Paragraph 3 Amendments of the Insolvency Act 1986

In paragraph 15C^f1—

(a)

in sub-paragraph (3) for paragraph (b) substitute—

“(b)
any micro, small and medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission recommendation 2003/361/EC.”.

(b)

in sub-paragraph (4)—

(i)

for paragraphs (b) and (c) substitute—

“(b)
“non-UK branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;

(c)
“UK branch” means a branch, as so defined, which is established in the United Kingdom,”;

(ii)

at the end, insert “, as it had effect on the day on which the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 were made”.

Annotations

Footnotes

f1: Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.