Regulation 6 Saving for reorganisation or winding up started in another EEA State before exit dayI1

United Kingdom

(1)

This regulation applies where a relevant institution is, on exit day, subject to—

(a)

a directive reorganisation measure adopted or imposed under the law of the relevant EEA State before F1IP completion day (“relevant measure”); or

(b)

directive winding-up proceedings opened under the law of the relevant EEA State before exit day (“relevant proceedings”).

(2)

Despite regulation 3(3), (22)(b) and (24)(b)—

(a)

Part 2 of the 2004 Regulations continues to have effect in relation to the relevant institution;

(b)

if that institution is an EEA investment firm, that Part has effect with the modification in regulation 43 of the 2004 Regulations; and

(c)

if that institution is an EEA group company, that Part has effect with the modification in regulation 47 of the 2004 Regulations.

(3)

For the purposes of paragraph (2)—

(a)

regulation 2 of the 2004 Regulations has effect without the following amendments made by regulation 3(2)—

(i)

the amendment of the definition of “liquidator”;

(ii)

the omission of the definitions of “branch”, “capital requirements directive”, “directive winding up proceedings”, “EEA State” and “the reorganisation and winding up directive”;

(iii)

the omission of regulation 2(2)(b); and

(b)

in Part 2 of the 2004 Regulations—

(i)

“directive reorganisation measure” and “EEA credit institution” have the same meaning as they have in this Chapter; and

(ii)

a reference to an EEA credit institution (as so modified) includes a reference to an EEA investment firm and an EEA group company.

(4)

Part 4 of the 2004 Regulations has effect without the amendments made by regulation 3(10) to (17) in relation to rights specified in that Part which are exercisable in the EEA State under whose law the relevant measure was adopted or imposed or the relevant proceedings were opened.

(5)

This regulation has effect subject to regulations 7 to 10.

Annotations

Textual amendments

F1: Words in reg. 6(1) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 13(e)

Commencement

I1: Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Notes on Chapter 1

Textual amendments

F1: Words in Pt. 3 Ch. 1 heading substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 13(c)