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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
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- UK Statutory Instruments
- 2018 No. 1394
- Regulation 8
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Transitional provisions: pre-exit EEA resolution action
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8.—(1) Section 89H of the Banking Act 2009 (recognition of third-country resolution actions) does not apply in relation to any of the following where taken before exit day under the law of an EEA State other than the United Kingdom—
(a)the application of a resolution tool within the meaning of Article 2.1(19) of the recovery and resolution directive;
(b)the exercise of a resolution power within the meaning of Article 2.1(20) of the recovery and resolution directive;
(c)any other measure to which Article 66 of the recovery and resolution directive applied immediately before exit day.
(2) In paragraph (1) “recovery and resolution directive” has the meaning given in section 3(1) of the Banking Act 2009.
(3) Paragraph (1) is without prejudice to the provision made by paragraph 37 of Schedule 8 to the European Union (Withdrawal) Act 2018.
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