- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 No. 1394
Regulation 3
1. Schedule 6 to the Insolvency Act 1986 (preferential debts) is amended in accordance with paragraphs 2 and 3.
2. In paragraph 15BB(1)—
(a)in sub-paragraph (a)—
(i)for “non-EEA” substitute “non-UK”; and
(ii)for “an EEA state” substitute “the United Kingdom”;
(b)in sub-paragraph (b), for “an EEA” substitute “a UK”.
3. In paragraph 15C(2)—
(a)in sub-paragraph (3) for paragraph (b) substitute—
“(b)any micro, small and medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission recommendation 2003/361/EC.”.
(b)in sub-paragraph (4)—
(i)for paragraphs (b) and (c) substitute—
“(b)“non-UK branch” means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;
(c)“UK branch” means a branch, as so defined, which is established in the United Kingdom,”;
(ii)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 were made”.
4. Paragraph 5 of Schedule 7 to the Financial Services (Banking Reform) Act 2013 (provision that may be made by a financial market infrastructure transfer scheme) is amended as follows—
(a)at the end of sub-paragraph (2)(e), insert the words “(including under legislation of the European Union)”; and
(b)in sub-paragraph (2)(f), omit “, EU instrument”.
Inserted by S.I. 2014/3486.
Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.
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