SCHEDULE 5Amendments of Retained Direct EU legislation
Amendment of Commission Delegated Regulation (EU) 2016/778I11
1
Commission Delegated Regulation (EU) 2016/778 is amended as follows.
2
In Article 1 (subject matter)—
a
omit paragraph (a);
b
in paragraph (b) for the words from “point (35)” to the end substitute “
the definition of “critical functions” in section 3(1) of the Banking Act 2009 (including as applied by that Act in relation to persons other than a bank)
”
;
c
in paragraph (c) for the words from “point (36)” to the end substitute “
the definition of “core business lines” in section 48B(14) of the Banking Act 2009 (including as applied in relation to other persons by that Act)
”
;
d
omit the words from “Those rules” to the end.
3
In Article 2 (definitions) at the end insert—
4
‘resolution authority’ means the Bank of England;
5
‘institution’ has the meaning given in section 3A(8) of the Banking Act 2009;
6
‘group’ has the meaning given in section 3(2)(b) of the Banking Act 2009.
4
Omit Chapter II (deferral of ex post contributions).
5
In Article 6 (criteria relating to the determination of critical functions), in paragraph (2), in point (b), for “, national or European” substitute “
or national
”
.
6
After Article 8 omit the sentence beginning “This regulation shall be binding”.