PART 2Amendment of Primary Legislation and Northern Ireland Legislation

Insolvency (Northern Ireland) Order 1989I13

1

Article 347A (financial institutions and their non-preferential debts) of the Insolvency (Northern Ireland) Order 198914 is amended as follows.

2

In paragraph (1)—

a

after sub-paragraph (d) insert—

da

an investment holding company,

b

for sub-paragraph (e) substitute—

e

a financial institution which is—

i

a subsidiary of an entity referred to in sub-paragraphs (a) to (da), and

ii

covered by the supervision of that entity on a consolidated basis by the Financial Conduct Authority in accordance with Part 9C rules or by the Prudential Regulation Authority in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or CRR rules, or,

3

At the end of paragraph (2) insert “except for the definitions of “consolidated basis” and “consolidated situation””.

4

After paragraph (2) insert—

2A

For the purposes of paragraph (1)—

  • “on a consolidated basis” means on the basis of the consolidated situation;

  • “consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity;

  • “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;

  • “Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.