Paragraph 41 Third-country resolution actionsI1

(1)

Section 89H (recognition of third-country resolution actions) is amended as follows.

(2)

In subsection (4)—

(a)

in paragraph (a) omit “or another EEA state”;

(b)

in paragraph (c)—

(i)

for “an EEA state” substitute “ the United Kingdom ”;

(ii)

for “EEA state” substitute “ United Kingdom ”;

(iii)

omit the word “third” before “country concerned”;

(c)

in paragraph (e) omit “or contrary to a provision of EU law”.

(3)

Omit subsection (6).

(4)

In subsection (7)—

(a)

omit the definitions of “EU institution” and “normal insolvency proceedings”;

(b)

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;”;

(c)

for the definition of “third-country parent undertaking” for the words from “has” to the end substitute “ means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom; ”;

(d)

in the definition of “third-country resolution action”—

(i)

in the opening words, for “law of a third country” substitute “ law of a country or territory outside the United Kingdom ” and for “an EU institution” substitute “ a bank, building society, credit union or investment firm, ”;

(ii)

in paragraph (a) for “EU institution” substitute “ a bank, building society, credit union or investment firm ”;

(iii)

in paragraph (b) for “third country” substitute “ country or territory concerned ”;

(e)

omit the definition of “third country”.

Annotations

Commencement

I1: Sch. 1 para. 41 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)