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The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (revoked)

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  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and commencement

  3. PART 2 Amendment of Primary Legislation made under the European Communities Act 1972

    1. CHAPTER 1 Amendment of the Financial Services and Markets Act 2000

      1. 2.Amendment of the Financial Services and Markets Act 2000

    2. CHAPTER 2 Amendment of the Banking Act 2009

      1. 3.Introduction

      2. 4.Interpretation

      3. 5.Removal of impediments to the exercise of stabilisation powers etc.

      4. 6.Mandatory write-down, conversion etc.

      5. 7.In section 6B (mandatory write-down, conversion, etc of capital instruments)...

      6. 8.In section 6C (mandatory reduction instruments: implementation of requirements of...

      7. 9.Bail-in: sequence of write-down and conversion of capital instruments and liabilities

      8. 10.Special bail-in provision

      9. 11.General interpretation of section 48B

      10. 12.Pre-conditions for financial assistance: duty of Bank to give information

      11. 13.Cases where mandatory write-down, conversion etc. applies: banking group companies

      12. 14.Groups: sale to commercial purchaser and transfer to bridge bank: holding companies

      13. 15.Groups: transfer to asset management vehicle: holding companies

      14. 16.Groups: bail-in option: holding companies

      15. 17.For the heading for section 81C substitute “ Sections 81AA...

      16. 18.In section 81C (section 81B or 81ZBA: supplemental) —

      17. 19.In the heading for section 81CA, after “Section 81BA” insert...

      18. 20.In section 81CA(1), after “section 81BA” insert “ or section...

      19. 21.Resolution of banks not regulated by the PRA

      20. 22.Resolution of recognised central counterparties

      21. 23.Recognition of third-country resolution actions

      22. 24.Resolution of UK branches of third-country institutions

      23. 25.Index of defined terms

  4. PART 3 Amendment of Secondary legislation made under the European Communities Act 1972

    1. 26.Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999

    2. 27.Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

    3. 28.Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014

    4. 29.Amendment of the Bank Recovery and Resolution (No.2) Order 2014

    5. 30.In article 2(1) (a) in the definition of “the capital...

    6. 31.In article 40, after paragraph (6) insert—

    7. 32.In article 42(4), after “reasoned” insert “ and substantiated ”....

    8. 33.In article 48(2)— (a) in the opening words omit “For...

    9. 34.In article 53, for paragraph (2)(a) substitute—

    10. 35.In article 61(2), after “take resolution action” insert “ in...

    11. 36.In article 62— (a) in paragraph (2), at the end...

    12. 37.In article 64(2)— (a) in the definition of “relevant proposals”—...

    13. 38.In article 66— (a) in paragraph (3)(a), for “four month”...

    14. 39.In article 68(2), at the end insert— “response period” means—...

    15. 40.In article 71(1), for “four months” substitute “ the response...

    16. 41.In article 72(1), for the words from “within four months”...

    17. 42.In article 75(2), at the end insert— “response period” means—...

    18. 43.After article 75, insert— Report on substantive impediments to the...

    19. 44.In article 78(b), for “four months” substitute “ the response...

    20. 45.In article 122(1)(a), omit “expressed as a percentage of the...

    21. 46.In article 123(6), for the words from “criteria” to the...

    22. 47.In article 125(2)— (a) in the definition of “minimum consolidated...

    23. 48.In article 126— (a) in paragraph (1) at the end...

    24. 49.In article 127(1), after “requirement” insert “ for a resolution...

    25. 50.In article 128(1), in the opening words after “requirement” insert...

    26. 51.In article 129(1), after “requirement” insert “ for each resolution...

    27. 52.In article 131(1), after “requirement” insert “ for each resolution...

    28. 53.In article 135(6)(a), for “Article 45.6 of the recovery and...

    29. 54.In articles 139(1) and 146(1), omit “expressed as a percentage...

    30. 55.In article 142(6)(a), after “recovery and resolution directive” insert “...

    31. 56.In article 195(a), after “Union subsidiary” insert “ or a...

    32. 57.In article 196— (a) in paragraph (1)(a), after “Union subsidiary”...

    33. 58.In Schedule 1, in paragraph 4(2), in paragraphs (q) and...

    34. 59.In Schedule 2, in paragraph 2— (a) in sub-paragraph (a),...

    35. 60.In Schedule 4, for paragraph 23 substitute—

  5. PART 4 Amendment of legislation made under the European Union (Withdrawal) Act 2018

    1. CHAPTER 1 Amendment of Primary Legislation

      1. 61.Amendment of the Banking Act 2009

      2. 62.In section 3— (a) in the definition of “resolution entity”—...

      3. 63.In section 48B (special bail-in provision), in subsection (8)(ea), omit...

      4. 64.In section 48D (general interpretation of section 48B), in subsection...

      5. 65.In section 81ZZBA (sale to commercial purchaser and transfer to...

      6. 66.In section 81ZZBB (assessment of conditions for section 81ZZBA)—

      7. 67.In section 81ZBB (transfer to asset management vehicle: supplemental powers...

      8. 68.In section 81ZBC (assessment of conditions for section 81ZBB)—

      9. 69.In section 81BB (bail-in option: supplemental powers in relation to...

      10. 70.In section 81BC (assessment of conditions for section 81BB)—

      11. 71.In section 89A (application to investment firms), in the Table...

      12. 72.In section 89JA (resolution of UK branches of third-country institutions),...

    2. CHAPTER 2 Amendment of Secondary Legislation

      1. 73.Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

      2. 74.Amendment of the Bank Recovery and Resolution (No.2) Order 2014

    3. CHAPTER 3 Amendment of EU Exit Legislation

      1. 75.Amendment of the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

      2. 76.Amendment of Schedule 1

      3. 77.Amendment of Schedule 3

      4. 78.Amendment of Schedule 4

      5. 79.Amendment of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

    4. CHAPTER 4 Revocation of technical standards under the Recovery and Resolution Directive

      1. 80.Revocation of technical standards under the Recovery and Resolution Directive

  6. PART 5 Other Provision made under the European Communities Act 1972

    1. CHAPTER 1 Suspension of obligations, interests and rights

      1. 81.Interpretation

      2. 82.The exercise of any of the powers in this Chapter...

      3. 83.Suspension of obligations prior to exercise of stabilisation powers

      4. 84.Suspension of security interests prior to exercise of stabilisation powers

      5. 85.Suspension of termination rights prior to exercise of stabilisation powers

      6. 86.Suspension prior to exercise of stabilisation powers: procedure

      7. 87.Restriction on subsequent suspension

      8. 88.Groups

      9. 89.Suspension of obligations when Bank is exercising a stabilisation power

      10. 90.Modification of Part for banks not regulated by the PRA

    2. CHAPTER 2 Power to prohibit distributions

      1. 91.Power to prohibit distributions

    3. CHAPTER 3 Transfer of losses or capital between members of a group

      1. 92.Transfer of losses or capital between members of a group

    4. CHAPTER 4 Contractual recognition of bail-in

      1. 93.Interpretation

      2. 94.Requirement to include a contractual term recognising bail-in

      3. 95.Undertakings required to include a contractual term

      4. 96.Contracts for which a contractual term is required

      5. 97.Content of required term

      6. 98.Evidence to demonstrate compliance with regulation 94 obligation

      7. 99.Exclusions

      8. 100.Determination of impracticality

      9. 101.Suspension of the regulation 94 obligation

      10. 102.Assessment of the determination of impracticability

      11. 103.Determination that term is not impracticable

      12. 104.Assessment of resolvability

      13. 105.Exercise of power to remove impediments to resolvability

      14. 106.Exclusion of liabilities from the minimum requirement for own funds and eligible liabilities

      15. 107.Exercise of resolution powers where contractual term not included

    5. CHAPTER 5 Amendments to priority of debts in insolvency

      1. 108.Transitional provision

      2. Amendment of the Insolvency Act 1986

        1. 109.Introduction

        2. 110.Non-preferential debts in company voluntary arrangements

        3. 111.Non-preferential debts in winding up of companies

        4. 112.Non-preferential debts in bankruptcy proceedings

        5. 113.Interpretation

        6. 114.Administration

      3. Amendment of the Insolvency (Northern Ireland) Order 1989

        1. 115.Introduction

        2. 116.Non-preferential debts in company voluntary arrangements

        3. 117.Non-preferential debts in winding up of companies

        4. 118.Non-preferential debts in bankruptcy proceedings

        5. 119.Interpretation

        6. 120.Administration

      4. Further Amendment of Insolvency Legislation

        1. 121.Amendments of the Insolvent Partnerships Order 1994

        2. 122.Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995

        3. 123.Housing Act 1996

        4. 124.Housing and Regeneration Act 2008

        5. 125.Housing (Scotland) Act 2010

        6. 126.Bankruptcy (Scotland) Act 2016

        7. 127.Section 129 (priority in distribution) applies as if it were...

        8. 128.Section 129A (section 129: interpretation) applies as if for subsection...

  7. Signature

  8. Explanatory Note

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