SCHEDULE 1Amendments of the Banking Act 2009

I13

1

Subsection (1) is amended as follows.

2

In the definition of “the capital requirements regulation” 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 (S.I. 2018/1394) were made, ”.

3

In the definition of “critical functions”—

a

for “subsection (2)” substitute “ subsections (2) and (2A) ”;

b

after “operations” insert “ (wherever carried out) ”;

c

omit “in one or more EEA states”;

d

in paragraph (a), at the end insert “ of the United Kingdom ”;

e

in paragraph (b), at the end insert “ in the United Kingdom ”.

4

After that definition insert—

  • “FSCS” means the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000);

5

After that definition insert—

  • “normal insolvency proceedings” means the collective insolvency proceedings which—

    1. a

      entail the partial or total divestment of a debtor and the appointment of a liquidator or administrator (or a similar officeholder),

    2. b

      are normally applicable to institutions under the law of any part of the United Kingdom, and

    3. c

      are either specific to those institutions or generally applicable to any natural or legal person;

    and, in particular, includes the bank insolvency procedure and the bank administration procedure;.