CHAPTER I

COMMON PROVISIONS

Definitions
Article 2
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. ‘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.
Art. 2(4)-(6) inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 5 para. 1(3); 2020 c. 1, Sch. 5 para. 1(1)