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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

S.I. 2018/1394 · Made 20 December 2018 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 11 July 2023.

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ProvisionChangeMade by
RegulationsrevokedFinancial Services and Markets Act 2023 Sch. 1 Pt. 2

Exiting The European Union

Financial Services

Made 20th December 2018

Coming into force in accordance with regulation 1

M1M2The Treasury are designated for the purpose of section 2(2) of the European Communities Act 1972 in relation to financial services.

M3The Treasury make the following Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 .

A draft of these Regulations has been approved by a resolution of each House of Parliament in accordance with paragraph 2A(3)(a) of Schedule 2 to the European Communities Act 1972 and paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018.C1

Annotations to the whole text

Marginal citations

M1

S.I. 2012/1759.

M2

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 c.7. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

M3

2018 c.16.

Modifications

C1

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Contents

  1. 1Citation and commencement
  2. 2Amendments of the Banking Act 2009
  3. 3Amendments of other primary legislation
  4. 4Amendments of the Bank Recovery and Resolution (No.2) Order 2014
  5. 5Amendments of other secondary legislation
  6. 6Revocation and amendments of retained direct EU legislation
  7. 7Regulation 7
  8. 8Transitional provisions: pre-exit EEA resolution action
  9. Signature
  10. Schedule 1: Amendments of the Banking Act 2009
  11. 1Introduction
  12. 2Special resolution regime: introduction
  13. 3Paragraph 3
  14. 4Paragraph 4
  15. 5Paragraph 5
  16. 6Paragraph 6
  17. 7Objectives and Code
  18. 8Mandatory write-down, conversion etc of capital instruments
  19. 9Paragraph 9
  20. 10Paragraph 10
  21. 11Valuation before mandatory write-down of capital or stabilisation action
  22. 12Exercise of powers: general
  23. 13Paragraph 13
  24. 14Paragraph 14
  25. 15The stabilisation options
  26. 16Paragraph 16
  27. 17Transfer of securities
  28. 18Transfer of property
  29. 19Bail-in option
  30. 20Paragraph 20
  31. 21Paragraph 21
  32. 22Paragraph 22
  33. 23Termination rights etc
  34. 24Independent valuer: valuation under section 6E or 48X
  35. 25Incidental functions
  36. 26Paragraph 26
  37. 27Paragraph 27
  38. 28Paragraph 28
  39. 29Groups
  40. 30Paragraph 30
  41. 31Paragraph 31
  42. 32Paragraph 32
  43. 33Paragraph 33
  44. 34Paragraph 34
  45. 35Appointment of investigators
  46. 36Paragraph 36
  47. 37Enforcement of relevant requirements
  48. 38Paragraph 38
  49. 39Special cases
  50. 40Paragraph 40
  51. 41Third-country resolution actions
  52. 42Paragraph 42
  53. 43Resolution of UK branches of third-country institutions
  54. 44Paragraph 44
  55. 45Paragraph 45
  56. 46Paragraph 46
  57. 47Paragraph 47
  58. 48Paragraph 48
  59. 49Paragraph 49
  60. 50General provisions
  61. 51Bank Insolvency
  62. 52Payment Systems
  63. 53Miscellaneous provisions
  64. 54General
  65. 55Paragraph 55
  66. 56Paragraph 56
  67. Schedule 2: Amendments of other primary legislation
  68. 1Amendments of the Insolvency Act 1986
  69. 2Paragraph 2
  70. 3Paragraph 3
  71. 4Amendments of the Financial Services (Banking Reform) Act 2013
  72. Schedule 3: Amendments of the Bank Recovery and Resolution (No.2) Order 2014
  73. 1Introductory provisions
  74. 2Paragraph 2
  75. 3Designation of authorities and competent ministry
  76. 4Recovery and resolution planning
  77. 5Paragraph 5
  78. 6Paragraph 6
  79. 7Assessment of recovery plan drawn up by an institution
  80. 8Paragraph 8
  81. 9Paragraph 9
  82. 10Assessment of group recovery plan
  83. 11Paragraph 11
  84. 12Paragraph 12
  85. 13Paragraph 13
  86. 14Paragraph 14
  87. 15Paragraph 15
  88. 16Paragraph 16
  89. 17Paragraph 17
  90. 18Paragraph 18
  91. 19Assessment of group recovery plan where neither the PRA nor the FCA is the consolidating supervisor
  92. 20Review of recovery plans and group recovery plans
  93. 21Paragraph 21
  94. 22Paragraph 22
  95. 23Resolution plans for institutions
  96. 24Paragraph 24
  97. 25Group resolution plan
  98. 26Paragraph 26
  99. 27Paragraph 27
  100. 28Paragraph 28
  101. 29Group resolution plan where neither the PRA nor the FCA is the consolidating supervisor
  102. 30Review of resolution plans and group resolution plans
  103. 31Paragraph 31
  104. 32Paragraph 32
  105. 33Information and records for resolution planning
  106. 34Assessment of resolvability of institutions
  107. 35Paragraph 35
  108. 36Assessment of resolvability of groups
  109. 37Paragraph 37
  110. 38Paragraph 38
  111. 39Removal of impediments to resolvability of institutions
  112. 40Paragraph 40
  113. 41Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  114. 42Paragraph 42
  115. 43Paragraph 43
  116. 44Paragraph 44
  117. 45Paragraph 45
  118. 46Removal of impediments to resolvability of groups where neither the PRA nor the FCA is the consolidating supervisor
  119. 47Authorisation of agreement for group financial support
  120. 48Paragraph 48
  121. 49Paragraph 49
  122. 50Paragraph 50
  123. 51Paragraph 51
  124. 52Paragraph 52
  125. 53Authorisation of agreement for group financial support where neither the PRA nor the FCA is the consolidating supervisor
  126. 54Approval of authorised agreements by the members of a UK group entity
  127. 55Paragraph 55
  128. 56Provision of group financial support
  129. 57Paragraph 57
  130. 58Paragraph 58
  131. 59Paragraph 59
  132. 60Early intervention with respect to an institution
  133. 61Paragraph 61
  134. 62Early intervention with respect to groups where the PRA or FCA is the consolidating supervisor
  135. 63Paragraph 63
  136. 64Paragraph 64
  137. 65Early intervention with respect to groups where neither the PRA nor the FCA is the consolidating supervisor
  138. 66Minimum requirement for own funds and eligible liabilities: determination of minimum requirement for an institution
  139. 67Paragraph 67
  140. 68Paragraph 68
  141. 69Determination of minimum consolidated requirement where the PRA or FCA is the consolidating supervisor
  142. 70Paragraph 70
  143. 71Paragraph 71
  144. 72Paragraph 72
  145. 73Determination of minimum consolidated requirement where neither the PRA nor the FCA is the consolidating supervisor
  146. 74Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  147. 75Paragraph 75
  148. 76Paragraph 76
  149. 77Paragraph 77
  150. 78Paragraph 78
  151. 79Paragraph 79
  152. 80Determination of minimum requirements for group institutions where neither the PRA nor the FCA is the consolidating supervisor
  153. 81Minimum requirement for own funds and eligible liabilities: other provisions
  154. 82Paragraph 82
  155. 83Requirement to write down or convert capital instruments
  156. 84Paragraph 84
  157. 85Paragraph 85
  158. 86Paragraph 86
  159. 87Removal of procedural impediments to application of bail-in tool
  160. 88Paragraph 88
  161. 89Paragraph 89
  162. 90Treatment of derivative contracts where bail-in option is applied
  163. 91Preparation of business reorganisation plans after application of bail-in tool: assessment of plan drawn up by an institution
  164. 92Paragraph 92
  165. 93Assessment of business organisation plan drawn up by a single group entity
  166. 94Paragraph 94
  167. 95Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  168. 96Paragraph 96
  169. 97Paragraph 97
  170. 98Paragraph 98
  171. 99Paragraph 99
  172. 100Paragraph 100
  173. 101Paragraph 101
  174. 102Assessment of business reorganisation plan drawn up for relevant group where neither the PRA nor the FCA is the consolidating supervisor
  175. 103Procedural obligations where an undertaking is failing or likely to fail
  176. 104Paragraph 104
  177. 105Paragraph 105
  178. 106Paragraph 106
  179. 107Cross-border group resolution
  180. 108Modified application of company law to banks etc in resolution
  181. 109Paragraph 109
  182. 110Paragraph 110
  183. 111Paragraph 111
  184. 112Miscellaneous provisions
  185. 113Paragraph 113
  186. 114Paragraph 114
  187. 115Paragraph 115
  188. 116Requirements concerning recovery plans
  189. 117Information to be contained in a resolution plan
  190. 118Information to be contained in a group resolution plan
  191. 119Additional information for purposes of a resolution plan and matters the Bank is to consider when assessing resolvability
  192. Schedule 4: Amendments of other secondary legislation
  193. 1The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
  194. 2The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
  195. 3The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014
  196. 4The Banking Act 2009 (Banking Group Companies) Order 2014
  197. 5The Bank Recovery and Resolution Order 2014
  198. 6The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014
  199. 7The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014
  200. 8The Building Societies (Bail-in) Order 2014
  201. 9The Bank Recovery and Resolution Order 2016
  202. Schedule 5: Amendments of Retained Direct EU legislation
  203. 1Amendment of Commission Delegated Regulation (EU) 2016/778
  204. 2Amendment of Commission Delegated Regulation (EU) 2016/860
  205. Explanatory note