# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked) S.I. 2020/1350 · made 2 December 2020 · revised to 29 August 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDFs: Printed copy https://openlegislation.uk/bank-recovery-and-resolution-amendment-eu-exit-regulations-2020-revoked/pdf/uksi_20201350_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/bank-recovery-and-resolution-amendment-eu-exit-regulations-2020-revoked/pdf/uksiem_20201350_en.pdf ## Introductory text Financial Services And Markets Made 2nd December 2020 Coming into force in accordance with regulation 1(2) to (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 1: General ## 1 Citation and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 2: Amendment of Primary Legislation made under the European Communities Act 1972 ### Chapter 1: Amendment of the Financial Services and Markets Act 2000 ## 2 Amendment of the Financial Services and Markets Act 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: Amendment of the Banking Act 2009 ## 3 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Removal of impediments to the exercise of stabilisation powers etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Mandatory write-down, conversion etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Bail-in: sequence of write-down and conversion of capital instruments and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 Special bail-in provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 General interpretation of section 48B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 Pre-conditions for financial assistance: duty of Bank to give information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Cases where mandatory write-down, conversion etc. applies: banking group companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Groups: sale to commercial purchaser and transfer to bridge bank: holding companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 Groups: transfer to asset management vehicle: holding companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 Groups: bail-in option: holding companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Resolution of banks not regulated by the PRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Resolution of recognised central counterparties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Recognition of third-country resolution actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Resolution of UK branches of third-country institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Index of defined terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 3: Amendment of Secondary legislation made under the European Communities Act 1972 ## 26 Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 27 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Amendment of the Bank Recovery and Resolution (No.2) Order 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 4: Amendment of legislation made under the European Union (Withdrawal) Act 2018 ### Chapter 1: Amendment of Primary Legislation ## 61 Amendment of the Banking Act 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 69 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 71 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: Amendment of Secondary Legislation ## 73 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 74 Amendment of the Bank Recovery and Resolution (No.2) Order 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 3: Amendment of EU Exit Legislation ## 75 Amendment of the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 76 Amendment of Schedule 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 77 Amendment of Schedule 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 78 Amendment of Schedule 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 79 Amendment of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 4: Revocation of technical standards under the Recovery and Resolution Directive ## 80 Revocation of technical standards under the Recovery and Resolution Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 5: Other Provision made under the European Communities Act 1972 ### Chapter 1: Suspension of obligations, interests and rights ## 81 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 83 Suspension of obligations prior to exercise of stabilisation powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 84 Suspension of security interests prior to exercise of stabilisation powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 85 Suspension of termination rights prior to exercise of stabilisation powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 86 Suspension prior to exercise of stabilisation powers: procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 87 Restriction on subsequent suspension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 88 Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 89 Suspension of obligations when Bank is exercising a stabilisation power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 90 Modification of Part for banks not regulated by the PRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 2: Power to prohibit distributions ## 91 Power to prohibit distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 3: Transfer of losses or capital between members of a group ## 92 Transfer of losses or capital between members of a group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 4: Contractual recognition of bail-in ## 93 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 94 Requirement to include a contractual term recognising bail-in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 95 Undertakings required to include a contractual term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 96 Contracts for which a contractual term is required . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 97 Content of required term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 98 Evidence to demonstrate compliance with regulation 94 obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 99 Exclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 100 Determination of impracticality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 101 Suspension of the regulation 94 obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 102 Assessment of the determination of impracticability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 103 Determination that term is not impracticable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 104 Assessment of resolvability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 105 Exercise of power to remove impediments to resolvability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 106 Exclusion of liabilities from the minimum requirement for own funds and eligible liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 107 Exercise of resolution powers where contractual term not included . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Chapter 5: Amendments to priority of debts in insolvency ## 108 Transitional provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Amendment of the Insolvency Act 1986 ## 109 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 110 Non-preferential debts in company voluntary arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 111 Non-preferential debts in winding up of companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 112 Non-preferential debts in bankruptcy proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 113 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 114 Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Amendment of the Insolvency (Northern Ireland) Order 1989 ## 115 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 116 Non-preferential debts in company voluntary arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 117 Non-preferential debts in winding up of companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 118 Non-preferential debts in bankruptcy proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 119 Interpretation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 120 Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ### Further Amendment of Insolvency Legislation ## 121 Amendments of the Insolvent Partnerships Order 1994 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 122 Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 123 Housing Act 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 124 Housing and Regeneration Act 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 125 Housing (Scotland) Act 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 126 Bankruptcy (Scotland) Act 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Explanatory note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/uksi/2020/1350 (the official version) Page: https://openlegislation.uk/bank-recovery-and-resolution-amendment-eu-exit-regulations-2020-revoked Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.