Regulation 19 Disapplication of Banking Act 2009 requirement

After regulation 97 (trade: overlapping offences), insert—

“Disapplication of Banking Act 2009 requirement to recognise third-country resolution actions

97A.

(1)

The duty of the Bank of England to make a decision under section 89H(2) of the Banking Act 2009 (recognition of third-country resolution actions)^f1 does not apply in relation to the notification of third-country resolution action in respect of—

(a)

a designated person, or

(b)

a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by a designated person.

(2)

In paragraph (1)—

• “designated person” has the same meaning as it has in Chapter 1 of Part 3 (asset-freeze etc.);

• “third-country resolution action” has the meaning given in section 89H(7) of the Banking Act 2009.”