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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2018, ISBN 9780111173732

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under paragraph 2A(3)(a) of Schedule 2 to the European Communities Act 1972 and paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018, for approval by resolution of each House of Parliament.

Exiting The European Union

Financial Services

Made ***

Coming into force in accordance with regulation 1

The Treasury are designatedf1 for the purpose of section 2(2) of the European Communities Act 1972f2 in relation to financial services.

The Treasury make the following Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018f3.

A draft of these Regulations has been approved by a resolution of each House of Parliament in accordance with paragraph 2A(3)(a) of Schedule 2 to the European Communities Act 1972 and paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018.

Annotations to the whole text

Footnotes

f1

S.I. 2012/1759.

f2

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 c.7. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

f3

2018 c.16.

Contents

  1. 1Citation and commencement
  2. 2Amendments of the Banking Act 2009
  3. 3Amendments of other primary legislation
  4. 4Amendments of the Bank Recovery and Resolution (No.2) Order 2014
  5. 5Amendments of other secondary legislation
  6. 6Revocation and amendments of retained direct EU legislation
  7. 7Revocation and amendments of retained direct EU legislation
  8. 8Transitional provisions: pre-exit EEA resolution action
  9. Signature
  10. Schedule 1: Amendments of the Banking Act 2009
  11. 1Introduction
  12. 2Special resolution regime: introduction
  13. 3Special resolution regime: introduction
  14. 4Special resolution regime: introduction
  15. 5Special resolution regime: introduction
  16. 6Special resolution regime: introduction
  17. 7Objectives and Code
  18. 8Mandatory write-down, conversion etc of capital instruments
  19. 9Mandatory write-down, conversion etc of capital instruments
  20. 10Mandatory write-down, conversion etc of capital instruments
  21. 11Valuation before mandatory write-down of capital or stabilisation action
  22. 12Exercise of powers: general
  23. 13Exercise of powers: general
  24. 14Exercise of powers: general
  25. 15The stabilisation options
  26. 16The stabilisation options
  27. 17Transfer of securities
  28. 18Transfer of property
  29. 19Bail-in option
  30. 20Bail-in option
  31. 21Bail-in option
  32. 22Bail-in option
  33. 23Termination rights etc
  34. 24Independent valuer: valuation under section 6E or 48X
  35. 25Incidental functions
  36. 26Incidental functions
  37. 27Incidental functions
  38. 28Incidental functions
  39. 29Groups
  40. 30Groups
  41. 31Groups
  42. 32Groups
  43. 33Groups
  44. 34Groups
  45. 35Appointment of investigators
  46. 36Appointment of investigators
  47. 37Enforcement of relevant requirements
  48. 38Enforcement of relevant requirements
  49. 39Special cases
  50. 40Special cases
  51. 41Third-country resolution actions
  52. 42Third-country resolution actions
  53. 43Resolution of UK branches of third-country institutions
  54. 44Resolution of UK branches of third-country institutions
  55. 45Resolution of UK branches of third-country institutions
  56. 46Resolution of UK branches of third-country institutions
  57. 47Resolution of UK branches of third-country institutions
  58. 48Resolution of UK branches of third-country institutions
  59. 49Resolution of UK branches of third-country institutions
  60. 50General provisions
  61. 51Bank Insolvency
  62. 52Payment Systems
  63. 53Miscellaneous provisions
  64. 54General
  65. 55General
  66. 56General
  67. Schedule 2: Amendments of other primary legislation
  68. 1Amendments of the Insolvency Act 1986
  69. 2Amendments of the Insolvency Act 1986
  70. 3Amendments of the Insolvency Act 1986
  71. 4Amendments of the Financial Services (Banking Reform) Act 2013
  72. Schedule 3: Amendments of the Bank Recovery and Resolution (No.2) Order 2014
  73. 1Introductory provisions
  74. 2Introductory provisions
  75. 3Designation of authorities and competent ministry
  76. 4Recovery and resolution planning
  77. 5Recovery and resolution planning
  78. 6Recovery and resolution planning
  79. 7Assessment of recovery plan drawn up by an institution
  80. 8Assessment of recovery plan drawn up by an institution
  81. 9Assessment of recovery plan drawn up by an institution
  82. 10Assessment of group recovery plan
  83. 11Assessment of group recovery plan
  84. 12Assessment of group recovery plan
  85. 13Assessment of group recovery plan
  86. 14Assessment of group recovery plan
  87. 15Assessment of group recovery plan
  88. 16Assessment of group recovery plan
  89. 17Assessment of group recovery plan
  90. 18Assessment of group recovery plan
  91. 19Assessment of group recovery plan where neither the PRA nor the FCA is the consolidating supervisor
  92. 20Review of recovery plans and group recovery plans
  93. 21Review of recovery plans and group recovery plans
  94. 22Review of recovery plans and group recovery plans
  95. 23Resolution plans for institutions
  96. 24Resolution plans for institutions
  97. 25Group resolution plan
  98. 26Group resolution plan
  99. 27Group resolution plan
  100. 28Group resolution plan
  101. 29Group resolution plan where neither the PRA nor the FCA is the consolidating supervisor
  102. 30Review of resolution plans and group resolution plans
  103. 31Review of resolution plans and group resolution plans
  104. 32Review of resolution plans and group resolution plans
  105. 33Information and records for resolution planning
  106. 34Assessment of resolvability of institutions
  107. 35Assessment of resolvability of institutions
  108. 36Assessment of resolvability of groups
  109. 37Assessment of resolvability of groups
  110. 38Assessment of resolvability of groups
  111. 39Removal of impediments to resolvability of institutions
  112. 40Removal of impediments to resolvability of institutions
  113. 41Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  114. 42Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  115. 43Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  116. 44Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  117. 45Removal of impediments to resolvability of group entities where the PRA or FCA is the consolidating supervisor
  118. 46Removal of impediments to resolvability of groups where neither the PRA nor the FCA is the consolidating supervisor
  119. 47Authorisation of agreement for group financial support
  120. 48Authorisation of agreement for group financial support
  121. 49Authorisation of agreement for group financial support
  122. 50Authorisation of agreement for group financial support
  123. 51Authorisation of agreement for group financial support
  124. 52Authorisation of agreement for group financial support
  125. 53Authorisation of agreement for group financial support where neither the PRA nor the FCA is the consolidating supervisor
  126. 54Approval of authorised agreements by the members of a UK group entity
  127. 55Approval of authorised agreements by the members of a UK group entity
  128. 56Provision of group financial support
  129. 57Provision of group financial support
  130. 58Provision of group financial support
  131. 59Provision of group financial support
  132. 60Early intervention with respect to an institution
  133. 61Early intervention with respect to an institution
  134. 62Early intervention with respect to groups where the PRA or FCA is the consolidating supervisor
  135. 63Early intervention with respect to groups where the PRA or FCA is the consolidating supervisor
  136. 64Early intervention with respect to groups where the PRA or FCA is the consolidating supervisor
  137. 65Early intervention with respect to groups where neither the PRA nor the FCA is the consolidating supervisor
  138. 66Minimum requirement for own funds and eligible liabilities: determination of minimum requirement for an institution
  139. 67Minimum requirement for own funds and eligible liabilities: determination of minimum requirement for an institution
  140. 68Minimum requirement for own funds and eligible liabilities: determination of minimum requirement for an institution
  141. 69Determination of minimum consolidated requirement where the PRA or FCA is the consolidating supervisor
  142. 70Determination of minimum consolidated requirement where the PRA or FCA is the consolidating supervisor
  143. 71Determination of minimum consolidated requirement where the PRA or FCA is the consolidating supervisor
  144. 72Determination of minimum consolidated requirement where the PRA or FCA is the consolidating supervisor
  145. 73Determination of minimum consolidated requirement where neither the PRA nor the FCA is the consolidating supervisor
  146. 74Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  147. 75Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  148. 76Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  149. 77Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  150. 78Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  151. 79Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor
  152. 80Determination of minimum requirements for group institutions where neither the PRA nor the FCA is the consolidating supervisor
  153. 81Minimum requirement for own funds and eligible liabilities: other provisions
  154. 82Minimum requirement for own funds and eligible liabilities: other provisions
  155. 83Requirement to write down or convert capital instruments
  156. 84Requirement to write down or convert capital instruments
  157. 85Requirement to write down or convert capital instruments
  158. 86Requirement to write down or convert capital instruments
  159. 87Removal of procedural impediments to application of bail-in tool
  160. 88Removal of procedural impediments to application of bail-in tool
  161. 89Removal of procedural impediments to application of bail-in tool
  162. 90Treatment of derivative contracts where bail-in option is applied
  163. 91Preparation of business reorganisation plans after application of bail-in tool: assessment of plan drawn up by an institution
  164. 92Preparation of business reorganisation plans after application of bail-in tool: assessment of plan drawn up by an institution
  165. 93Assessment of business organisation plan drawn up by a single group entity
  166. 94Assessment of business organisation plan drawn up by a single group entity
  167. 95Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  168. 96Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  169. 97Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  170. 98Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  171. 99Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  172. 100Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  173. 101Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor
  174. 102Assessment of business reorganisation plan drawn up for relevant group where neither the PRA nor the FCA is the consolidating supervisor
  175. 103Procedural obligations where an undertaking is failing or likely to fail
  176. 104Procedural obligations where an undertaking is failing or likely to fail
  177. 105Procedural obligations where an undertaking is failing or likely to fail
  178. 106Procedural obligations where an undertaking is failing or likely to fail
  179. 107Cross-border group resolution
  180. 108Modified application of company law to banks etc in resolution
  181. 109Modified application of company law to banks etc in resolution
  182. 110Modified application of company law to banks etc in resolution
  183. 111Modified application of company law to banks etc in resolution
  184. 112Miscellaneous provisions
  185. 113Miscellaneous provisions
  186. 114Miscellaneous provisions
  187. 115Miscellaneous provisions
  188. 116Requirements concerning recovery plans
  189. 117Information to be contained in a resolution plan
  190. 118Information to be contained in a group resolution plan
  191. 119Additional information for purposes of a resolution plan and matters the Bank is to consider when assessing resolvability
  192. Schedule 4: Amendments of other secondary legislation
  193. 1The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009
  194. 2The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
  195. 3The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014
  196. 4The Banking Act 2009 (Banking Group Companies) Order 2014
  197. 5The Bank Recovery and Resolution Order 2014
  198. 6The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014
  199. 7The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014
  200. 8The Building Societies (Bail-in) Order 2014
  201. 9The Bank Recovery and Resolution Order 2016
  202. Schedule 5: Amendments of Retained Direct EU legislation
  203. 1Amendment of Commission Delegated Regulation (EU) 2016/778
  204. 2Amendment of Commission Delegated Regulation (EU) 2016/860
  205. Explanatory note