SCHEDULE 1Amendments of the Banking Act 2009

Third-country resolution actionsI141

1

Section 89H (recognition of third-country resolution actions) is amended as follows.

2

In subsection (4)—

a

in paragraph (a) omit “or another EEA state”;

b

in paragraph (c)—

i

for “an EEA state” substitute “ the United Kingdom ”;

ii

for “EEA state” substitute “ United Kingdom ”;

iii

omit the word “third” before “country concerned”;

c

in paragraph (e) omit “or contrary to a provision of EU law”.

3

Omit subsection (6).

4

In subsection (7)—

a

omit the definitions of “EU institution” and “normal insolvency proceedings”;

b

for the definition of “third-country institution” substitute—

“third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm;

c

for the definition of “third-country parent undertaking” for the words from “has” to the end substitute “ means a parent undertaking, parent financial holding company or a parent mixed financial holding company established in a country or territory outside the United Kingdom; ”;

d

in the definition of “third-country resolution action”—

i

in the opening words, for “law of a third country” substitute “ law of a country or territory outside the United Kingdom ” and for “an EU institution” substitute “ a bank, building society, credit union or investment firm, ”;

ii

in paragraph (a) for “EU institution” substitute “ a bank, building society, credit union or investment firm ”;

iii

in paragraph (b) for “third country” substitute “ country or territory concerned ”;

e

omit the definition of “third country”.