This Order implements in part 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 (OJ L173, 12.6.2014, p.190) (“recovery and resolution directive”). The recovery and resolution directive requires EEA states to have powers to manage the failure of credit institutions and investment firms and their group companies as an alternative to insolvency, in order to ensure that critical functions continue to be performed.
The Bank Recovery and Resolution Order 2016
Order
Financial Services and Markets Act 2023
s. 3
Sch. 1
Pt. 2
s. 86(3)
reg. 2(d)
The Bank Recovery and Resolution Order 2016
Order
Financial Services and Markets Act 2023
Sch. 1
Pt. 2
s. 86(3)
The Bank Recovery and Resolution Order 2016
PART 2Amendments of the Banking Act 2009 and related provision
CHAPTER 1Amendments of the Banking Act 2009
Application to recognised central counterparties24
In section 89B(1ZA) (application to recognised central counterparties)45 after “2014” insert “or by the Bank Recovery and Resolution Order 2016”46.