# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, Regulation 7: Mandatory write-down, conversion etc.


In section 6B (mandatory write-down, conversion, etc of capital instruments)—
(a) in subsection (2)—
(i) in paragraph (b), after the semi-colon, omit “and”;
(ii) in paragraph (c) after “the principal amount of Tier 2 instruments” insert “of the bank”;
(iii) after paragraph (c), insert—
“and
(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)—
(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
(ii) to the extent of the capacity of such liabilities,
whichever is lower.”;
(b) in subsection (3)—
(i) in paragraph (b), for “or Tier 2 instruments” substitute “, Tier 2 instruments or relevant internal liabilities”;
(ii) in paragraph (c), after “capital instruments” insert “or relevant internal liabilities”.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/7 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.