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

48.—(1) The modified version of section 48B substituted by subsection (8) is amended as follows. U.K.

(2) In subsection (10)—

(a) in paragraph (f)(ii) for “as referred” to the end substitute “ within the meaning of rule 3 of Part 152 (remuneration) of the PRA rulebook (other than persons deemed by virtue of rule 3.2 not to be material risk takers and notified to the PRA in accordance with rule 3.2). ”;

(b) in paragraph (i), for the words from “Financial Services Compensation” to the end substitute “ the FSCS in relation to levies imposed by the scheme manager under section 213(3)(b) or (4) of the Financial Services and Markets Act 2000 ”.

(3) In subsection (12) omit paragraph (b) (and the “and” before it).

(4) In subsection (14)(c)—

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

(b) for “micro-enterprises, small enterprises or medium-sized enterprises” substitute “ micro, small and medium-sized enterprises ”.

(5) In subsection (15) for “third country” substitute “ country or territory outside the United Kingdom ”;

(6) In subsection (17)—

(a) at the appropriate place insert—

““core business lines” means business lines and associated services which represent material sources of revenue, profit or franchise value for the third-country institution or its UK branch (or in the case of an instrument made in relation to a resolution company, of the resolution company);”;

(b) for the words from “ “micro-enterprise”” to the end substitute—

““micro, small and medium-sized enterprises” means micro, small and medium-sized enterprises as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission Recommendation 2003/361/EC.”.

(7) After subsection (17) insert—

“(17A) For the purposes of the definition of “core business lines” Article 7 of Commission Delegated Regulation (EU) 2016/778 (criteria relating to the determination of core business lines) applies.

(17B) The Treasury may by regulations made by statutory instrument specify criteria for the determination of the business lines and associated services referred to in the definition of “core business lines”.

(17C) The power conferred by subsection (16) includes—

(a) power to amend or revoke Article 7 of Commission Delegated Regulation (EU) 2016/778; and

(b) power to amend or repeal subsection (17A).

(17D) A statutory instrument containing regulations under subsection (17B) is subject to annulment in pursuance of a resolution of either House of Parliament.”.

Commencement Information

I1 Sch. 1 para. 48 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)