40.—(1) The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014 M1 are amended as follows.
(2) In regulation 2—
(a)in paragraph (1), in the definition of “banking institution”, after paragraph (d) insert—
“(e)a third-country institution (within the meaning of section 89JA of the Act (resolution of UK branches of third-country institutions)).”;
(b)in paragraph (2), for “as applied by section 89A of the Act (application to investment firms)” substitute “ as applied with or without modifications by that Act as that Act has effect on the day on which the Bank Recovery and Resolution Order 2016 comes into force. ”.
(3) In regulation 3—
(a)in paragraph (3)(a), for “or 12ZA(3)” substitute “ , 12ZA(3) or 44D(2) ”;
(b)in paragraph (4)(b)—
(i)for “an associated” substitute “ a ”,
(ii)for “(within the meaning of section 44B(2))” substitute “ referred to in section 44B(2)(b) or in a property transfer instrument under section 43(2) ”.
Marginal Citations