Paragraph 3 I1

In paragraph 15C M1—

(a)

in sub-paragraph (3) for paragraph (b) substitute—

“(b)
any micro, small and medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission recommendation 2003/361/EC.”.

(b)

in sub-paragraph (4)—

(i)

for paragraphs (b) and (c) substitute—

“(b)
“non-UK branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;
(c)
“UK branch” means a branch, as so defined, which is established in the United Kingdom,”;

(ii)

at the end, insert “ , as it F1forms part of retained EU law”.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 3(b)(ii) substituted (31.12.2020 immediately before IP completiton day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1)(2)(k)(ii)

Marginal citations

M1: Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.

Commencement

I1: Sch. 2 para. 3(b)(ii) in force at 21.12.2018 and Sch. 2 para. 3 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)(c)