{
  "url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-96",
  "json_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-96.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/96",
  "kind": "regulation",
  "number": "96",
  "heading": "Contracts for which a contractual term is required",
  "text": "(1) This regulation applies to a contract governing a liability, provided that such liability is—\n(a) not an excluded liability;\n(b) not an excluded deposit;\n(c) governed by the law of a third country; and\n(d) a liability of a type described in paragraph (3).\n(2) Notwithstanding paragraph (1), this regulation does not apply to a liability to which regulation 99(1) applies.\n(3) This paragraph applies to a liability—\n(a) created on or after 28 December 2020, regardless of whether it is created under an agreement entered into before 28 December 2020 (including under a master or framework agreement between the contracting parties governing multiple liabilities);\n(b) created before 28 December 2020, if the agreement governing the liability is subject to a material amendment on or after 28 December 2020.\n(4) An amendment is material for the purposes of paragraph (3) if it affects the substantive rights and obligations of a party to the agreement.\n(5) In this regulation—\n“amendment” includes an automatic amendment,\n“excluded deposit” means a liability which would become a secondary preferential debt within the meaning of section 386(1B) of the Insolvency Act 1986, and\n“excluded liability” has the meaning given by section 48B(8) of the Act, except that a liability is not to be regarded as secured for the purposes of section 48B(8)(b) where—\n(a) it was created after 31 July 2016; and\n(b) at the time it was created, it was 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/96",
    "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."
}