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The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020

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This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked) No. 1350

Resolution of banks not regulated by the PRA

This section has no associated Explanatory Memorandum

21.—(1) In section 83A (modifications of Part 1 for banks not regulated by the PRA), the Table of modifications in subsection (2) is amended as follows.

(2) In the appropriate places, insert—

“Section 81ZZBATreat the reference to the PRA in subsection (4) as a reference to the FCA.”
“Section 81ZZBB

(a) Treat the references to the PRA in subsections (2) and (6) as references to the FCA.

(b) Subsections (7)(b) and (8)(b) do not apply unless the banking group company has as a member of its immediate group a PRA-authorised person.”

“Section 81ZBBTreat the reference to the PRA in subsection (4) as a reference to the FCA.”
“Section 81ZBC

(a) Treat the references to the PRA in subsections (2) and (6) as references to the FCA.

(b) Subsections (7)(b) and (8)(b) do not apply unless the banking group company has as a member of its immediate group a PRA-authorised person.”

“Section 81BBTreat the reference to the PRA in subsection (4) as a reference to the FCA.”
“Section 81BC

(a) Treat the references to the PRA in subsections (2) and (6) as references to the FCA.

(b) Subsections (7)(b) and (8)(b) do not apply unless the banking group company has as a member of its immediate group a PRA-authorised person.”

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