The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022

Insolvency (Northern Ireland) Order 1989

This section has no associated Explanatory Memorandum

2.—(1) Schedule 4 to the Insolvency (Northern Ireland) Order 1989(1) (the categories of preferential debts) is amended as follows.

(2) In paragraph 20 (category 8: other deposits)—

(a)in sub-paragraph (a)—

(i)for “non-EEA” substitute “non-UK”;

(ii)for “an EEA state” substitute “the United Kingdom”;

(b)in sub-paragraph (b), for “an EEA” substitute “a UK”.

(3) In paragraph 21 (interpretation for categories 6A, 7 and 8)—

(a)in sub-paragraph (3), for paragraph (b) substitute—

(b)any micro, small or medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission Recommendation 2003/361/EC.;

(b)in sub-paragraph (4), for paragraphs (b) and (c) substitute—

(b)non-UK branch” means a branch, as defined in Article 4(1)(17) of the capital requirements regulation, which is established outside the United Kingdom;

(c)UK branch” means a branch, as so defined, which is established in the United Kingdom;;

(c)for the words after sub-paragraph (4)(c) substitute—

and for this purpose “the capital requirements regulation” means 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 and amending Regulation (EU) No. 648/2012..

(1)

S.I. 1989/2405 (N.I. 19); paragraphs 20 and 21 of Schedule 4 were inserted by S.I. 2014/3486 and paragraph 21 was amended by S.I. 2015/486. There are other amendments to this paragraph which are not relevant.