The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked)

1Citation and commencement

PART 2Amendment of Primary Legislation made under the European Communities Act 1972

CHAPTER 1Amendment of the Financial Services and Markets Act 2000

2Amendment of the Financial Services and Markets Act 2000

CHAPTER 2Amendment of the Banking Act 2009

4Interpretation

5Removal of impediments to the exercise of stabilisation powers etc.

6Mandatory write-down, conversion etc.

7In section 6B (mandatory write-down, conversion, etc of capital instruments)...

8In section 6C (mandatory reduction instruments: implementation of requirements of...

9Bail-in: sequence of write-down and conversion of capital instruments and liabilities

10Special bail-in provision

11General interpretation of section 48B

12Pre-conditions for financial assistance: duty of Bank to give information

13Cases where mandatory write-down, conversion etc. applies: banking group companies

14Groups: sale to commercial purchaser and transfer to bridge bank: holding companies

15Groups: transfer to asset management vehicle: holding companies

16Groups: bail-in option: holding companies

17For the heading for section 81C substitute “ Sections 81AA...

18In section 81C (section 81B or 81ZBA: supplemental) —

19In the heading for section 81CA, after “Section 81BA” insert...

20In section 81CA(1), after “section 81BA” insert “ or section...

21Resolution of banks not regulated by the PRA

22Resolution of recognised central counterparties

23Recognition of third-country resolution actions

24Resolution of UK branches of third-country institutions

25Index of defined terms

PART 3Amendment of Secondary legislation made under the European Communities Act 1972

26Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999

27Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

28Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014

29Amendment of the Bank Recovery and Resolution (No.2) Order 2014

30In article 2(1) (a) in the definition of “the capital...

31In article 40, after paragraph (6) insert—

32In article 42(4), after “reasoned” insert “ and substantiated ”....

33In article 48(2)— (a) in the opening words omit “For...

34In article 53, for paragraph (2)(a) substitute—

35In article 61(2), after “take resolution action” insert “ in...

36In article 62— (a) in paragraph (2), at the end...

37In article 64(2)— (a) in the definition of “relevant proposals”—...

38In article 66— (a) in paragraph (3)(a), for “four month”...

39In article 68(2), at the end insert— “response period” means—...

40In article 71(1), for “four months” substitute “ the response...

41In article 72(1), for the words from “within four months”...

42In article 75(2), at the end insert— “response period” means—...

43After article 75, insert— Report on substantive impediments to the...

44In article 78(b), for “four months” substitute “ the response...

45In article 122(1)(a), omit “expressed as a percentage of the...

46In article 123(6), for the words from “criteria” to the...

47In article 125(2)— (a) in the definition of “minimum consolidated...

48In article 126— (a) in paragraph (1) at the end...

49In article 127(1), after “requirement” insert “ for a resolution...

50In article 128(1), in the opening words after “requirement” insert...

51In article 129(1), after “requirement” insert “ for each resolution...

52In article 131(1), after “requirement” insert “ for each resolution...

53In article 135(6)(a), for “Article 45.6 of the recovery and...

54In articles 139(1) and 146(1), omit “expressed as a percentage...

55In article 142(6)(a), after “recovery and resolution directive” insert “...

56In article 195(a), after “Union subsidiary” insert “ or a...

57In article 196— (a) in paragraph (1)(a), after “Union subsidiary”...

58In Schedule 1, in paragraph 4(2), in paragraphs (q) and...

59In Schedule 2, in paragraph 2— (a) in sub-paragraph (a),...

60In Schedule 4, for paragraph 23 substitute—

PART 4Amendment of legislation made under the European Union (Withdrawal) Act 2018

CHAPTER 1Amendment of Primary Legislation

61Amendment of the Banking Act 2009

62In section 3— (a) in the definition of “resolution entity”—...

63In section 48B (special bail-in provision), in subsection (8)(ea), omit...

64In section 48D (general interpretation of section 48B), in subsection...

65In section 81ZZBA (sale to commercial purchaser and transfer to...

66In section 81ZZBB (assessment of conditions for section 81ZZBA)—

67In section 81ZBB (transfer to asset management vehicle: supplemental powers...

68In section 81ZBC (assessment of conditions for section 81ZBB)—

69In section 81BB (bail-in option: supplemental powers in relation to...

70In section 81BC (assessment of conditions for section 81BB)—

71In section 89A (application to investment firms), in the Table...

72In section 89JA (resolution of UK branches of third-country institutions),...

CHAPTER 2Amendment of Secondary Legislation

73Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

74Amendment of the Bank Recovery and Resolution (No.2) Order 2014

CHAPTER 3Amendment of EU Exit Legislation

75Amendment of the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

76Amendment of Schedule 1

77Amendment of Schedule 3

78Amendment of Schedule 4

79Amendment of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

CHAPTER 4Revocation of technical standards under the Recovery and Resolution Directive

80Revocation of technical standards under the Recovery and Resolution Directive

PART 5Other Provision made under the European Communities Act 1972

CHAPTER 1Suspension of obligations, interests and rights

81Interpretation

82The exercise of any of the powers in this Chapter...

83Suspension of obligations prior to exercise of stabilisation powers

84Suspension of security interests prior to exercise of stabilisation powers

85Suspension of termination rights prior to exercise of stabilisation powers

86Suspension prior to exercise of stabilisation powers: procedure

87Restriction on subsequent suspension

89Suspension of obligations when Bank is exercising a stabilisation power

90Modification of Part for banks not regulated by the PRA

CHAPTER 2Power to prohibit distributions

91Power to prohibit distributions

CHAPTER 3Transfer of losses or capital between members of a group

92Transfer of losses or capital between members of a group

CHAPTER 4Contractual recognition of bail-in

93Interpretation

94Requirement to include a contractual term recognising bail-in

95Undertakings required to include a contractual term

96Contracts for which a contractual term is required

97Content of required term

98Evidence to demonstrate compliance with regulation 94 obligation

100Determination of impracticality

101Suspension of the regulation 94 obligation

102Assessment of the determination of impracticability

103Determination that term is not impracticable

104Assessment of resolvability

105Exercise of power to remove impediments to resolvability

106Exclusion of liabilities from the minimum requirement for own funds and eligible liabilities

107Exercise of resolution powers where contractual term not included

CHAPTER 5Amendments to priority of debts in insolvency

108Transitional provision

Amendment of the Insolvency Act 1986

109Introduction

110Non-preferential debts in company voluntary arrangements

111Non-preferential debts in winding up of companies

112Non-preferential debts in bankruptcy proceedings

113Interpretation

114Administration

Amendment of the Insolvency (Northern Ireland) Order 1989

115Introduction

116Non-preferential debts in company voluntary arrangements

117Non-preferential debts in winding up of companies

118Non-preferential debts in bankruptcy proceedings

119Interpretation

120Administration

Further Amendment of Insolvency Legislation

121Amendments of the Insolvent Partnerships Order 1994

122Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995

123Housing Act 1996

124Housing and Regeneration Act 2008

125Housing (Scotland) Act 2010

126Bankruptcy (Scotland) Act 2016

127Section 129 (priority in distribution) applies as if it were...

128Section 129A (section 129: interpretation) applies as if for subsection...

2020 No. 1350

Financial Services And Markets

The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked)F1

Made2nd December 2020

Coming into force in accordance with regulation 1(2) to (4)

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

Amendments (Textual)

F1

Regulations revoked (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 3(b), Sch.