PART 2Amendment of secondary legislation
Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 20043
I21
The Credit Institutions (Reorganisation and Winding up) Regulations 2004 M1 are amended as follows.
2
In regulation 2 (interpretation)—
I2a
in paragraph (1)—
i
omit the following definitions—
aa
“branch”;
bb
“capital requirements directive”;
cc
“directive reorganisation measure”;
dd
“directive winding-up proceedings”;
ee
“Disclosure Regulations”;
ff
“EEA credit institution”;
gg
“EEA creditor”;
hh
“EEA regulator”;
ii
“EEA State”;
jj
“home state regulator”;
kk
“official language”; and
ll
“the reorganisation and winding up directive”.
ii
in the definition of “liquidator” omit “, except for the purposes of regulation 4,”;
iii
in the definition of “recovery and resolution directive” at the end insert “
, as it had effect immediately before F1IP completion day
”
;
I1b
after paragraph (1) insert—
1A
In the definition of “capital requirements regulation” the reference to Regulation (EU) No. 575/2013 is to be treated as a reference to that EU Regulation as it F2forms part of retained EU law.
I2c
omit paragraph (2).
I23
Omit Part 2 (insolvency measures and proceedings: jurisdiction in relation to credit institutions).
I24
Omit regulation 10 (notification to EEA regulators).
I25
Omit regulation 12 (publication of voluntary arrangement, administration order, winding-up order or scheme of arrangement).
I26
Omit regulation 13 (honouring of certain obligations).
I27
In regulation 14 (notification to creditors: winding-up proceedings), in paragraph (6) omit “, and that heading must be given in every official language”.
I28
Omit regulation 15 (submission of claims by EEA creditors).
I29
Omit regulation 18 (disclosure of confidential information received from an EEA regulator).
I210
In the heading of Part 4 omit “: Recognition of EEA rights”.
I211
In regulation 21 (interpretation of Part 4), in paragraph (1) omit sub-paragraph (c) (the definition of “relevant time”) and the word “and” which immediately precedes that sub-paragraph.
I212
For regulation 22 (EEA rights: applicable law in the winding up of a UK credit institution) substitute—
Applicable law in the winding up of a UK credit institution22
The general law of insolvency of the United Kingdom is applicable in a relevant winding up, subject only to the provisions of regulations 28, 29, 34 and 35.
I213
Omit the following regulations—
a
regulation 23 (employment contracts and relationships);
b
regulation 24 (contracts in connection with immovable property);
c
regulation 25 (registrable rights);
d
regulation 26 (third parties' rights in rem); and
e
regulation 27 (reservation of title agreements etc.).
I214
In regulation 29 (regulated markets)—
a
in paragraph (1)—
i
omit “Subject to regulation 33,”;
ii
for “a regulated market operating in an EEA State” substitute “
UK regulated market
”
; and
b
for paragraph (2) substitute—
2
For the purposes of this regulation “UK regulated market” has the meaning given by point (13A) of Article 2(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.
I215
Omit the following regulations—
a
regulation 30 (detrimental acts pursuant to the law of an EEA State);
b
regulation 31 (protection of third party purchasers);
c
regulation 32 (lawsuits pending); and
d
regulation 33 (lex rei sitae).
I216
In regulation 34 (netting agreements) omit paragraph (2)(c).
I217
In regulation 35 (repurchase agreements)—
a
omit “Subject to regulation 33,”; and
b
omit paragraph (2)(c).
I218
In regulation 36 (interpretation of Part 5), in paragraph (1)(b)(ii) omit “or an EEA State”.
I219
For regulation 37 (application of these Regulations to a third country credit institution), ignoring the heading, substitute—
37
Regulation 9 applies where a third country credit institution is subject to a relevant measure, and is to be read for that purpose as if a reference to the institution or, in paragraph (6), to the credit institution included a reference to a third country credit institution.
I220
Omit regulation 38 (disclosure of confidential information: third country credit institution).
I221
In regulation 39 (interpretation of Part 6) omit paragraph (a).
I222
Omit the following regulations—
a
regulation 41 (application to EEA investment firms);
b
regulation 43 (reorganisation measures and winding-up proceedings in respect of EEA investment firms effective in the United Kingdom).
I223
In regulation 44 (interpretation of Part 7) omit paragraph (a).
I224
Omit the following regulations—
a
regulation 46 (application to EEA group companies);
b
regulation 47 (reorganisation measures and winding-up proceedings in respect of EEA group companies effective in the United Kingdom).
I225
In regulation 48 (interpretation of Part 8)—
a
for the heading substitute “
Members not established in the United Kingdom
”
; and
b
for “an EEA State” substitute “
the United Kingdom
”
.