{
  "url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-7",
  "json_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-7.json",
  "legislation": "ukdsi/2020/9780348213676",
  "legislation_title": "The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020",
  "legislation_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Mandatory write-down, conversion etc.",
  "text": "In section 6B (mandatory write-down, conversion, etc of capital instruments)—\n(a) in subsection (2)—\n(i) in paragraph (b), after the semi-colon, omit “and”;\n(ii) in paragraph (c) after “the principal amount of Tier 2 instruments” insert “of the bank”;\n(iii) after paragraph (c), insert—\n“and\n(d) where this section applies by virtue of section 6A(3) (Case 2) and the bank is not a resolution entity, but is in a resolution group, the principal amount of the relevant internal liabilities is reduced or such liabilities are converted (directly or indirectly) into Common Equity Tier 1 instruments (or both)—\n(i) to the extent required to achieve the special resolution objectives set out in section 4 (so far as not achieved under paragraphs (b) and (c)), or\n(ii) to the extent of the capacity of such liabilities,\nwhichever is lower.”;\n(b) in subsection (3)—\n(i) in paragraph (b), for “or Tier 2 instruments” substitute “, Tier 2 instruments or relevant internal liabilities”;\n(ii) in paragraph (c), after “capital instruments” insert “or relevant internal liabilities”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 6B was inserted by S.I. 2014/3329."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/7",
    "retrieved_at": "2026-10-30T14:48:37.128063+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}