CHAPTER IU.K. COMMON PROVISIONS

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