Group resolution planU.K.
25.—(1) Article 40 (the Bank's duty to draw up group resolution plans) is amended as follows.
(2) In paragraph (1) omit “Where every group entity is set up in the United Kingdom,”.
(3) Omit paragraph (2).
(4) In paragraph (3) for the words from “contain” to the end substitute—
“(a)contain the information, and be drawn up with regard to the considerations, set out in Schedule 2; and
(b)contain information specified in any technical standards made under paragraph (3A).”.
(5) After paragraph (3) insert—
“(3A) Taking into account the diversity of business models of groups in the United Kingdom, the Bank may make technical standards relating to information to be contained in the group resolution plan.”.
(6) After paragraph (4) insert—
“(4A) The Bank may make technical standards relating to—
(a)the procedures for the provision of information under paragraph (4)(a); and
(b)a minimum set of standard forms and templates for such provision of information.”.
(7) Omit paragraph (5)(b) and (c).
(8) In paragraph (6) for “any EEA State” substitute “ the United Kingdom ”.
(9) In paragraph (7) for “a resolution authority or competent authority” substitute “ the Bank under Part 1 of the Banking Act 2009 or the PRA or the FCA under FSMA ”.
(10) After paragraph (7) insert—
“(8) In paragraph (7)—
“branch” has the meaning given in point (17) of Article 4.1 of the capital requirements regulation; and
“significant branch” shall be construed with regard, in particular, to the following—
whether the market share of the branch in terms of deposits exceeds 2% in the third country;
the likely impact of a suspension or closure of the operations of the institution on systemic liquidity and the payment, clearing and settlement systems in the third country;
the size and importance of the branch in terms of number of clients within the context of the banking or financial system of the third country.”.
Commencement Information
I1Sch. 3 para. 25 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)