Paragraph 23 Termination rights etcI1

(1)

Section 48Z (termination rights etc) is amended as follows.

(2)

In subsection (1)—

F1(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.”.

Annotations

Textual amendments

F1: Sch. 1 para. 23(2)(a) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 76(3)

Commencement

I1: Sch. 1 para. 23 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)