Regulation 3 (as amended by Regulation 3 of the European Communities (Financial Collateral Arrangements) (Amendment) (No. 2) Regulations 2011 (S.I. No. 318 of 2011)) of the European Communities (Financial Collateral Arrangements) Regulations 2010 (S.I. No. 626 of 2010) is amended by inserting after paragraph (7) the following:
"(8) Regulations 6 to 12 shall not apply to any restriction on the enforcement of financial collateral arrangements or any restriction on the effect of a security financial collateral arrangement, close out, netting or set-off provision that is imposed by virtue of Chapter 4, 7 or 8 of Part 4 of the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), or to any restriction that is imposed by virtue of similar powers in the law of the State to facilitate the orderly resolution of an entity referred to in paragraph (2)(c) or (d).".