Commission Delegated Regulation (EU) 2016/778Show full title

Commission Delegated Regulation (EU) 2016/778 of 2 February 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to the circumstances and conditions under which the payment of extraordinary ex post contributions may be partially or entirely deferred, and on the criteria for the determination of the activities, services and operations with regard to critical functions, and for the determination of the business lines and associated services with regard to core business lines (Text with EEA relevance)

Article 2U.K.Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1)

‘deferral period’ means a period of up to six months;

(2)

‘function’ means a structured set of activities, services or operations that are delivered by the institution or group to third parties irrespective from the internal organisation of the institution;

(3)

‘business line’ means as a structured set of activities, processes or operations that are developed by the institution or group for third parties to achieve the organisation's goals.

(4)

[F1‘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.]

Textual Amendments