# The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, Regulation 96: Contracts for which a contractual term is required


(1) This regulation applies to a contract governing a liability, provided that such liability is—
(a) not an excluded liability;
(b) not an excluded deposit;
(c) governed by the law of a third country; and
(d) a liability of a type described in paragraph (3).
(2) Notwithstanding paragraph (1), this regulation does not apply to a liability to which regulation 99(1) applies.
(3) This paragraph applies to a liability—
(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);
(b) created before 28 December 2020, if the agreement governing the liability is subject to a material amendment on or after 28 December 2020.
(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.
(5) In this regulation—
“amendment” includes an automatic amendment,
“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
“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—
(a) it was created after 31 July 2016; and
(b) at the time it was created, it was not a fully secured liability.

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Source: https://www.legislation.gov.uk/ukdsi/2020/9780348213676/regulation/96 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-amendment-eu-exit-regulations-2020/regulation-96
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.