Paragraph 15 Bank Recovery and Resolution (No. 2) Order 2014

(1)

The Bank Recovery and Resolution (No. 2) Order 2014^f1 is amended as follows.

(2)

In Article 159(2), at the appropriate place insert—

““State aid framework” means the framework established by—

(a)

Articles 107(1) and 108(3) of the Treaty on the Functioning of the European Union (as those Articles have effect in domestic law by virtue of section 4 of the European Union (Withdrawal) Act 2018 and regulation 3(1) and (2) of the State Aid (EU Exit) Regulations 2019);

(b)

the State Aid (EU Exit) Regulations 2019;

(c)

any other retained EU law relating to state aid; and

(d)

any statements of policy published by the Competition and Markets Authority under the State Aid (EU Exit) Regulations 2019.”.

(3)

In Article 161(3)(b)—

(a)

for “European Commission”, substitute “Competition and Markets Authority”;

(b)

omit “Union”;

(c)

omit the “and” at the end.

(4)

In Article 165(2), at the appropriate place insert—

““State aid framework” has the meaning given in Article 159(2);”.

(5)

In Article 168(3)(b)—

(a)

for “European Commission”, substitute “Competition and Markets Authority”;

(b)

omit “Union”;

(c)

omit the “and” at the end.

Annotations

Footnotes

f1: S.I. 2014/3348, amended by S.I. 2016/1239 and S.I. 2017/80.