Regulation 7

Amendment of Commission Delegated Regulation (EU) 2016/778

1.

(1) Commission Delegated Regulation (EU) 2016/778 is amended as follows.

(2) In Article 1 (subject matter) -

(a) omit paragraph (a);

(b) in paragraph (b) for the words from "point (35) " to the end substitute "the definition of "critical functions" in section 3(1) of the Banking Act 2009 (including as applied by that Act in relation to persons other than a bank) ";

(c) in paragraph (c) for the words from "point (36) " to the end substitute "the definition of "core business lines" in section 48B(14) of the Banking Act 2009 (including as applied in relation to other persons by that Act) ";

(d) omit the words from "Those rules" to the end.

(3) In Article 2 (definitions) at the end insert -

"(4) 'resolution authority' means the Bank of England;

(5) 'institution' has the meaning given in section 3A(8) of the Banking Act 2009;

(6) 'group' has the meaning given in section 3(2)(b) of the Banking Act 2009.".

(4) Omit Chapter II (deferral of ex post contributions).