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The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019

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Saving for reorganisation or winding up started in another EEA State before exit day

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6.—(1) This regulation applies where a relevant institution is, on exit day, subject to—

(a)a directive reorganisation measure adopted or imposed under the law of the relevant EEA State before exit day (“relevant measure”); or

(b)directive winding-up proceedings opened under the law of the relevant EEA State before exit day (“relevant proceedings”).

(2) Despite regulation 3(3), (22)(b) and (24)(b)—

(a)Part 2 of the 2004 Regulations continues to have effect in relation to the relevant institution;

(b)if that institution is an EEA investment firm, that Part has effect with the modification in regulation 43 of the 2004 Regulations; and

(c)if that institution is an EEA group company, that Part has effect with the modification in regulation 47 of the 2004 Regulations.

(3) For the purposes of paragraph (2)—

(a)regulation 2 of the 2004 Regulations has effect without the following amendments made by regulation 3(2)—

(i)the amendment of the definition of “liquidator”;

(ii)the omission of the definitions of “branch”, “capital requirements directive”, “directive winding up proceedings”, “EEA State” and “the reorganisation and winding up directive”;

(iii)the omission of regulation 2(2)(b); and

(b)in Part 2 of the 2004 Regulations—

(i)“directive reorganisation measure” and “EEA credit institution” have the same meaning as they have in this Chapter; and

(ii)a reference to an EEA credit institution (as so modified) includes a reference to an EEA investment firm and an EEA group company.

(4) Part 4 of the 2004 Regulations has effect without the amendments made by regulation 3(10) to (17) in relation to rights specified in that Part which are exercisable in the EEA State under whose law the relevant measure was adopted or imposed or the relevant proceedings were opened.

(5) This regulation has effect subject to regulations 7 to 10.

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