{
  "url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-and-miscellaneous-provisions-amendment-eu-exit-regulations-2018/schedule-1/paragraph-23",
  "json_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-and-miscellaneous-provisions-amendment-eu-exit-regulations-2018/schedule-1/paragraph-23.json",
  "legislation": "ukdsi/2018/9780111173732",
  "legislation_title": "The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-bank-recovery-and-resolution-and-miscellaneous-provisions-amendment-eu-exit-regulations-2018",
  "path": "schedule/1/paragraph/23",
  "kind": "paragraph",
  "number": "23",
  "heading": "Termination rights etc",
  "text": "(1) Section 48Z (termination rights etc) is amended as follows.\n(2) In subsection (1)—\n(a) in the definition of “crisis management measure” omit the words from “has” to “Kingdom”;\n(b) in the definition of “crisis prevention measure”—\n(i) omit the words from “has” to “Kingdom”;\n(ii) in paragraph (a), for the words from “of a” to the end substitute “under the Bank Recovery and Resolution (No 2) Order 2014 (SI 2014/3348) of a requirement to take relevant measures as described in article 15, 16, or 23 of that Order,”;\n(iii) in paragraph (b), for the words from “Article” to the end substitute “section 3A,”;\n(iv) for paragraph (c) substitute—\n“(c) the taking by the FCA or the PRA of a measure for early intervention under article 111 of the Bank Recovery and Resolution (No. 2) Order 2014,”;\n(c) for the definition of “third-country institution” substitute—\n““third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;”;\n(d) after the definition of “third country institution” insert—\n““third country parent financial holding company” means a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;\n“third country parent institution” means a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;\n“third country parent mixed financial holding company” means a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;”;\n(e) for the definition of “third country parent undertaking” substitute—\n““third country parent undertaking” means a third country parent institution, a third country parent financial holding company or a third country parent mixed financial holding company.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111173732/schedule/1/paragraph/23",
    "retrieved_at": "2026-10-30T15:03:43.472272+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."
}