7.—(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.”.
Commencement Information
I1Sch. 1 para. 7(2)(b) in force at 21.12.2018 and Sch. 1 para. 7 in force otherwise at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)(3)(b)