Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(c) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

S. 89I(9A) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 23(b)

Words in s. 89H(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(a) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(e) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(c) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(d)(iii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(i) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

Word in s. 89H(4)(c) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(iii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89I(9) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

S. 89H(6) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(3) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(b) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Word in s. 89I(5) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 23(a)

Words in s. 89I(6) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(2); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(e) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(d)(ii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Pt. 1 Ch. 6, 7 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 103

Words in s. 89H(4)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(b)(ii) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(7) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(4)(d)(i) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 89H(4)(a) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 41(2)(a) (with reg. 8) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 10(a)); 2020 c. 1, Sch. 5 para. 1(1)

Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Words in s. 89I(9) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 1 para. 42(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-18Expert Participation2020-12-31Part 1Special Resolution RegimeChapter 6Third-country resolution actionsThird-country resolution actions
89HRecognition of third-country resolution actions1

This section applies where the Bank of England is notified of third-country resolution action in respect of a third-country institution or third-country parent undertaking.

2

The Bank must make an instrument which—

a

recognises the action, or

b

refuses to recognise the action, or

c

recognises part of the action and refuses to recognise the remainder.

An instrument within paragraph (a), (b) or (c) is a “third-country instrument” (as is an instrument under section 89I(4)(b)).

3

The Bank may only make a decision under subsection (2) with the approval of the Treasury.

4

Recognition of the action (or a part of it) may be refused only if the Bank and the Treasury are satisfied that one or more of the following conditions are satisfied—

a

recognition would have an adverse effect on financial stability in the United Kingdom ...;

b

the taking of action in relation to a branch located in the United Kingdom of a third-country institution is necessary to achieve one or more of the special resolution objectives;

c

under the third-country resolution action creditors (including in particular depositors) located or payable in the United Kingdom would not, by reason of being located or payable in the United Kingdom, receive the same treatment as creditors (including depositors) who are located or payable in the ... country concerned and have similar legal rights;

d

recognition of, and taking action in support of, the third-country resolution action (or the part) would have material fiscal implications for the United Kingdom;

e

recognition would be unlawful under section 6 of the Human Rights Act 1998 (public authority not to act contrary to Human Rights Convention) ....

5

The recognition of third-country resolution action (or any part of it) is without prejudice to any normal insolvency proceedings.

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

In this section—

...

“group” has the meaning given by section 474 of the Companies Act 2006,

...

“third-country group company” means an undertaking—

a

which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and

b

in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking),

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;

“third-country parent undertaking” 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;

“third-country resolution action” means action under the law of a country or territory outside the United Kingdom to manage the failure or likely failure of a third-country institution, third country parent undertaking or a bank, building society, credit union or investment firm

a

the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking or a bank, building society, credit union or investment firm, broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and

b

the objectives of which are broadly comparable, in relation to the country or territory concerned, to the objectives in section 4 as they apply in relation to the United Kingdom;

...

89IEffect of recognition of third-country resolution action by Bank of England1

This section applies where an instrument under section 89H recognises any third-country resolution action (or a part of it).

2

The third-country resolution action (or part) produces the same legal effects in any part of the United Kingdom as it would have produced had it been made (with due authority) under the law of that part of the United Kingdom.

3

For the purposes of supporting, or giving full effect to, the third-county resolution action (or the part), the Bank of England may exercise, in relation to a third-country institution, a third-country parent undertaking or another third-country group company, one or more of the stabilisation options, or one or more of the stabilisation powers, available to the Bank in relation to a similar entity in the United Kingdom.

4

But, for the purposes of exercising a power by virtue of subsection (3), provision which could otherwise be made under this Part in a mandatory reduction instrument, share transfer instrument, property transfer instrument or resolution instrument may instead be made in—

a

the instrument made under section 89H recognising the third-country resolution action (or part), or

b

a further instrument made by the Bank of England under this section.

An instrument under paragraph (b) is a “third-country instrument” (as is an instrument under section 89H(2)(a), (b) or (c)).

5

This Part (other than this section) applies in relation to the exercise of any power by virtue of subsection (3), subject to subsections (6) to (9A) and any other necessary modifications.

6

Section 4 (special resolution objectives) has effect as if after subsection (9) there were inserted—

9A

Objective 8 is to support third-country resolution action with a view to promoting objectives which, in relation to the country or territory concerned, correspond to Objectives 1 to 7 in relation to the United Kingdom.

.

7

Sections 7 to 8ZA do not apply.

8

Section 60B (principle of no less favourable treatment) applies in relation to compensation arrangements in the case of third-country instruments in relation to any third-country resolution action (or a part of it) as if—

a

references to the initial instrument were to the first third-country instrument under section 89H recognising that action (or part), and

b

in subsection (3) the reference to the coming into effect of the initial instrument were a reference to the taking of the third-country resolution action recognised (or recognised in part) by that instrument.

9

Section 81B, 81ZBA and 81BA have effect in relation to the exercise of a stabilisation power in respect of a third-country group company as if for subsections (2) and (3) (in each case) there were substituted—

2

Condition 1 is that third-country resolution action has been taken in respect of a third-country institution, a third-country parent undertaking or another third-country group company, in the same group.

3

Condition 2 is that the Bank of England is satisfied that the exercise of the power in respect of the third-country group company is necessary, having regard to the public interest in the stability of the financial systems of the United Kingdom and the country or territory concerned.

3A

In subsections (2) and (3) “third-country resolution action”, “third-country institution”, “third-country parent undertaking”, and “third-country group company” have the meaning given by section 89H(7).

.

9A

Sections 81ZZBA, 81ZZBB, 81ZBB, 81ZBC, 81BB and 81BC do not apply.

10

Section 89H(7) applies for the purposes of this section.

89JThird-country instruments: supplementary provision1

Section 23 (incidental provision) applies to a third-country instrument as it applies to a share transfer instrument.

2

Section 24 (procedure: instruments) applies to a third-country instrument as it applies to a share transfer instrument, except that references in that section to the bank are to be read as references to the third-country institution, third-country parent undertaking or other third-country group company, to which the third-country instrument relates.

3

Section 76 (international obligation notice: general) applies in relation to the making of a third-country instrument under section 89H or 89I as it applies in relation to the exercise of a stabilisation power, except that—

a

for the purposes of section 76(3), section 4 is to be read subject to the modification in section 89I(6), and

b

in subsection (4), the reference to a bank is to be read as a reference to a third-country institution, a third-country parent undertaking or another third-country group company, in respect of which a third-country instrument is made.

4

Section 77 (international obligation notice: bridge bank) applies where the Bank of England has, by virtue of section 89I, transferred all or part of the business of a third-country institution, a third-country parent undertaking or another third-country group company, to a bridge bank as it applies where the Bank of England has transferred all or part of the business of a bank or banking group company to a bridge bank.

5

Section 89I(7) applies for the purposes of this section.

This XML file does not appear to have any style information associated with it. The document tree is shown below.
<akomaNtoso xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xsi:schemaLocation="http://docs.oasis-open.org/legaldocml/ns/akn/3.0 http://docs.oasis-open.org/legaldocml/akn-core/v1.0/cos01/part2-specs/schemas/akomantoso30.xsd">
<portion includedIn="http://www.legislation.gov.uk/id/ukpga/2009/1/part/1/chapter/6">
<meta>
<identification source="#source">
<FRBRWork>
<FRBRthis value="http://www.legislation.gov.uk/id/ukpga/2009/1/part/1/chapter/6"/>
<FRBRuri value="http://www.legislation.gov.uk/id/ukpga/2009/1/part/1/chapter/6"/>
<FRBRdate date="2009-02-12" name="enacted"/>
<FRBRauthor href="http://www.legislation.gov.uk/id/legislature/UnitedKingdomParliament"/>
<FRBRcountry value="GB-UKM"/>
<FRBRnumber value="1"/>
<FRBRname value="2009 c. 1"/>
<FRBRprescriptive value="true"/>
</FRBRWork>
<FRBRExpression>
<FRBRthis value="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31"/>
<FRBRuri value="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/2020-12-31"/>
<FRBRdate date="2020-12-31" name="validFrom"/>
<FRBRauthor href="#source"/>
<FRBRlanguage language="eng"/>
</FRBRExpression>
<FRBRManifestation>
<FRBRthis value="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.akn"/>
<FRBRuri value="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/2020-12-31/data.akn"/>
<FRBRdate date="2024-11-18Z" name="transform"/>
<FRBRauthor href="http://www.legislation.gov.uk"/>
<FRBRformat value="application/akn+xml"/>
</FRBRManifestation>
</identification>
<lifecycle source="#source">
<eventRef date="2009-02-12" type="generation" eId="enacted-date" source="#source"/>
<eventRef date="2015-01-01" type="amendment" source="#source"/>
<eventRef date="2020-12-28" type="amendment" source="#source"/>
<eventRef date="2022-12-16" type="amendment" source="#source"/>
<eventRef date="2023-08-29" type="amendment" source="#source"/>
<eventRef date="2015-01-01" eId="effective-date-1" source="#source"/>
<eventRef date="2020-12-31" eId="effective-date-2" source="#source"/>
<eventRef date="2021-04-29" eId="effective-date-3" source="#source"/>
<eventRef date="2022-01-01" eId="effective-date-4" source="#source"/>
<eventRef date="2022-12-16" eId="effective-date-5" source="#source"/>
</lifecycle>
<analysis source="#source">
<passiveModifications>
<textualMod type="insertion" eId="mod-key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<source href="#key-d24a5b6f42961d432f0670ae6dc83586"/>
<destination href="#part-1-chapter-6"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-317a20d92f37f6ca8843ec0dc8f5c895-1627557063529">
<source href="#key-317a20d92f37f6ca8843ec0dc8f5c895"/>
<destination href="#section-89H-4-c"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-d2d94f1cc7730c2768b3d0ecf78d0d70-1627557123037">
<source href="#key-d2d94f1cc7730c2768b3d0ecf78d0d70"/>
<destination href="#section-89H-4-c"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158">
<source href="#key-99e8f3c231cb11802ea4aed3ead11d23"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-024686daa8a5b78961f5b5f3c76c39c5-1627557445351">
<source href="#key-024686daa8a5b78961f5b5f3c76c39c5"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-e80f1ead003ad9e3313705d5726bc22a-1627557496282">
<source href="#key-e80f1ead003ad9e3313705d5726bc22a"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-e80f1ead003ad9e3313705d5726bc22a-1627557710329">
<source href="#key-e80f1ead003ad9e3313705d5726bc22a"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-c9b8f01a668ffc76ad7ca891ca9116e7-1627557736132">
<source href="#key-c9b8f01a668ffc76ad7ca891ca9116e7"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-26353a34e52f1c99ddb94eaec9d803ad-1627557776097">
<source href="#key-26353a34e52f1c99ddb94eaec9d803ad"/>
<destination href="#section-89H-7"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-a270dcbf362a32353b24ab9af4b796e8-1618914147719">
<source href="#key-a270dcbf362a32353b24ab9af4b796e8"/>
<destination href="#section-89I-5"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-bd99c1f0d686e64658b4fa1670fbeb42-1627558687863">
<source href="#key-bd99c1f0d686e64658b4fa1670fbeb42"/>
<destination href="#section-89I-6"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-fbde022c7f0559f509c66986a96df46d-1627558731604">
<source href="#key-fbde022c7f0559f509c66986a96df46d"/>
<destination href="#section-89I-9"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-82e570e90d3c27eeb3c5eb35d418dfa7-1627558783068">
<source href="#key-82e570e90d3c27eeb3c5eb35d418dfa7"/>
<destination href="#section-89I-9"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-0c9ce434f6634d1eaa2ca96df6231e32-1618914169419">
<source href="#key-0c9ce434f6634d1eaa2ca96df6231e32"/>
<destination href="#section-89I-9A"/>
</textualMod>
</passiveModifications>
<restrictions source="#source">
<restriction refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#body" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#section-89H" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#section-89I" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-1" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-1-chapter-6" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-1-chapter-6-crossheading-thirdcountry-resolution-actions" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#section-89H-2" refersTo="#e+w+s+ni" type="jurisdiction"/>
</restrictions>
</analysis>
<temporalData source="#source">
<temporalGroup eId="period1">
<timeInterval end="#effective-date-5" refersTo="#period-concept1"/>
</temporalGroup>
<temporalGroup eId="period2">
<timeInterval start="#effective-date-1" refersTo="#period-concept2"/>
</temporalGroup>
<temporalGroup eId="period3">
<timeInterval start="#effective-date-2" refersTo="#period-concept3"/>
</temporalGroup>
<temporalGroup eId="period4">
<timeInterval start="#effective-date-2" end="#effective-date-3" refersTo="#period-concept4"/>
</temporalGroup>
<temporalGroup eId="period5">
<timeInterval start="#effective-date-2" end="#effective-date-4" refersTo="#period-concept5"/>
</temporalGroup>
<temporalGroup eId="period6">
<timeInterval start="#effective-date-2" end="#effective-date-5" refersTo="#period-concept6"/>
</temporalGroup>
</temporalData>
<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<passiveRef href="http://www.legislation.gov.uk/id/ukpga/2012/21" showAs="Financial Services Act 2012"/>
<TLCLocation eId="e+w+s+ni" href="/ontology/jurisdictions/uk.EnglandWalesScotlandNorthernIreland" showAs="England, Wales, Scotland, Northern Ireland"/>
<TLCTerm eId="term-third-country-institution" href="/ontology/term/uk.third-country-institution" showAs="third-country institution"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2015.01.01" showAs="since 2015-01-01"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2020.12.31" showAs="since 2020-12-31"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2020.12.31-2021.04.29" showAs="from 2020-12-31 until 2021-04-29"/>
<TLCConcept eId="period-concept4" href="/ontology/time/2020.12.31-2022.01.01" showAs="from 2020-12-31 until 2022-01-01"/>
<TLCConcept eId="period-concept5" href="/ontology/time/2020.12.31-2022.12.16" showAs="from 2020-12-31 until 2022-12-16"/>
<TLCConcept eId="period-concept6" href="/ontology/time/-2022.12.16" showAs=" before 2022-12-16"/>
</references>
<notes source="#source">
<note class="commentary F" eId="key-024686daa8a5b78961f5b5f3c76c39c5">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/c">Sch. 1 para. 41(4)(c)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-0c9ce434f6634d1eaa2ca96df6231e32">
<p>
S. 89I(9A) inserted (28.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/23/b">23(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-1753575f57c44056472b3b20eb9c51b1">
<p>
Words in s. 89H(7) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/a">Sch. 1 para. 41(4)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-19708f0711613877ac6e6ce321d518cd">
<p>
Words in s. 89H(4)(e) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/c">Sch. 1 para. 41(2)(c)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-26353a34e52f1c99ddb94eaec9d803ad">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/d/iii">Sch. 1 para. 41(4)(d)(iii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-317a20d92f37f6ca8843ec0dc8f5c895">
<p>
Words in s. 89H(4)(c) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/i">Sch. 1 para. 41(2)(b)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary C" eId="key-3f368772f125ea1ae21ac6cfd6f06119">
<p>
Pt. 1 restricted (7.1.2010) by
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35">Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/2">2</ref>
</p>
</note>
<note class="commentary F" eId="key-435b3e4d55d1ee6e04c25a2f5e4ad12c">
<p>
Word in s. 89H(4)(c) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/iii">Sch. 1 para. 41(2)(b)(iii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-82e570e90d3c27eeb3c5eb35d418dfa7">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/9">s. 89I(9)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/3/b">Sch. 1 para. 42(3)(b)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-93fafca155f1664c640729b83d95136c">
<p>
S. 89H(6) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/3">Sch. 1 para. 41(3)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-99e8f3c231cb11802ea4aed3ead11d23">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/b">Sch. 1 para. 41(4)(b)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-a270dcbf362a32353b24ab9af4b796e8">
<p>
Word in s. 89I(5) substituted (28.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350">The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1350/regulation/23/a">23(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-bd99c1f0d686e64658b4fa1670fbeb42">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/6">s. 89I(6)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/2">Sch. 1 para. 42(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-c1830cd08e8a588baf84db2314ef8293">
<p>
Words in s. 89H(7) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/e">Sch. 1 para. 41(4)(e)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-c9b8f01a668ffc76ad7ca891ca9116e7">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/d/ii">Sch. 1 para. 41(4)(d)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-d24a5b6f42961d432f0670ae6dc83586">
<p>
Pt. 1 Ch. 6, 7 inserted (1.1.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/103">103</ref>
</p>
</note>
<note class="commentary F" eId="key-d2d94f1cc7730c2768b3d0ecf78d0d70">
<p>
Words in s. 89H(4)(c) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/b/ii">Sch. 1 para. 41(2)(b)(ii)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-e80f1ead003ad9e3313705d5726bc22a">
<p>
Words in s. 89H(7) substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/4/d/i">Sch. 1 para. 41(4)(d)(i)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-e8683344e60c46b9f5a94992e0a8485a">
<p>
Words in s. 89H(4)(a) omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/41/2/a">Sch. 1 para. 41(2)(a)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/8">reg. 8</ref>
) (as amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">S.I. 2020/1301</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/10/a">Sch. para. 10(a)</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary C" eId="key-f4fd0d520deafd39562d2dea05f424f5">
<p>
Pt. 1: power to amend conferred (1.3.2014) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33">Financial Services (Banking Reform) Act 2013 (c. 33)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/f">ss. 17(3)(f)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/148/5">148(5)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/b">art. 2(1)(b)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/2">Sch. Pt. 2</ref>
</p>
</note>
<note class="commentary F" eId="key-fbde022c7f0559f509c66986a96df46d">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/89I/9">s. 89I(9)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394">The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/regulation/1/2">reg. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1394/schedule/1/paragraph/42/3/a">Sch. 1 para. 42(3)(a)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
</notes>
<proprietary xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" xmlns:atom="http://www.w3.org/2005/Atom" source="#source">
<ukl:RestrictStartDate value="2020-12-31"/>
<ukl:RestrictEndDate value="2021-04-29"/>
<dc:identifier>http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31</dc:identifier>
<dc:title>Banking Act 2009</dc:title>
<dc:description>An Act to make provision about banking.</dc:description>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2024-05-18</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2020-12-31</dct:valid>
<atom:link rel="self" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.xml" type="application/xml"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/resources" href="http://www.legislation.gov.uk/ukpga/2009/1/resources" title="More Resources"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes" href="http://www.legislation.gov.uk/id/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/notes" title="Explanatory Notes"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/notes/toc" href="http://www.legislation.gov.uk/ukpga/2009/1/notes/contents" title="Explanatory Notes Table of Contents"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/act" href="http://www.legislation.gov.uk/ukpga/2009/1/2020-12-31" title="whole act"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/introduction" href="http://www.legislation.gov.uk/ukpga/2009/1/introduction/2020-12-31" title="introduction"/>
<atom:link rel="http://www.legislation.gov.uk/def/navigation/body" href="http://www.legislation.gov.uk/ukpga/2009/1/body/2020-12-31" title="body"/>
<atom:link rel="alternate" type="application/rdf+xml" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.rdf" title="RDF/XML"/>
<atom:link rel="alternate" type="application/akn+xml" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.akn" title="AKN"/>
<atom:link rel="alternate" type="application/xhtml+xml" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.xht" title="HTML snippet"/>
<atom:link rel="alternate" type="text/html" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.htm" title="Website (XHTML) Default View"/>
<atom:link rel="alternate" type="text/csv" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.csv" title="CSV"/>
<atom:link rel="alternate" type="application/pdf" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.pdf" title="PDF"/>
<atom:link rel="alternate" type="application/akn+xhtml" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-31/data.html" title="HTML5 snippet"/>
<atom:link rel="http://purl.org/dc/terms/tableOfContents" hreflang="en" href="http://www.legislation.gov.uk/ukpga/2009/1/contents/2020-12-31" title="Table of Contents"/>
<atom:link rel="http://purl.org/dc/terms/replaces" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-28" title="2020-12-28"/>
<atom:link rel="http://purl.org/dc/terms/isReplacedBy" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2022-12-16" title="2022-12-16"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2015-01-01" title="2015-01-01"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2020-12-28" title="2020-12-28"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2022-12-16" title="2022-12-16"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions/2023-08-29" title="2023-08-29"/>
<atom:link rel="http://purl.org/dc/terms/hasVersion" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/crossheading/thirdcountry-resolution-actions" title="current"/>
<atom:link rel="up" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/6/2020-12-31" title="Part 1 Chapter 6"/>
<atom:link rel="prev" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/crossheading/uk-clearing-houses/2020-12-31" title="Crossheading; Part 1 Crossheading; Recognised central counterparties"/>
<atom:link rel="prevInForce" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/crossheading/uk-clearing-houses/2020-12-31" title="Crossheading; Part 1 Crossheading; Recognised central counterparties"/>
<atom:link rel="next" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/7/crossheading/1/2020-12-31" title="Crossheading; Part 1 Chapter 7 Crossheading; "/>
<atom:link rel="nextInForce" href="http://www.legislation.gov.uk/ukpga/2009/1/part/1/chapter/7/crossheading/1/2020-12-31" title="Crossheading; Part 1 Chapter 7 Crossheading; "/>
<ukm:PrimaryMetadata>
<ukm:DocumentClassification>
<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
<ukm:DocumentStatus Value="revised"/>
</ukm:DocumentClassification>
<ukm:Year Value="2009"/>
<ukm:Number Value="1"/>
<ukm:EnactmentDate Date="2009-02-12"/>
<ukm:ISBN Value="9780105450184"/>
<ukm:UnappliedEffects>
<ukm:UnappliedEffect AffectingURI="http://www.legislation.gov.uk/id/ukpga/2012/21" AffectedClass="UnitedKingdomPublicGeneralAct" URI="http://www.legislation.gov.uk/id/effect/key-7455a3adf89e32b35f6ac8cdf42c31d1" Type="inserted" AffectingYear="2012" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2009/1" AffectingProvisions="s. 96(3)" AffectingNumber="21" Row="166" Modified="2024-02-13T13:42:44Z" AffectedExtent="E+W+S+N.I." AffectingClass="UnitedKingdomPublicGeneralAct" AffectingEffectsExtent="E+W+S+N.I." EffectId="key-7455a3adf89e32b35f6ac8cdf42c31d1" RequiresApplied="true" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" AffectedNumber="1" AffectedYear="2009" AffectedProvisions="s. 4(8A) (8B)">
<ukm:AffectedTitle>Banking Act 2009</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-4-8A" URI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/4/8A" FoundRef="section-4">s. 4(8A)</ukm:Section>
<ukm:Section Ref="section-4-8B" URI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/4/8B" FoundRef="section-4">(8B)</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Financial Services Act 2012</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-96-3" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/96/3">s. 96(3)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="schedule-20" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-122-3" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
<ukm:UnappliedEffect RequiresApplied="true" Type="inserted" AffectedExtent="E+W+S+N.I." AffectingProvisions="s. 96(4)(b)" AffectedProvisions="s. 8(2)(d) and word" AffectingYear="2012" AffectedYear="2009" AffectingNumber="21" AffectingEffectsExtent="E+W+S+N.I." AffectingClass="UnitedKingdomPublicGeneralAct" AffectingURI="http://www.legislation.gov.uk/id/ukpga/2012/21" AffectedClass="UnitedKingdomPublicGeneralAct" Row="231" Modified="2024-02-13T13:42:44Z" AffectedURI="http://www.legislation.gov.uk/id/ukpga/2009/1" AffectedNumber="1" AffectedEffectsExtent="S+A+M+E+A+S+A+F+F+E+C+T+E+D" URI="http://www.legislation.gov.uk/id/effect/key-d8a63745bbb1439c835cfacc25903209" EffectId="key-d8a63745bbb1439c835cfacc25903209">
<ukm:AffectedTitle>Banking Act 2009</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section Ref="section-8-2-d" URI="http://www.legislation.gov.uk/id/ukpga/2009/1/section/8/2/d" FoundRef="section-8">s. 8(2)(d)</ukm:Section>
and word
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Financial Services Act 2012</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-96-4-b" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/96/4/b">s. 96(4)(b)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:Savings>
<ukm:Section Ref="schedule-20" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ukm:Section>
</ukm:Savings>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-122-3" URI="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ukm:Section>
</ukm:CommencementAuthority>
<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
</ukm:InForceDates>
</ukm:UnappliedEffect>
</ukm:UnappliedEffects>
</ukm:PrimaryMetadata>
<ukm:Notes>
<ukm:Note IdURI="http://www.legislation.gov.uk/id/ukpga/2009/1/notes"/>
<ukm:Alternatives>
<ukm:Alternative Date="2009-02-25" URI="http://www.legislation.gov.uk/ukpga/2009/1/pdfs/ukpgaen_20090001_en.pdf" Title="Explanatory Note"/>
</ukm:Alternatives>
</ukm:Notes>
<ukm:Alternatives>
<ukm:Alternative Date="2009-02-13" URI="http://www.legislation.gov.uk/ukpga/2009/1/pdfs/ukpga_20090001_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="440"/>
<ukm:BodyParagraphs Value="440"/>
<ukm:ScheduleParagraphs Value="0"/>
<ukm:AttachmentParagraphs Value="0"/>
<ukm:TotalImages Value="0"/>
</ukm:Statistics>
</proprietary>
</meta>
<portionBody eId="body" period="#period3">
<part eId="part-1" period="#period5">
<num>
<noteRef href="#key-3f368772f125ea1ae21ac6cfd6f06119" marker="C1" class="commentary C"/>
<noteRef href="#key-f4fd0d520deafd39562d2dea05f424f5" marker="C2" class="commentary C"/>
<strong>Part 1</strong>
</num>
<heading>Special Resolution Regime</heading>
<chapter eId="part-1-chapter-6" period="#period6">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453 first">
<noteRef href="#key-d24a5b6f42961d432f0670ae6dc83586" marker="F15" class="commentary attribute F"/>
Chapter 6
</ins>
</num>
<heading>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Third-country resolution actions</ins>
</heading>
<hcontainer name="crossheading" eId="part-1-chapter-6-crossheading-thirdcountry-resolution-actions" period="#period6">
<heading>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Third-country resolution actions</ins>
</heading>
<section eId="section-89H" period="#period6">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">89H</ins>
</num>
<heading>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Recognition of third-country resolution actions</ins>
</heading>
<subsection eId="section-89H-1">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">1</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">This section applies where the Bank of England is notified of third-country resolution action in respect of a third-country institution or third-country parent undertaking.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-2" period="#period1">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">2</ins>
</num>
<intro>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">The Bank must make an instrument which—</ins>
</p>
</intro>
<paragraph eId="section-89H-2-a">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">recognises the action, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-2-b">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">b</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">refuses to recognise the action, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-2-c">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">c</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">recognises part of the action and refuses to recognise the remainder.</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">An instrument within paragraph (a), (b) or (c) is a “third-country instrument” (as is an instrument under section 89I(4)(b)).</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-89H-3">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">3</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">The Bank may only make a decision under subsection (2) with the approval of the Treasury.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-4">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">4</ins>
</num>
<intro>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Recognition of the action (or a part of it) may be refused only if the Bank and the Treasury are satisfied that one or more of the following conditions are satisfied—</ins>
</p>
</intro>
<paragraph eId="section-89H-4-a">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">recognition would have an adverse effect on financial stability in the United Kingdom </ins>
<noteRef href="#key-e8683344e60c46b9f5a94992e0a8485a" marker="F18" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">...</ins>
<abbr class="Acronym" title="European Economic Area"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-4-b">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">b</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">the taking of action in relation to a branch located in the United Kingdom of a third-country institution is necessary to achieve one or more of the special resolution objectives;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-4-c">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">c</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">under the third-country resolution action creditors (including in particular depositors) located or payable in </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-317a20d92f37f6ca8843ec0dc8f5c895-1627557063529 first last">
<noteRef href="#key-317a20d92f37f6ca8843ec0dc8f5c895" marker="F6" class="commentary attribute F"/>
the United Kingdom
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> would not, by reason of being located or payable in the </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-d2d94f1cc7730c2768b3d0ecf78d0d70-1627557123037 first last">
<noteRef href="#key-d2d94f1cc7730c2768b3d0ecf78d0d70" marker="F16" class="commentary attribute F"/>
United Kingdom
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">, receive the same treatment as creditors (including depositors) who are located or payable in the </ins>
<noteRef href="#key-435b3e4d55d1ee6e04c25a2f5e4ad12c" marker="F7" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">... country concerned and have similar legal rights;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-4-d">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">d</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">recognition of, and taking action in support of, the third-country resolution action (or the part) would have material fiscal implications for the United Kingdom;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89H-4-e">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">e</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">recognition would be unlawful under section 6 of the Human Rights Act 1998 (public authority not to act contrary to Human Rights Convention) </ins>
<noteRef href="#key-19708f0711613877ac6e6ce321d518cd" marker="F4" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">...</ins>
<abbr class="Acronym" title="European Union"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-89H-5">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">5</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">The recognition of third-country resolution action (or any part of it) is without prejudice to any normal insolvency proceedings.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-6">
<num>
<noteRef href="#key-93fafca155f1664c640729b83d95136c" marker="F9" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">6</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</subsection>
<subsection eId="section-89H-7">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">7</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">In this section—</ins>
</p>
<blockList class="unordered">
<item>
<p>
<noteRef href="#key-1753575f57c44056472b3b20eb9c51b1" marker="F3" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">...</ins>
<abbr class="Acronym" title="European Union"/>
</p>
</item>
<item>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">“group” has the meaning given by section 474 of the Companies Act 2006,</ins>
</p>
</item>
<item>
<p>
<noteRef href="#key-1753575f57c44056472b3b20eb9c51b1" marker="F3" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">...</ins>
</p>
</item>
<item>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">“third-country group company” means an undertaking—</ins>
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">which is (or, but for third-country resolution action or the exercise of a stabilisation power, would be) in the same group as a third-country institution or a third-country parent undertaking, and</ins>
</p>
</item>
<item>
<num>b</num>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">in respect of which any conditions specified in an order made by the Treasury under section 81D are met (applying that order as if references to the bank were references to the third-country institution or third-country parent undertaking),</ins>
</p>
</item>
</blockList>
</item>
<item>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158 first">
<noteRef href="#key-99e8f3c231cb11802ea4aed3ead11d23" marker="F10" class="commentary attribute F"/>
</ins>
</ins>
<term refersTo="#term-third-country-institution">
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158">third-country institution</ins>
</ins>
</term>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-99e8f3c231cb11802ea4aed3ead11d23-1627557402158 last">” 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;</ins>
</ins>
</p>
</item>
<item>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">“third-country parent undertaking” </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-024686daa8a5b78961f5b5f3c76c39c5-1627557445351 first last">
<noteRef href="#key-024686daa8a5b78961f5b5f3c76c39c5" marker="F1" class="commentary attribute F"/>
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
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">;</ins>
</p>
</item>
<item>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">“third-country resolution action” means action under the </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-e80f1ead003ad9e3313705d5726bc22a-1627557496282 first last">
<noteRef href="#key-e80f1ead003ad9e3313705d5726bc22a" marker="F17" class="commentary attribute F"/>
law of a country or territory outside the United Kingdom
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> to manage the failure or likely failure of a third-country institution, third country parent undertaking or </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-e80f1ead003ad9e3313705d5726bc22a-1627557710329 first last">
<noteRef href="#key-e80f1ead003ad9e3313705d5726bc22a" marker="F17" class="commentary attribute F"/>
a bank, building society, credit union or investment firm
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"></ins>
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">the anticipated results of which are, in relation to a third-country institution or third-country parent undertaking or </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-c9b8f01a668ffc76ad7ca891ca9116e7-1627557736132 first last">
<noteRef href="#key-c9b8f01a668ffc76ad7ca891ca9116e7" marker="F14" class="commentary attribute F"/>
a bank, building society, credit union or investment firm
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">, broadly comparable to results which could have been anticipated from the exercise of a stabilisation option in relation to an entity in the United Kingdom corresponding to the institution or undertaking, and</ins>
</p>
</item>
<item>
<num>b</num>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">the objectives of which are broadly comparable, in relation to the </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-26353a34e52f1c99ddb94eaec9d803ad-1627557776097 first last">
<noteRef href="#key-26353a34e52f1c99ddb94eaec9d803ad" marker="F5" class="commentary attribute F"/>
country or territory concerned
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">, to the objectives in section 4 as they apply in relation to the United Kingdom;</ins>
</p>
</item>
</blockList>
</item>
<item>
<p>
<noteRef href="#key-c1830cd08e8a588baf84db2314ef8293" marker="F13" class="commentary F"/>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">...</ins>
</p>
</item>
</blockList>
</content>
</subsection>
</section>
<section eId="section-89I" period="#period3">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">89I</ins>
</num>
<heading>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Effect of recognition of third-country resolution action by Bank of England</ins>
</heading>
<subsection eId="section-89I-1">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">1</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">This section applies where an instrument under section 89H recognises any third-country resolution action (or a part of it).</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-2">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">2</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">The third-country resolution action (or part) produces the same legal effects in any part of the United Kingdom as it would have produced had it been made (with due authority) under the law of that part of the United Kingdom.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-3">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">3</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">For the purposes of supporting, or giving full effect to, the third-county resolution action (or the part), the Bank of England may exercise, in relation to a third-country institution, a third-country parent undertaking or another third-country group company, one or more of the stabilisation options, or one or more of the stabilisation powers, available to the Bank in relation to a similar entity in the United Kingdom.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-4">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">4</ins>
</num>
<intro>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">But, for the purposes of exercising a power by virtue of subsection (3), provision which could otherwise be made under this Part in a mandatory reduction instrument, share transfer instrument, property transfer instrument or resolution instrument may instead be made in—</ins>
</p>
</intro>
<paragraph eId="section-89I-4-a">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">the instrument made under section 89H recognising the third-country resolution action (or part), or</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89I-4-b">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">b</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a further instrument made by the Bank of England under this section.</ins>
</p>
</content>
</paragraph>
</subsection>
<hcontainer name="wrapper">
<content>
<p class="indented">
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">An instrument under paragraph (b) is a “third-country instrument” (as is an instrument under section 89H(2)(a), (b) or (c)).</ins>
</p>
</content>
</hcontainer>
<subsection eId="section-89I-5">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">5</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">This Part (other than this section) applies in relation to the exercise of any power by virtue of subsection (3), subject to subsections (6) to </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-a270dcbf362a32353b24ab9af4b796e8-1618914147719 first last">
<noteRef href="#key-a270dcbf362a32353b24ab9af4b796e8" marker="F11" class="commentary attribute F"/>
(9A)
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> and any other necessary modifications.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-6">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">6</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 4 (special resolution objectives) has effect as if after subsection (9) there were inserted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown double" startQuote="" endQuote="">
<subsection eId="d4e478">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">9A</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Objective 8 is to support third-country resolution action with a view to promoting objectives which, in relation to the </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-bd99c1f0d686e64658b4fa1670fbeb42-1627558687863 first last">
<noteRef href="#key-bd99c1f0d686e64658b4fa1670fbeb42" marker="F12" class="commentary attribute F"/>
country or territory
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> concerned, correspond to Objectives 1 to 7 in relation to the United Kingdom.</ins>
</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">.</ins>
</inline>
</p>
</content>
</subsection>
<subsection eId="section-89I-7">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">7</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Sections 7 to 8ZA do not apply.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-8">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">8</ins>
</num>
<intro>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 60B (principle of no less favourable treatment) applies in relation to compensation arrangements in the case of third-country instruments in relation to any third-country resolution action (or a part of it) as if—</ins>
</p>
</intro>
<paragraph eId="section-89I-8-a">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">references to the initial instrument were to the first third-country instrument under section 89H recognising that action (or part), and</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89I-8-b">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">b</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">in subsection (3) the reference to the coming into effect of the initial instrument were a reference to the taking of the third-country resolution action recognised (or recognised in part) by that instrument.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-89I-9">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">9</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 81B, 81ZBA and 81BA have effect in relation to the exercise of a stabilisation power in respect of a third-country group company as if for subsections (2) and (3) (in each case) there were substituted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown double" startQuote="" endQuote="">
<subsection eId="d4e535">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">2</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Condition 1 is that third-country resolution action has been taken in respect of a third-country institution, a third-country parent undertaking or another third-country group company, in the same group.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e543">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">3</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Condition 2 is that the Bank of England is satisfied that the exercise of the power in respect of the third-country group company is necessary, having regard to the public interest in the stability of the financial systems of the United Kingdom and the </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-fbde022c7f0559f509c66986a96df46d-1627558731604 first last">
<noteRef href="#key-fbde022c7f0559f509c66986a96df46d" marker="F19" class="commentary attribute F"/>
country or territory
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> concerned.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e556">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">3A</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">In subsections (2) and (3) “third-country resolution action”, “third-country institution”, “third-country parent undertaking”, </ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="substitution key-82e570e90d3c27eeb3c5eb35d418dfa7-1627558783068 first last">
<noteRef href="#key-82e570e90d3c27eeb3c5eb35d418dfa7" marker="F8" class="commentary attribute F"/>
and “third-country group company”
</ins>
</ins>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453"> have the meaning given by section 89H(7).</ins>
</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">.</ins>
</inline>
</p>
</content>
</subsection>
<subsection eId="section-89I-9A">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="key-0c9ce434f6634d1eaa2ca96df6231e32-1618914169419 first">
<noteRef href="#key-0c9ce434f6634d1eaa2ca96df6231e32" marker="F2" class="commentary attribute F"/>
9A
</ins>
</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">
<ins class="key-0c9ce434f6634d1eaa2ca96df6231e32-1618914169419 last">Sections 81ZZBA, 81ZZBB, 81ZBB, 81ZBC, 81BB and 81BC do not apply.</ins>
</ins>
</p>
</content>
</subsection>
<subsection eId="section-89I-10">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">10</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 89H(7) applies for the purposes of this section.</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-89J" period="#period2">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">89J</ins>
</num>
<heading>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Third-country instruments: supplementary provision</ins>
</heading>
<subsection eId="section-89J-1">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">1</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 23 (incidental provision) applies to a third-country instrument as it applies to a share transfer instrument.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-2">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">2</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 24 (procedure: instruments) applies to a third-country instrument as it applies to a share transfer instrument, except that references in that section to the bank are to be read as references to the third-country institution, third-country parent undertaking or other third-country group company, to which the third-country instrument relates.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-3">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">3</ins>
</num>
<intro>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 76 (international obligation notice: general) applies in relation to the making of a third-country instrument under section 89H or 89I as it applies in relation to the exercise of a stabilisation power, except that—</ins>
</p>
</intro>
<paragraph eId="section-89J-3-a">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">a</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">for the purposes of section 76(3), section 4 is to be read subject to the modification in section 89I(6), and</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-89J-3-b">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">b</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">in subsection (4), the reference to a bank is to be read as a reference to a third-country institution, a third-country parent undertaking or another third-country group company, in respect of which a third-country instrument is made.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-89J-4">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">4</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">Section 77 (international obligation notice: bridge bank) applies where the Bank of England has, by virtue of section 89I, transferred all or part of the business of a third-country institution, a third-country parent undertaking or another third-country group company, to a bridge bank as it applies where the Bank of England has transferred all or part of the business of a bank or banking group company to a bridge bank.</ins>
</p>
</content>
</subsection>
<subsection eId="section-89J-5">
<num>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453">5</ins>
</num>
<content>
<p>
<ins class="key-d24a5b6f42961d432f0670ae6dc83586-1582896642453 last">Section 89I(7) applies for the purposes of this section.</ins>
</p>
</content>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</portionBody>
</portion>
</akomaNtoso>