Termination rights etc
23.—(1) Section 48Z (termination rights etc) is amended as follows.
(2) In subsection (1)—
(a)in the definition of “crisis management measure” omit the words from “has” to “Kingdom”;
(b)in the definition of “crisis prevention measure”—
(i)omit the words from “has” to “Kingdom”;
(ii)in paragraph (a), for the words from “of a” to the end substitute “under the Bank Recovery and Resolution (No 2) Order 2014 (SI 2014/3348) of a requirement to take relevant measures as described in article 15, 16, or 23 of that Order,”;
(iii)in paragraph (b), for the words from “Article” to the end substitute “section 3A,”;
(iv)for paragraph (c) substitute—
“(c)the taking by the FCA or the PRA of a measure for early intervention under article 111 of the Bank Recovery and Resolution (No. 2) Order 2014,”;
(c)for the definition of “third-country institution” substitute—
““third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;”;
(d)after the definition of “third-country institution” insert—
““third-country parent financial holding company” means a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent institution” means a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;
“third-country parent mixed financial holding company” means a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom;”;
(e)for the definition of “third-country parent undertaking” substitute—
““third-country parent undertaking” means a third-country parent institution, a third-country parent financial holding company or a third-country parent mixed financial holding company.”.