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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
- SCHEDULE 1
- Paragraph 45
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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, Paragraph 45 is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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45.—(1) The modified version of section 6E substituted by subsection (4) is amended as follows.U.K.
(2) In subsection (5) omit the words from “(within” to “directive)”.
(3) After subsection (5) insert—
“(5A) In subsection (5)(b) “relevant third-country authority” means an authority in a country or territory outside the United Kingdom that has functions corresponding to the stabilisation powers of the Bank of England, the FCA or the PRA.”.
(4) For subsection (6) substitute—
“(6) The valuation carried out under this section must follow the methodology specified in—
(a)any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are retained EU law, or
(b)technical standards made under subsection 12(a).”.
(5) In subsection (8) for “third country” substitute “ country or territory outside the United Kingdom ”.
(6) For subsection (11) substitute—
“(11) A provisional valuation carried out under subsection (1) must make provision in respect of additional losses by the third-country institution in accordance with—
(a)any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far are as they are retained EU law, or
(b)technical standards made under subsection (12)(b).
(12) The Bank of England may make technical standards relating to—
(a)the methodology for assessing the value of the assets and liabilities of a branch for the purposes of a valuation under this section;
(b)the methodology for calculating and including a buffer for additional losses in the provisional valuation.”.
Commencement Information
I1Sch. 1 para. 45 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)
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