Paragraph 7 Objectives and CodeI1

(1)

Section 4 (special resolution objectives) is amended as follows.

(2)

In subsection (4)(a)—

(a)

for the words from “authorised” to “Article 25,” substitute “ authorised or recognised in the United Kingdom in accordance with Article 14 or 25 ”;

(b)

at the end insert “ , as that Regulation had effect on the day on which the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) were made ”.

(3)

For subsection (7) substitute—

“(7)
Objective 5 is to protect investors and depositors to the extent that they have investments or deposits covered by the FSCS.”.

Annotations

Commencement

I1: Sch. 1 para. 7(2)(b) in force at 21.12.2018 and Sch. 1 para. 7 in force otherwise at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(3)(b)