the opening words, for “law of a third country” substitute “ law of a country or territory outside the United Kingdom ” and for “an EU institution” substitute “ a bank, building society, credit union or investment firm, ”;

(ii)in paragraph (a) for “EU institution” substitute “ a bank, building society, credit union or investment firm ”;

(iii)in paragraph (b) for “third country” substitute “ country or territory concerned ”;

(e)omit the definition of “third country”.

Commencement Information

I1Sch. 1 para. 41 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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