Regulation 57 Amendment of the Bank Recovery and Resolution (No.2) Order 2014

in paragraph (1)(a), after “Union subsidiary” insert “or a Union parent undertaking”;

in paragraph (2), after “Union subsidiaries” insert “and the Union parent undertaking”;

for paragraph (3) substitute—

“(3)

Paragraph (4) applies where—

(a)

there is only one Union parent undertaking and it—

(i)

is established in the United Kingdom; and

(ii)

holds all of the Union subsidiaries of a third-country institution or third-country parent undertaking; or

(b)

a Union parent undertaking or a Union subsidiary—

(i)

is established in the United Kingdom; and

(ii)

holds the highest value of total balance sheet assets in the relevant group.”.