The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019

Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

3.—(1) The Credit Institutions (Reorganisation and Winding up) Regulations 2004(1) are amended as follows.

(2) In regulation 2 (interpretation)—

(a) in paragraph (1)—

(i) omit the following definitions—

(aa) “branch”;

(bb) “capital requirements directive”;

(cc) “directive reorganisation measure”;

(dd) “directive winding-up proceedings”;

(ee) “Disclosure Regulations”;

(ff) “EEA credit institution”;

(gg) “EEA creditor”;

(hh) “EEA regulator”;

(ii) “EEA State”;

(jj) “home state regulator”;

(kk) “official language”; and

(ll) “the reorganisation and winding up directive”.

(ii) in the definition of “liquidator” omit “, except for the purposes of regulation 4,”;

(iii) in the definition of “recovery and resolution directive” at the end insert “, as it had effect immediately before exit day”;

(b) after paragraph (1) insert—

“(1A) In the definition of “capital requirements regulation” the reference to Regulation (EU) No. 575/2013 is to be treated as a reference to that EU Regulation as it had effect on the day on which the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 were made.”;

(c) omit paragraph (2).

(3) Omit Part 2 (insolvency measures and proceedings: jurisdiction in relation to credit institutions).

(4) Omit regulation 10 (notification to EEA regulators).

(5) Omit regulation 12 (publication of voluntary arrangement, administration order, winding-up order or scheme of arrangement).

(6) Omit regulation 13 (honouring of certain obligations).

(7) In regulation 14 (notification to creditors: winding-up proceedings), in paragraph (6) omit “, and that heading must be given in every official language”.

(8) Omit regulation 15 (submission of claims by EEA creditors).

(9) Omit regulation 18 (disclosure of confidential information received from an EEA regulator).

(10) In the heading of Part 4 omit “: Recognition of EEA rights”.

(11) In regulation 21 (interpretation of Part 4), in paragraph (1) omit sub-paragraph (c) (the definition of “relevant time”) and the word “and” which immediately precedes that sub-paragraph.

(12) For regulation 22 (EEA rights: applicable law in the winding up of a UK credit institution) substitute—

“Applicable law in the winding up of a UK credit institution

22.   The general law of insolvency of the United Kingdom is applicable in a relevant winding up, subject only to the provisions of regulations 28, 29, 34 and 35.”.

(13) Omit the following regulations—

(a) regulation 23 (employment contracts and relationships);

(b) regulation 24 (contracts in connection with immovable property);

(c) regulation 25 (registrable rights);

(d) regulation 26 (third parties’ rights in rem); and

(e) regulation 27 (reservation of title agreements etc.).

(14) In regulation 29 (regulated markets)—

(a) in paragraph (1)—

(i) omit “Subject to regulation 33,”;

(ii) for “a regulated market operating in an EEA State” substitute “UK regulated market”; and

(b) for paragraph (2) substitute—

“(2) For the purposes of this regulation “UK regulated market” has the meaning given by point (13A) of Article 2(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.”.

(15) Omit the following regulations—

(a) regulation 30 (detrimental acts pursuant to the law of an EEA State);

(b) regulation 31 (protection of third party purchasers);

(c) regulation 32 (lawsuits pending); and

(d) regulation 33 (lex rei sitae).

(16) In regulation 34 (netting agreements) omit paragraph (2)(c).

(17) In regulation 35 (repurchase agreements)—

(a) omit “Subject to regulation 33,”; and

(b) omit paragraph (2)(c).

(18) In regulation 36 (interpretation of Part 5), in paragraph (1)(b)(ii) omit “or an EEA State”.

(19) For regulation 37 (application of these Regulations to a third country credit institution), ignoring the heading, substitute—

“37.   Regulation 9 applies where a third country credit institution is subject to a relevant measure, and is to be read for that purpose as if a reference to the institution or, in paragraph (6), to the credit institution included a reference to a third country credit institution.”.

(20) Omit regulation 38 (disclosure of confidential information: third country credit institution).

(21) In regulation 39 (interpretation of Part 6) omit paragraph (a).

(22) Omit the following regulations—

(a) regulation 41 (application to EEA investment firms);

(b) regulation 43 (reorganisation measures and winding-up proceedings in respect of EEA investment firms effective in the United Kingdom).

(23) In regulation 44 (interpretation of Part 7) omit paragraph (a).

(24) Omit the following regulations—

(a) regulation 46 (application to EEA group companies);

(b) regulation 47 (reorganisation measures and winding-up proceedings in respect of EEA group companies effective in the United Kingdom).

(25) In regulation 48 (interpretation of Part 8)—

(a) for the heading substitute “Members not established in the United Kingdom”; and

(b) for “an EEA State” substitute “the United Kingdom”.

(1)

S.I. 2004/1045.