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Paragraph 46 Resolution of UK branches of third-country institutions

Original text. Later amendments are not shown.

(1)

The modified version of section 7 substituted by subsection (5) is amended as follows.

(2)

In subsection (4)(a) for “EEA” substitute “UK”.

(3)

In subsection (9) for the definitions of “EEA creditor” and “normal insolvency proceedings” substitute—

  • ““UK creditor”, in relation to a third-country institution, means a creditor of the institution who—

    1. (a)

      in the case of an individual, is ordinarily resident in the United Kingdom; and

    2. (b)

      in the case of a body corporate or unincorporated association, has its head office in the United Kingdom.”.