The Bank Recovery and Resolution ( No. 2) Order 2014

Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013U.K.

This section has no associated Explanatory Memorandum

12.—(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 M1 is amended as follows.

(2) In article 1 after the definition of “EuVECA Regulation” insert—

“recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;”.

(3) In article 2—

(a)in paragraph (4) after sub-paragraph (b) insert—

“(c)any directly applicable regulation made under the recovery and resolution directive.”;

(b)in paragraph (6) after sub-paragraph (d) insert—

“(e)any directly applicable regulation made under the recovery and resolution directive.”; and

(c)after paragraph (8) insert—

“(9) Directly applicable regulations made under the recovery and resolution directive are specified qualifying EU provisions for the purpose of sections 66(2A) and 192K(1)(c) of the Act M2.”.

(4) In article 3—

(a)in paragraph (2) after sub-paragraph (h) insert—

“(i)any directly applicable regulation made under the recovery and resolution directive.”; and

(b)in paragraph (3) after sub-paragraph (f) insert—

“(g)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i)if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii)in any other case, the FCA.”.

(5) In article 5—

(a)in paragraph (2) after sub-paragraph (h) insert—

“(i)any directly applicable regulation made under the recovery and resolution directive.”; and

(b)in paragraph (5) after sub-paragraph (g) insert—

“(h)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i)if the person concerned is a PRA-authorised person, or a parent undertaking of a PRA-authorised person, either the PRA or the FCA;

(ii)in any other case, the FCA.”.

(6) In article 6—

(a)in paragraph (2) after sub-paragraph (j) insert—

“(k)any directly applicable regulation made under the recovery and resolution directive.”; and

(b)in paragraph (4) after sub-paragraph (d) insert—

“(e)any directly applicable regulation made under the recovery and resolution directive.”.

Marginal Citations

M1S.I. 2013/419, as amended by SI 2013/1773.