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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 125.
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125.—(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter—
F1...
“group entity” includes an undertaking which is—
a parent undertaking of the [F2UK] parent undertaking; and
a mixed activity holding company which has at least one subsidiary which—
is an institution; and
is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company;
“group institution” means—
the [F3UK] parent undertaking, if it is a relevant institution;
a group subsidiary which is a relevant institution;
a group entity, other than an institution, which is—
“minimum consolidated requirement” means the requirement for a minimum level of own funds and eligible liabilities of the group institutions F7...;
“minimum requirement”, in relation to a group institution, means a minimum requirement for own funds and eligible liabilities F8...; and
“netting arrangement”—
in relation to an institution authorised by the PRA or FCA, means a title transfer collateral arrangement, set-off arrangement or netting arrangement (within the meaning given by section 48(1)(b), (c) and (d) of the Banking Act 2009);
F9...
(3) “Relevant institution”, in the definition of “group institution”, means an institution which—
(a)if authorised by the PRA or FCA, is not a mortgage credit institution within the meaning given in Chapter 1; and
(b)if set up in a country other than the United Kingdom, does not meet criteria which are equivalent in that country to the criteria set out in article 121(2).
Textual Amendments
F1Words in art. 125(2) 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. 3 para. 69(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Word in art. 125(2) 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. 3 para. 69(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in art. 125(2) 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. 3 para. 69(2)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in art. 125(2) 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. 3 para. 69(2)(c)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 125(2) 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. 3 para. 69(2)(c)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 125(2) 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. 3 para. 69(2)(c)(iii); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in art. 125(2) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 47(a)
F8Words in art. 125(2) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 47(b)
F9Words in art. 125(2) 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. 3 para. 69(2)(d); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1For the meaning of “resolution” see the recovery and resolution directive, Article 2.1, point (1).
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