Article 6 Amendment to the Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014I1

In regulation 12 of the Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014^f1 (application to building societies), after paragraph (2) insert—

“(3)

Where a resolution instrument makes provision under section 84A of the Act with respect to a building society, these Regulations apply—

(a)

to the successor company, or

(b)

where provision made under section 84A includes provision under subsection (8) of that section, to the successor company and to its specified parent undertaking,

as they apply to banks, subject to the modifications specified in paragraphs (2)(a), (b) and (d) and (4).

(4)

The modification specified in this paragraph is that references in these Regulations to sections of the Act are to be read as to those sections as applied or as applied and modified by virtue of section 84D of the Act.

(5)

In this regulation, “successor company” and “specified parent undertaking” have the meanings given by section 84D(8) of the Act.”.