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41.—(1) Section 89H (recognition of third-country resolution actions) is amended as follows.
(2) In subsection (4)—
(a)in paragraph (a) omit “or another EEA state”;
(b)in paragraph (c)—
(i)for “an EEA state” substitute “ the United Kingdom ”;
(ii)for “EEA state” substitute “ United Kingdom ”;
(iii)omit the word “third” before “country concerned”;
(c)in paragraph (e) omit “or contrary to a provision of EU law”.
(3) Omit subsection (6).
(4) In subsection (7)—
(a)omit the definitions of “EU institution” and “normal insolvency proceedings”;
(b)for the definition of “third-country institution” substitute—
““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;”;
(c)for the definition of “third-country parent undertaking” for the words from “has” to the end substitute “ 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; ”;
(d)in the definition of “third-country resolution action”—
(i)in the opening words, for “law of a third country” substitute “ law of a country or territory outside the United Kingdom ” and for “an EU institution” substitute “ a bank, building society, credit union or investment firm, ”;
(ii)in paragraph (a) for “EU institution” substitute “ a bank, building society, credit union or investment firm ”;
(iii)in paragraph (b) for “third country” substitute “ country or territory concerned ”;
(e)omit the definition of “third country”.
Commencement Information
I1Sch. 1 para. 41 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)