Paragraph 1 Amendment of Commission Delegated Regulation (EU) 2016/778I1

(1)

Commission Delegated Regulation (EU) 2016/778 is amended as follows.

(2)

In Article 1 (subject matter)—

(a)

omit paragraph (a);

(b)

in paragraph (b) for the words from “point (35)” to the end substitute “ the definition of “critical functions” in section 3(1) of the Banking Act 2009 (including as applied by that Act in relation to persons other than a bank) ”;

(c)

in paragraph (c) for the words from “point (36)” to the end substitute “ the definition of “core business lines” in section 48B(14) of the Banking Act 2009 (including as applied in relation to other persons by that Act) ”;

(d)

omit the words from “Those rules” to the end.

(3)

In Article 2 (definitions) at the end insert—

“(4)
‘resolution authority’ means the Bank of England;
(5)
‘institution’ has the meaning given in section 3A(8) of the Banking Act 2009;
(6)
‘group’ has the meaning given in section 3(2)(b) of the Banking Act 2009.”.

(4)

Omit Chapter II (deferral of ex post contributions).

(5)

In Article 6 (criteria relating to the determination of critical functions), in paragraph (2), in point (b), for “, national or European” substitute “ or national ”.

(6)

After Article 8 omit the sentence beginning “This regulation shall be binding”.

Annotations

Commencement

I1: Sch. 5 para. 1 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)