The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 No. 341

PART 4 U.K. Temporary Designation Regime

[F1 Transitional provisions: bank stabilisation U.K.

18A.— (1) A temporarily designated system is to be treated as a “designated settlement system” for the purposes of section 48B (special bail-in provision) of the Banking Act 2009.

(2) An operator of a temporarily designated system is to be treated as an “excluded person” for the purposes of sections 70A to 70C (suspension of obligations, restriction of security interests, suspension of termination rights) of the Banking Act 2009.]

Textual Amendments

F1 Reg. 18A inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 20(5); 2020 c. 1, Sch. 5 para. 1(1)