Commission Implementing Regulation (EU) 2018/1624Show full title

Article 2 U.K. Definitions

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

(1)

‘resolution entity’ means either of the following:

(a)

an entity established in the Union, which is identified by the resolution authority in accordance with Article 12 of Directive 2014/59/EU as an entity in respect of which the resolution plan provides for resolution action; or

(b)

an institution that is not part of a group subject to consolidated supervision pursuant to Articles 111 and 112 of Directive 2013/36/EU of the European Parliament and of the Council(1), in respect of which the resolution plan drawn pursuant to Article 10 of Directive 2014/59/EU provides for resolution action;

(2)

‘resolution group’ means either of the following:

(a)

a resolution entity and its subsidiaries that are not:

(i)

resolution entities themselves; or

(ii)

subsidiaries of other resolution entities; or

(iii)

entities established in a third country that are not included in the resolution group in accordance with the resolution plan and their subsidiaries;

(b)

credit institutions permanently affiliated to a central body, the central body and any institution under the control of the central body when one of those entities is a resolution entity;

(3)

‘group institution’ means a group entity which is a credit institution or an investment firm;

(4)

‘relevant legal entity’ means a group entity that either:

(a)

provides critical functions; or

(b)

represents or provides more than 5 % of any of the following:

(i)

the total risk exposure amount of the group, referred to in Article 92(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council(2);

(ii)

the leverage ratio total exposure measure of the group, referred to in Article 429(4) of Regulation (EU) No 575/2013;

(iii)

the operating income of the group on a consolidated basis.

(1)

Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

(2)

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).