The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020

Amendment of the Bank Recovery and Resolution (No.2) Order 2014

30.  In article 2(1)

(a) in the definition of “the capital requirements regulation”, at the end insert, “as last amended by Regulation (EU) 2019/876 of the European Parliament and of the Council of 20th May 2019”;

(b) in the definition of “group resolution plan”—

(i) after “document which” insert, “identifies at least one resolution entity and at least one resolution group and which”;

(ii) for paragraph (a) substitute—

“(a) taking resolution action in respect of each resolution entity in the relevant group;”;

(c) after the definition of “relevant group” insert—

““resolution entity” means an entity that is identified in a resolution plan or a group resolution plan as an entity in respect of which resolution action might be taken;

“resolution group” means a resolution entity together with any subsidiary where the subsidiary—

(i)

is not a resolution entity itself;

(ii)

is not a subsidiary of another resolution entity; or

(iii)

is established in a third country and is stated by the group resolution plan under Part 5 to be included in the resolution group;”;

(d) in the definition of “the recovery and resolution directive” at the end insert, “as last amended by Directive (EU) 2019/879 of the European Parliament and of the Council of 20th May 2019”.