The Credit Institutions (Reorganisation and Winding up) Regulations 2004

PART 5 U.K. Third Country Credit Institutions

Interpretation of this Part U.K.

36.—(1) In this Part—

(a) “relevant measure”, in relation to a third country credit institution, means—

(i) a winding up;

(ii) a provisional liquidation; F1 ...

(iii) an administration order made under paragraph 13 of Schedule B1 to the 1986 Act [F2 , paragraph 14 of Schedule B1 to the 1989 Order,] section 8(1) of the 1986 Act [F3 or Article 21(1) of the 1989 Order] as the case may be; [F4 or

(iv) the making of a stabilisation instrument.]

(b) “third country credit institution” means a person—

(i) who has permission under the 2000 Act to accept deposits or to issue electronic money as the case may be; and

(ii) whose head office is not in the United Kingdom or an EEA State.

(2) In paragraph (1), the definition of “third country credit institution” must be read with—

(a) section 22 of the 2000 Act;

(b) any relevant order made under that section; and

(c) Schedule 2 to that Act.

Textual Amendments

F1 Word in reg. 36(1)(a) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(11)(a)

F2 Words in reg. 36(1)(a)(iii) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(17)(a)

F3 Words in reg. 36(1)(a)(iii) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(17)(b)

F4 Reg. 36(1)(a)(iv) and word added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(11)(b)

Application of these Regulations to a third country credit institution U.K.

37.  Regulations 9 and 10 apply where a third country credit institution is subject to a relevant measure, as if references in those regulations to a UK credit institution included a reference to a third country credit institution.

Disclosure of confidential information: third country credit institution U.K.

38.—(1) This regulation applies to information (“insolvency practitioner information”) which—

(a) relates to the business or other affairs of any person; and

(b) is information of a kind mentioned in paragraph (2).

(2) Information falls within paragraph (1)(b) if it is supplied to—

(a) the [F5 FCA or the PRA] by an EEA regulator; or

(b) an insolvency practitioner by an EEA administrator or liquidator,

in accordance with or pursuant to Articles 8 or 19 of the reorganisation and winding up directive.

(3) Subject to paragraphs [F6 (4), (5), (6) and (8) ] sections 348, 349 and 352 of the 2000 Act apply in relation to insolvency practitioner information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of that Act.

(4) For the purposes of this regulation, sections 348, 349 and 352 of the 2000 Act and the Disclosure Regulations have effect as if the primary recipients specified in subsection (5) of section 348 of the 2000 Act included an insolvency practitioner.

(5) Insolvency practitioner information is not subject to the restrictions on disclosure imposed by section 348(1) of the 2000 Act (as it applies by virtue of paragraph (2)) if it satisfies any of the criteria set out in section 348(4) of the 2000 Act.

(6) The Disclosure Regulations apply in relation to insolvency practitioner information as they apply in relation to single market F7 ... information (within the meaning of those Regulations).

(7) In this regulation—

“EEA administrator” and “EEA liquidator” mean an administrator or liquidator of a third country credit institution as the case may be within the meaning of the reorganisation and winding up directive;

“insolvency practitioner” means an insolvency practitioner, within the meaning of section 388 of the 1986 Act or Article 3 of the 1989 Order, who is appointed or acts in relation to a third country credit institution.

[F8 (8) The sections of the 2000 Act specified in paragraph (3) apply with the additional modifications set out in section 89L of the Banking Act 2009 where that section applies.]

Textual Amendments

F5 Words in reg. 38(2)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(k) (with Sch. 2 para. 92)

F6 Words in reg. 38(3) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(12)(a)

F7 Word in reg. 38(6) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(12)(b)

F8 Reg. 38(8) added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(12)(c)