# The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, Paragraph 23: Termination rights etc


(1) Section 48Z (termination rights etc) is amended as follows.
(2) In subsection (1)—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) in the definition of “crisis prevention measure”—
(i) omit the words from “has” to “Kingdom”;
(ii) in paragraph (a), for the words from “of a” to the end substitute “ under the Bank Recovery and Resolution (No 2) Order 2014 (SI 2014/3348) of a requirement to take relevant measures as described in article 15, 16, or 23 of that Order, ”;
(iii) in paragraph (b), for the words from “Article” to the end substitute “ section 3A, ”;
(iv) for paragraph (c) substitute—
“(c) the taking by the FCA or the PRA of a measure for early intervention under article 111 of the Bank Recovery and Resolution (No. 2) Order 2014,”;
(c) for the definition of “third-country institution” substitute—
““third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;”;
(d) after the definition of “third-country institution” insert—
““third-country parent financial holding company” means a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent institution” means a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent mixed financial holding company” means a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;”;
(e) for the definition of “third-country parent undertaking” substitute—
““third-country parent undertaking” means a third-country parent institution, a third-country parent financial holding company or a third-country parent mixed financial holding company.”.

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Source: https://www.legislation.gov.uk/uksi/2018/1394/schedule/1/paragraph/23 (the official version)
Page: https://openlegislation.uk/bank-recovery-and-resolution-and-miscellaneous-provisions-amendment-eu-exit-regulations-2018/schedule-1/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.