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Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 [SI 2020 No. 1350]Introductory textPart 1 General (reg. 1)Regulation 1 Citation and commencementPart 2 Amendment of Primary Legislation made under the European Communities Act 1972 (regs. 2-25)Chapter 1 Amendment of the Financial Services and Markets Act 2000 (reg. 2)Regulation 2 Amendment of the Financial Services and Markets Act 2000Chapter 2 Amendment of the Banking Act 2009 (regs. 3-25)Regulation 3 IntroductionRegulation 4 InterpretationRegulation 5 Removal of impediments to the exercise of stabilisation powers etc.Mandatory write-down, conversion etc. (regs. 6-8)Regulation 6Regulation 7Regulation 8Regulation 9 Bail-in: sequence of write-down and conversion of capital instruments and liabilitiesRegulation 10 Special bail-in provisionRegulation 11 General interpretation of section 48BRegulation 12 Pre-conditions for financial assistance: duty of Bank to give informationRegulation 13 Cases where mandatory write-down, conversion etc. applies: banking group companiesRegulation 14 Groups: sale to commercial purchaser and transfer to bridge bank: holding companiesRegulation 15 Groups: transfer to asset management vehicle: holding companiesGroups: bail-in option: holding companies (regs. 16-20)Regulation 16Regulation 17Regulation 18Regulation 19Regulation 20Regulation 21 Resolution of banks not regulated by the PRARegulation 22 Resolution of recognised central counterpartiesRegulation 23 Recognition of third-country resolution actionsRegulation 24 Resolution of UK branches of third-country institutionsRegulation 25 Index of defined termsPart 3 Amendment of Secondary legislation made under the European Communities Act 1972 (regs. 26-60)Regulation 26 Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999Regulation 27 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004Regulation 28 Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014Amendment of the Bank Recovery and Resolution (No.2) Order 2014 (regs. 29-60)Regulation 29Regulation 30Regulation 31Regulation 32Regulation 33Regulation 34Regulation 35Regulation 36Regulation 37Regulation 38Regulation 39Regulation 40Regulation 41Regulation 42Regulation 43Regulation 44Regulation 45Regulation 46Regulation 47Regulation 48Regulation 49Regulation 50Regulation 51Regulation 52Regulation 53Regulation 54Regulation 55Regulation 56Regulation 57Regulation 58Regulation 59Regulation 60Part 4 Amendment of legislation made under the European Union (Withdrawal) Act 2018 (regs. 61-80)Chapter 1 Amendment of Primary Legislation (regs. 61-72)Amendment of the Banking Act 2009 (regs. 61-72)Regulation 61Regulation 62Regulation 63Regulation 64Regulation 65Regulation 66Regulation 67Regulation 68Regulation 69Regulation 70Regulation 71Regulation 72Chapter 2 Amendment of Secondary Legislation (regs. 73-74)Regulation 73 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004Regulation 74 Amendment of the Bank Recovery and Resolution (No.2) Order 2014Chapter 3 Amendment of EU Exit Legislation (regs. 75-79)Regulation 75 Amendment of the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018Regulation 76 Amendment of Schedule 1Regulation 77 Amendment of Schedule 3Regulation 78 Amendment of Schedule 4Regulation 79 Amendment of the Financial Services and Markets Act 2000 (Amendment)(EU Exit) Regulations 2019Chapter 4 Revocation of technical standards under the Recovery and Resolution Directive (reg. 80)Regulation 80 Revocation of technical standards under the Recovery and Resolution DirectivePart 5 Other Provision made under the European Communities Act 1972 (regs. 81-128)Chapter 1 Suspension of obligations, interests and rights (regs. 81-90)Interpretation (regs. 81-82)Regulation 81Regulation 82Regulation 83 Suspension of obligations prior to exercise of stabilisation powersRegulation 84 Suspension of security interests prior to exercise of stabilisation powersRegulation 85 Suspension of termination rights prior to exercise of stabilisation powersRegulation 86 Suspension prior to exercise of stabilisation powers: procedureRegulation 87 Restriction on subsequent suspensionRegulation 88 GroupsRegulation 89 Suspension of obligations when Bank is exercising a stabilisation powerRegulation 90 Modification of Part for banks not regulated by the PRAChapter 2 Power to prohibit distributions (reg. 91)Regulation 91 Power to prohibit distributionsChapter 3 Transfer of losses or capital between members of a group (reg. 92)Regulation 92 Transfer of losses or capital between members of a groupChapter 4 Contractual recognition of bail-in (regs. 93-107)Regulation 93 InterpretationRegulation 94 Requirement to include a contractual term recognising bail-inRegulation 95 Undertakings required to include a contractual termRegulation 96 Contracts for which a contractual term is requiredRegulation 97 Content of required termRegulation 98 Evidence to demonstrate compliance with regulation 94 obligationRegulation 99 ExclusionsRegulation 100 Determination of impracticalityRegulation 101 Suspension of the regulation 94 obligationRegulation 102 Assessment of the determination of impracticabilityRegulation 103 Determination that term is not impracticableRegulation 104 Assessment of resolvabilityRegulation 105 Exercise of power to remove impediments to resolvabilityRegulation 106 Exclusion of liabilities from the minimum requirement for own funds and eligible liabilitiesRegulation 107 Exercise of resolution powers where contractual term not includedChapter 5 Amendments to priority of debts in insolvency (regs. 108-128)Regulation 108 Transitional provisionAmendment of the Insolvency Act 1986 (regs. 109-114)Regulation 109 IntroductionRegulation 110 Non-preferential debts in company voluntary arrangementsRegulation 111 Non-preferential debts in winding up of companiesRegulation 112 Non-preferential debts in bankruptcy proceedingsRegulation 113 InterpretationRegulation 114 AdministrationAmendment of the Insolvency (Northern Ireland) Order 1989 (regs. 115-120)Regulation 115 IntroductionRegulation 116 Non-preferential debts in company voluntary arrangementsRegulation 117 Non-preferential debts in winding up of companiesRegulation 118 Non-preferential debts in bankruptcy proceedingsRegulation 119 InterpretationRegulation 120 AdministrationFurther Amendment of Insolvency Legislation (regs. 121-128)Regulation 121 Amendments of the Insolvent Partnerships Order 1994Regulation 122 Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995Regulation 123 Housing Act 1996Regulation 124 Housing and Regeneration Act 2008Regulation 125 Housing (Scotland) Act 2010Bankruptcy (Scotland) Act 2016Regulation 126Regulation 127Regulation 128SignatureExplanatory NoteExplanatory MemorandumDe minimis assessmentTransposition table
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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Published date: 2 December 2020

Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 [SI 2020 No. 1350]

Introductory text
Part 1 General (reg. 1)
Regulation 1 Citation and commencement
Part 2 Amendment of Primary Legislation made under the European Communities Act 1972 (regs. 2-25)
Chapter 1 Amendment of the Financial Services and Markets Act 2000 (reg. 2)
Regulation 2 Amendment of the Financial Services and Markets Act 2000
Chapter 2 Amendment of the Banking Act 2009 (regs. 3-25)
Regulation 3 Introduction
Regulation 4 Interpretation
Regulation 5 Removal of impediments to the exercise of stabilisation powers etc.
Mandatory write-down, conversion etc. (regs. 6-8)
Regulation 6
Regulation 7
Regulation 8
Regulation 9 Bail-in: sequence of write-down and conversion of capital instruments and liabilities
Regulation 10 Special bail-in provision
Regulation 11 General interpretation of section 48B
Regulation 12 Pre-conditions for financial assistance: duty of Bank to give information
Regulation 13 Cases where mandatory write-down, conversion etc. applies: banking group companies
Regulation 14 Groups: sale to commercial purchaser and transfer to bridge bank: holding companies
Regulation 15 Groups: transfer to asset management vehicle: holding companies
Groups: bail-in option: holding companies (regs. 16-20)
Regulation 16
Regulation 17
Regulation 18
Regulation 19
Regulation 20
Regulation 21 Resolution of banks not regulated by the PRA
Regulation 22 Resolution of recognised central counterparties
Regulation 23 Recognition of third-country resolution actions
Regulation 24 Resolution of UK branches of third-country institutions
Regulation 25 Index of defined terms
Part 3 Amendment of Secondary legislation made under the European Communities Act 1972 (regs. 26-60)
Regulation 26 Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999
Regulation 27 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004
Regulation 28 Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014
Amendment of the Bank Recovery and Resolution (No.2) Order 2014 (regs. 29-60)
Regulation 29
Regulation 30
Regulation 31
Regulation 32
Regulation 33
Regulation 34
Regulation 35
Regulation 36
Regulation 37
Regulation 38
Regulation 39
Regulation 40
Regulation 41
Regulation 42
Regulation 43
Regulation 44
Regulation 45
Regulation 46
Regulation 47
Regulation 48
Regulation 49
Regulation 50
Regulation 51
Regulation 52
Regulation 53
Regulation 54
Regulation 55
Regulation 56
Regulation 57
Regulation 58
Regulation 59
Regulation 60
Part 4 Amendment of legislation made under the European Union (Withdrawal) Act 2018 (regs. 61-80)
Chapter 1 Amendment of Primary Legislation (regs. 61-72)
Amendment of the Banking Act 2009 (regs. 61-72)
Regulation 61
Regulation 62
Regulation 63
Regulation 64
Regulation 65
Regulation 66
Regulation 67
Regulation 68
Regulation 69
Regulation 70
Regulation 71
Regulation 72
Chapter 2 Amendment of Secondary Legislation (regs. 73-74)
Regulation 73 Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004
Regulation 74 Amendment of the Bank Recovery and Resolution (No.2) Order 2014
Chapter 3 Amendment of EU Exit Legislation (regs. 75-79)
Regulation 75 Amendment of the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
Regulation 76 Amendment of Schedule 1
Regulation 77 Amendment of Schedule 3
Regulation 78 Amendment of Schedule 4
Regulation 79 Amendment of the Financial Services and Markets Act 2000 (Amendment)(EU Exit) Regulations 2019
Chapter 4 Revocation of technical standards under the Recovery and Resolution Directive (reg. 80)
Regulation 80 Revocation of technical standards under the Recovery and Resolution Directive
Part 5 Other Provision made under the European Communities Act 1972 (regs. 81-128)
Chapter 1 Suspension of obligations, interests and rights (regs. 81-90)
Interpretation (regs. 81-82)
Regulation 81
Regulation 82
Regulation 83 Suspension of obligations prior to exercise of stabilisation powers
Regulation 84 Suspension of security interests prior to exercise of stabilisation powers
Regulation 85 Suspension of termination rights prior to exercise of stabilisation powers
Regulation 86 Suspension prior to exercise of stabilisation powers: procedure
Regulation 87 Restriction on subsequent suspension
Regulation 88 Groups
Regulation 89 Suspension of obligations when Bank is exercising a stabilisation power
Regulation 90 Modification of Part for banks not regulated by the PRA
Chapter 2 Power to prohibit distributions (reg. 91)
Regulation 91 Power to prohibit distributions
Chapter 3 Transfer of losses or capital between members of a group (reg. 92)
Regulation 92 Transfer of losses or capital between members of a group
Chapter 4 Contractual recognition of bail-in (regs. 93-107)
Regulation 93 Interpretation
Regulation 94 Requirement to include a contractual term recognising bail-in
Regulation 95 Undertakings required to include a contractual term
Regulation 96 Contracts for which a contractual term is required
Regulation 97 Content of required term
Regulation 98 Evidence to demonstrate compliance with regulation 94 obligation
Regulation 99 Exclusions
Regulation 100 Determination of impracticality
Regulation 101 Suspension of the regulation 94 obligation
Regulation 102 Assessment of the determination of impracticability
Regulation 103 Determination that term is not impracticable
Regulation 104 Assessment of resolvability
Regulation 105 Exercise of power to remove impediments to resolvability
Regulation 106 Exclusion of liabilities from the minimum requirement for own funds and eligible liabilities
Regulation 107 Exercise of resolution powers where contractual term not included
Chapter 5 Amendments to priority of debts in insolvency (regs. 108-128)
Regulation 108 Transitional provision
Amendment of the Insolvency Act 1986 (regs. 109-114)
Regulation 109 Introduction
Regulation 110 Non-preferential debts in company voluntary arrangements
Regulation 111 Non-preferential debts in winding up of companies
Regulation 112 Non-preferential debts in bankruptcy proceedings
Regulation 113 Interpretation
Regulation 114 Administration
Amendment of the Insolvency (Northern Ireland) Order 1989 (regs. 115-120)
Regulation 115 Introduction
Regulation 116 Non-preferential debts in company voluntary arrangements
Regulation 117 Non-preferential debts in winding up of companies
Regulation 118 Non-preferential debts in bankruptcy proceedings
Regulation 119 Interpretation
Regulation 120 Administration
Further Amendment of Insolvency Legislation (regs. 121-128)
Regulation 121 Amendments of the Insolvent Partnerships Order 1994
Regulation 122 Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995
Regulation 123 Housing Act 1996
Regulation 124 Housing and Regeneration Act 2008
Regulation 125 Housing (Scotland) Act 2010
Bankruptcy (Scotland) Act 2016
Regulation 126
Regulation 127
Regulation 128
Signature
Explanatory Note
Explanatory Memorandum
De minimis assessment
Transposition table
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