The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

Amendment of Commission Delegated Regulation (EU) 2016/778

1.—(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”.