Paragraph 24 Independent valuer: valuation under section 6E or 48X

(1)

Section 62A (meaning of independent valuer in sections 6E and 48X) is amended as follows.

(2)

In subsection (2)—

(a)

in paragraph (a) omit the words from “adopted” to “directive”;

(b)

in paragraph (b) for “have been adopted by the European Commission” substitute “exist”.

(3)

After subsection (2) insert—

“(2A)
In subsection (2) “regulatory technical standards” means—

(a)
any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are retained EU law, or

(b)
technical standards made under subsection (2B).

(2B)
The Bank of England may make technical standards specifying the circumstances in which for the purposes of this section a person is to be considered independent from the Bank of England and the bank to which the valuation relates.”.