5A

In subsection (5)(b) “relevant third-country authority” means an authority in a country or territory outside the United Kingdom that has functions corresponding to the stabilisation powers of the Bank of England, the FCA or the PRA.

6

The valuation carried out under this section must follow the methodology specified in—

a

any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are retained EU law, or

b

technical standards made under subsection 12(a).

11

A provisional valuation carried out under subsection (1) must make provision in respect of additional losses by the third-country institution in accordance with—

a

any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far are as they are retained EU law, or

b

technical standards made under subsection (12)(b).

12

The Bank of England may make technical standards relating to—

a

the methodology for assessing the value of the assets and liabilities of a branch for the purposes of a valuation under this section;

b

the methodology for calculating and including a buffer for additional losses in the provisional valuation.