3.—(1) Subsection (1) is amended as follows.U.K.
(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—
entail the partial or total divestment of a debtor and the appointment of a liquidator or administrator (or a similar officeholder),
are normally applicable to institutions under the law of any part of the United Kingdom, and
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;.”.
Commencement Information
I1Sch. 1 para. 3(2) in force at 21.12.2018 and Sch. 1 para. 3 in force otherwise at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(3)(b)