Regulation 2

Introduction

1. The Banking Act 2009 is amended as follows.

Special resolution regime: introduction

Section 3 (interpretation of Part 1)

2. Section 3 is amended in accordance with paragraphs 3 to 6.

3.

(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);".