SCHEDULE 1Amendments of the Banking Act 2009

Objectives and CodeI17

1

Section 4 (special resolution objectives) is amended as follows.

2

In subsection (4)(a)—

a

for the words from “authorised” to “Article 25,” substitute “ authorised or recognised in the United Kingdom in accordance with Article 14 or 25 ”;

b

at the end insert “ , as that Regulation had effect on the day on which the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) were made ”.

3

For subsection (7) substitute—

7

Objective 5 is to protect investors and depositors to the extent that they have investments or deposits covered by the FSCS.