{
  "url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-93",
  "json_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-93.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/93",
  "kind": "regulation",
  "number": "93",
  "heading": "Interpretation",
  "text": "In this Chapter—\n“the Act” means the Banking Act 2009,\n“additional Tier 1 instruments” has the meaning given by section 3(1) of the Act,\n“the FCA” has the meaning given in section 3(1) of the Act,\n“fully secured liability” means a liability which, at the time it is created, is fully secured and governed by contractual terms that oblige the debtor to maintain the liability fully collateralised on a continuous basis in compliance with regulatory requirements in EU law or of the law of a third country achieving effects that can be deemed equivalent to EU law.\n“mandatory reduction provision” has the meaning given by section 6B(2) of the Act,\n“the PRA” has the meaning given in section 3(1) of the Act,\n“the recovery and resolution directive” has the meaning given by section 3(1) of the Act,\n“special bail-in provision” has the meaning given by section 48B(1) of the Act,\n“Tier 2 instruments” has the meaning given by section 3(1) of the Act, and\n“unsecured liability” means—\n(a) for liabilities created on or before 31 July 2016, a liability under which the right of the creditor to payment or other form of performance is not—\n(i) secured by a charge, pledge, lien, or mortgage; or\n(ii) subject to other collateral arrangements, including liabilities arising from repurchase transactions and other title transfer collateral arrangements; and\n(b) for liabilities created after 31 July 2016, a liability that is not a fully secured liability.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/93",
    "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."
}