# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, Regulation 57: Amendment of the Bank Recovery and Resolution (No.2) Order 2014


In article 196—
(a) in paragraph (1)(a), after “Union subsidiary” insert “or a Union parent undertaking”;
(b) in paragraph (2), after “Union subsidiaries” insert “and the Union parent undertaking”;
(c) 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.”.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/57 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.