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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

Type Statutory-Instrument

Publication 2018-12-20

Last updated 2023-07-11

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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(i) in paragraph (a) for “EEA” substitute “ UK ”;

(ii) in paragraph (c)—

(aa) in sub-paragraph (i) omit “or 146”; and, where it appears after the semi-colon, “or”;

(bb) omit sub-paragraph (ii);

(iii) in paragraph (d) for “an EEA State” substitute “ the UK ”;

(d) in the definition of “netting arrangement” omit paragraph (b).

70

(1) Article 126 (determination of minimum consolidated requirement) is amended as follows.

(2) In paragraph (2) omit the words from the start to “United Kingdom,”.

(3) Omit paragraph (3).

(4) In paragraph (8)(a)—

(a) in sub-paragraph (iv) omit the final “and”;

(b) at the end of sub-paragraph (v) insert—

and (vi) relevant assessment criteria specified in any Commission Regulation containing regulatory technical standards adopted by the European Commission under Article 45.2 of the recovery and resolution directive, so far as they are retained EU law.

71

Omit articles 127 (joint determination) and 128 (references to EBA: determination of minimum consolidated requirement).

72

In article 129 (review of minimum consolidated requirement), in paragraph (2) for “Articles 126 to 128 apply” substitute “ Article 126 applies ”.

Determination of minimum consolidated requirement where neither the PRA nor the FCA is the consolidating supervisor

73

Omit Chapter 3 of Part 9.

Determination of minimum requirements for group institutions where the PRA or FCA is the consolidating supervisor

74

(1) Article 133 (application and interpretation of Chapter 4 of Part 9) is amended as follows.

(2) In paragraph (2)—

(a) omit “ “four month period, ”;

(b) for the definition of “group institution” substitute—

“group institution” means an institution, other than a mortgage credit institution within the meaning given in Chapter 1, that— (a) is authorised by the PRA or FCA and (b) forms part of a relevant group;

(3) Omit the definitions of “non-UK institution” and “UK institution”.

75

(1) Article 134 (duties of the Bank of England in relation to minimum requirement) is amended as follows.

(2) In paragraph (1)(a) for “UK institution” substitute “ group institution ”.

(3) Omit paragraphs (2) and (3).

76

(1) Article 135 (determination of minimum requirement) is amended as follows.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In paragraph (7) omit “Where the determination is for a UK institution, ”.

77

Omit articles 136 (joint determination of minimum requirements) and 137 (references to EBA: determination of minimum requirement).

78

(1) Article 138 (review of minimum requirements) is amended as follows.

(2) In paragraph (2) for “to 137” substitute “ and 135 ”.

79

(1) Article 139 (minimum requirement for other group entities set up in the United Kingdom) is amended as follows.

(2) In paragraph (1) for “UK institution” substitute “ group institution ”.

(3) In paragraph (2)—

(a) for “ to 138” substitute “ , 135 and 138 ”;

(b) omit “, except a reference to a non-UK institution,”.

Determination of minimum requirements for group institutions where neither the PRA nor the FCA is the consolidating supervisor

80

Omit Chapter 5 of Part 9.

Minimum requirement for own funds and eligible liabilities: other provisions

81

(1) Article 147 (waiver of application of Chapter 4 or 5) is amended as follows.

(2) In the heading omit “or 5”.

(3) In paragraph (2)—

(a) in the opening words—

(i) omit “or 5”;

(ii) for “an EEA parent institution which is a UK institution” substitute “ a UK parent institution ”;

(b) in sub-paragraph (a) omit “or 3”.

(4) In paragraph (3)—

(a) in the opening words—

(i) omit “or 5”;

(ii) for “UK institution” substitute “ group institution ”;

(b) in sub-paragraph (b) for “Article 111 of the capital requirements directive” substitute “ Part 6 of the Capital Requirements Regulations 2013 ”;

(i) for “EEA parent institution” substitute “ UK parent institution ”;

(ii) omit “or 3”.

82

(1) Article 148 (meeting minimum requirement through contractual bail-in instruments etc) is amended as follows.

(2) In paragraph (1)—

(a) in sub-paragraph (b) omit “or 5”;

(b) in sub-paragraph (c) omit “or 3”.

(3) At the end insert—

(4) “Normal insolvency proceedings” has the meaning given in section 3(1) of the Banking Act 2009.

Requirement to write down or convert capital instruments

83

(1) Article 149 (application and interpretation of Part 10) is amended as follows.

(2) In paragraph (2)—

(a) in the definition of “alternative measure”, in paragraph (b), for “a measure referred to in” substitute “ a power of the FCA or PRA by or under legislation upon which the United Kingdom relied immediately before IP completion day to meet its obligations with respect to ”;

(b) omit the definitions of “appropriate authority” and “non-UK group entity”.

(3) In paragraph (3) in the definition of “group entity” omit paragraph (a).

84

(1) Article 150 (determinations pursuant to Article 59.3 of the recovery and resolution directive: preliminary steps for UK group entities) is amended as follows.

(2) In the heading for “pursuant to Article 59.3 of the recovery and resolution directive” substitute “ under section 6A and 81AA of the Banking Act 2009 ”.

(3) In paragraph (1), for sub-paragraphs (a) and (b) (and the preceding “—”), substitute “ to the appropriate regulator ”.

(4) In paragraph (2)—

(a) omit the words from “(where appropriate” to “established)”;

(b) for sub-paragraphs (a) to (d) (and the preceding “—”) substitute “ to the appropriate regulator ”.

(5) Omit paragraphs (4) and (5).

85

(1) Article 152 (determination that Case 2, 3, 4 or 5 is satisfied) is amended as follows.

(2) In paragraph (2) omit “If the notice is a Case 2, 4 or 5 notice,”.

(3) Omit paragraphs (3) and (4).

86

Omit article 153 (joint determination under Article 59(3)(c) of the recovery and resolution directive in relation to a non-UK group entity).

Removal of procedural impediments to application of bail-in tool

87

(1) Article 154 (interpretation of Part 11) is amended as follows.

(2) After the definition of “Common Equity Tier 1 instruments” insert—

“relevant capital instruments” has the meaning given in section 3(1) of the Banking Act 2009;

(3) In the definition of “UK entity”, in paragraph (a) for “Article 111 of the capital requirements directive” substitute “ Part 6 of the Capital Requirements Regulations 2013 ”.

88

(1) Article 155 (requirement to increase or remove limit on share capital) is amended as follows.

(2) In paragraph (1)(b) for “EEA” substitute “ UK ”.

(3) In paragraph (3) for “action” substitute “ tools and resolution powers ”.

(4) In paragraph (5) for the words from “the amounts” to the end substitute—

the following amounts— (a) the amount by which the Bank has assessed that Common Equity Tier 1 instruments must be reduced and relevant capital instruments must be written down or converted pursuant to section 6B, 12AA, 48Y or 81AA of the Banking Act 2009; and (b) the aggregate amount assessed by the Bank pursuant to section 6E or 48X of that Act.

(5) In paragraph (6) omit the words from “or when” to the end.

89

After article 156 insert—

(156A) (1) The Bank may make technical standards relating to requirements concerning the contractual recognition of bail-in. (2) Technical standards under paragraph (1) may include provision specifying— (a) liabilities that must be excluded from these requirements; or (b) the content of the contractual term that is comprised in these requirements. (3) In exercising its functions under this article the Bank must take into account the different business models of banks.

Treatment of derivative contracts where bail-in option is applied

90

(1) Article 158 (liabilities arising from derivative contracts) is amended as follows.

(2) At the end insert—

(3) Subject to paragraph (4), the Bank may make technical standards specifying— (a) appropriate methodologies for the purposes of paragraph (2)(b)(i); (b) principles for the purposes of paragraph (2)(b)(ii); or (c) appropriate methodologies for the purposes of paragraph (2)(b)(iii). (4) When exercising its functions under paragraph (3) in relation to derivative contracts that are subject to a netting arrangement, the Bank must take into account the methodology for close-out set out in the netting arrangement.

Preparation of business reorganisation plans after application of bail-in tool: assessment of plan drawn up by an institution

91

(1) Article 159 (application and interpretation of Chapter 1 of Part 13) is amended as follows.

(2) In paragraph (1)—

(a) in sub-paragraph (a) for “Article 111 of the capital requirements directive” substitute “ Part 6 of the Capital Requirements Regulations 2013 ”;

(b) in sub-paragraph (c)—

(i) for “or” substitute “ of the institution or the ”;

(ii) for “Article 52 of the recovery and resolution directive” substitute “ section 48H of the Banking Act 2009 ”.

(3) In paragraph (2) omit the definitions of “business reorganisation plan” and “management body”.

92

(1) Article 161 (purpose of assessment) is amended as follows.

(2) In paragraph (3)—

(a) for sub-paragraph (a) substitute—

(a) the plan must include the details specified in— (i) section 48H(2) of the Banking Act 2009; (ii) any technical standards made under paragraph (4)(a);

(b) after sub-paragraph (c) insert—

(d) the arrangements proposed in the plan must be based on realistic assumptions as to the economic and financial market conditions under which the institution will operate; (e) the plan must take account of the current state of the financial markets and their future prospects, reflecting best-case and worst-case assumptions, including a combination of events allowing the identification of the institution's main vulnerabilities; (f) the assumptions made in the plan must be compared with appropriate sector-wide benchmarks; (g) the plan meets any further criteria specified in technical standards made under paragraph (4)(b).

(3) After paragraph (3) insert—

(4) The Bank may make technical standards specifying— (a) further details to be included in business reorganisation plans; or (b) further criteria for the assessment of business reorganisation plans.

Assessment of business organisation plan drawn up by a single group entity

93

(1) Article 163 (application and interpretation of Chapter 2 of Part 13) is amended as follows.

(2) In paragraph (1)(b)—

(a) for the words from “(within” to “or” substitute “ of the relevant entity or the ”;

(b) omit “in accordance with Article 52 of the recovery and resolution directive”.

(3) In paragraph (2)—

(a) after “ “business reorganisation plan” insert “ has the meaning given in section 48H of the Banking Act 2009, as applied by section 81BA of that Act ”;

(b) for “have the” substitute “ has the ”;

94

(1) Article 164 (assessment etc of business reorganisation plan) is amended as follows.

(2) In the table, in the rows relating to articles 160, 161 and 162, in the second column, omit the two sentences beginning “Where”.

Assessment of business organisation plan drawn up for relevant group where the PRA or FCA is the consolidating supervisor

95

(1) Article 165 (application and interpretation of Chapter 3 of Part 13) is amended as follows.

(2) In paragraph (1) in sub-paragraph (c), for “Article 52 of the recovery and resolution directive” substitute “ section 48H of the Banking Act 2009 (including that section as applied in consequence of the provision made by section 81BA, 83A, 84 or 89A of that Act) ”.

(3) In paragraph (2)—

(a) omit the definition of “business reorganisation plan”;

(b) in the definition of “four month period” for the words from “transmits” to the end substitute “ receives the business reorganisation plan under paragraph (1)(c) ”;

(d) for the definition of “relevant bail-in power” substitute—

“relevant bail-in power” in relation to a group entity means the power in section 12A(2) of the Banking Act 2009;

(e) omit the definition of “UK group entity”.

96

Omit article 166 (duty to transmit a copy of business reorganisation plan).

97

(1) Article 167 (assessment of business reorganisation plan) is amended as follows.

(2) In paragraph (1) omit the words from the start to “United Kingdom,”.

(3) Omit paragraphs (2) and (3).

98

(1) Article 168 (purpose of assessment) is amended as follows.

(2) In paragraph (2) omit the words from “or the Bank” to “assessment of the plan”.

(3) In paragraph (3)—

(a) for sub-paragraph (a) substitute—

(a) the plan must include the details specified in section 48H(2) of the Banking Act 2009;

(b) after sub-paragraph (c) insert—

(d) the arrangements proposed in the plan must be based on realistic assumptions as to the economic and financial market conditions under which the group entities will operate; (e) the plan must take account of the current state of the financial markets and their future prospects, reflecting best-case and worst-case assumptions, including a combination of events allowing the identification of the group entities' main vulnerabilities; and (f) the assumptions made in the plan must be compared with appropriate sector-wide benchmarks.

99

Omit article 170 (joint assessment of plan).

100

(1) Article 171 (revision of plan) is amended as follows.

(2) Omit “UK” in each place that it appears.

101

Omit articles 173 (references to European Banking Authority) and 174 (requesting the assistance of EBA).

Assessment of business reorganisation plan drawn up for relevant group where neither the PRA nor the FCA is the consolidating supervisor

102

Omit Chapter 4 of Part 13.

Procedural obligations where an undertaking is failing or likely to fail

103

(1) Article 181 (interpretation of Part 14) is amended as follows.

(2) After “In this Part—” insert—

“crisis prevention measure” has the meaning given in section 48Z(1) of the Banking Act 2009;

(3) After the definition of “the regulator” insert—

“supervisory measure” means a power of the FCA or PRA by or under legislation upon which the United Kingdom relied immediately before IP completion day to meet its obligations with respect to Article 104.1 of the capital requirements directive;

(4) In the definition of “undertaking” for “Article 111 of the capital requirements directive” substitute “ Part 6 of the Capital Requirements Regulations 2013 ”.

104

(1) Article 182 (matters to be notified by the regulator to the Bank of England) is amended as follows.

(2) In paragraph (a) for “Article 32.4 of the recovery and resolution directive” substitute “ section 7(5C) of the Banking Act 2009 ”.

(3) In paragraph (b) for “measure referred to in Article 104.1 of the capital requirements directive” substitute “ supervisory measure ”.

105

(1) Article 183 (notification that an undertaking is failing or likely to fail) is amended as follows.

(2) In paragraph (3)—

(a) omit sub-paragraphs (a) and (b);

(b) in sub-paragraph (d) for the words from “in their” to the end substitute “ ; and ”;

(d) omit paragraph (f).

(3) Omit paragraph (4).

106

In Part 14, after article 184 insert—

(184A) (1) The PRA and the FCA may each make technical standards specifying the procedures for, and contents of notifications under article 182 or 183(1) in circumstances where it is the regulator. (2) The Bank may make technical standards specifying— (a) the procedures for, and contents of notifications under article 183(2); or (b) the procedures for sending documents under article 184.

Cross-border group resolution

107

Omit Part 16.

Modified application of company law to banks etc in resolution

108

(1) Article 216 (interpretation of Part 17) is amended as follows.

(2) In paragraph (1)—

(a) after “In this Part—” insert—

“applying the public equity support tool” means participating in the recapitalisation of an institution or an entity by providing capital to the institution or entity in exchange for Common Equity Tier 1 instruments, Additional Tier 1 instruments or Tier 2 instruments; “Common Equity Tier 1 instruments”, “Additional Tier 1 instruments” and “Tier 2 instruments” have the meanings given in section 3(1) of the Banking Act 2009;

(b) in the definition of “the use of resolution tools, powers and mechanisms” for paragraph (c) substitute—

(c) the exercise by the Treasury of its powers under section 228 of the Banking Act 2009, subject to the requirements of the capital requirements regulation, where the Treasury is applying the public equity support tool; and

(3) Omit paragraph (2).

109

(1) Article 218 (modified application of legislation on cross-border mergers) is amended as follows.

(2) Omit paragraph (1).

110

(1) Article 219 (modified application of the Companies Act 2006 (disapplication of Article 5.1 of the Takeovers Directive)) is amended as follows.

(2) In the heading for “Article 5.1 of the Takeovers Directive” substitute “ Takeover Rules ”.

(3) Omit paragraph (1).

(4) In paragraph (2) for “(1A) Rules giving effect to Article 5.1 of the Takeovers Directive” substitute “ (1ZA) Rules made in accordance with paragraph 7(1) and (2) of Part 2 of Schedule 1C ”.

111

(1) Article 220 (modified application of the Companies Act 2006 (disapplication of other directives) is amended as follows.

(2) In the heading for “directives” substitute “ requirements ”.

(3) Omit paragraphs (1) to (3).

(4) In paragraph (4) omit “For the purposes of this article” and “and with any other necessary modification”.

(5) In paragraph (5) omit “For the second purpose”.

(6) Omit paragraph (6).

Miscellaneous provisions

112

Omit article 222 (continuity).

113

(1) Article 223 (duty to co-operate) is amended as follows.

(2) For paragraph (2) substitute—

(2) “Relevant functions” means any functions conferred on the Bank, the PRA or the FCA by or under— (a) Part 1 of the Banking Act 2009; (b) section 17 of the Financial Services (Banking Reform) Act 2013; (c) any Regulations adopted under the recovery and resolution directive; (d) this Order.

114

Omit articles 224 (non-binding co-operation arrangements in line with EBA framework arrangements) and 225 (duty to inform EBA of imposition of penalties).

115

(1) Article 227 (review) is amended as follows.

(2) Omit paragraph (2).

Requirements concerning recovery plans

116

Before Schedule 1 insert—

SCHEDULE A1 (1) In this Schedule— (a) “entity” means, in relation to the drawing up of — (i) a recovery plan for an institution, the institution; (ii) a group recovery plan for a relevant group, the group entities; (b) except where provision is made to the contrary, “plan” means a recovery plan or a group recovery plan. (2) A plan must include— (a) a summary of its key elements and a summary of the overall capacity of the entity to restore its financial position following a significant deterioration; (b) a summary of any material changes to the entity, including any change to its legal or organisational structure or its business or financial position, which has occurred since the date on which the plan was last revised; (c) a communication and disclosure plan outlining how the entity intends to manage any potentially negative market reactions; (d) a range of capital and liquidity actions required to maintain or restore the viability and financial position of the entity; (e) an estimation of the time required for the execution of each material aspect of the plan; (f) a detailed description of any material impediment to the effective and timely execution of the plan, including consideration of the impact on the rest of the group (where applicable), customers and counterparties; (g) identification of critical functions; (h) a detailed description of the processes for determining the value and marketability of the core business lines, operations and assets of the entity; (i) a detailed description of how recovery planning is integrated into the corporate governance structure of the entity as well as the policies and procedures governing the approval of the plan and identification of the persons in the organisation responsible for preparing and implementing the plan; (j) arrangements and measures to conserve or restore the entity's own funds; (k) arrangements and measures to ensure that the entity has adequate access to contingency funding sources, including potential liquidity sources, an assessment of available collateral and an assessment of the possibility of transferring liquidity across group entities and business lines, to ensure that it can continue to carry out its operations and meet its obligations as they fall due; (l) arrangements and measures to reduce risk and leverage; (m) arrangements and measures to restructure liabilities; (n) arrangements and measures to restructure business lines; (o) arrangements and measures necessary to maintain continuous access to financial markets infrastructures; (p) arrangements and measures necessary to maintain the continuous functions of the entity's operational processes, including infrastructure and information technology services; (q) preparatory arrangements to facilitate the sale of assets or business lines in a time-frame appropriate for the restoration of financial soundness; (r) any other management actions or strategies to restore financial soundness and the anticipated financial effect of those actions or strategies; (s) preparatory measures that the entity has taken or plans to take in order to facilitate the implementation of the plan, including those necessary to enable the timely recapitalisation of the entity; (t) a framework of indicators which identifies the points at which appropriate actions referred to in the plan may be taken. (3) The plan must provide for measures to be taken by the entity to restore its financial position following a significant deterioration of its financial situation. (4) In drawing up the plan the entity must not assume any access to or receipt of extraordinary public financial support. (5) The plan must include, where applicable, an analysis of the conditions under which the entity may apply for the use of the Bank's facilities. (6) The analysis must identify the assets of the entity which would be expected to qualify as collateral for the use of the Bank's facilities. (7) The plan must include possible measures which could be taken by the entity where the conditions for early intervention are met. (8) The plan must include appropriate conditions and procedures to ensure the timely implementation of recovery actions as well as a wide range of recovery options. (9) The plan must contemplate a range of scenarios of severe macroeconomic and financial stress relevant to the entity's specific conditions including system-wide events and stress specific to individual legal persons and to groups. (10) The plan must provide evidence that the management body of the entity has assessed and approved it before submitting it to the appropriate regulator. (11) The plan must include an appropriate framework of indicators established by the entity which identifies the points at which appropriate actions referred to in the plan may be taken. (12) The indicators may be of a qualitative or quantitative nature relating to the entity's financial position and shall be capable of being monitored easily. (13) The plan must provide details of appropriate arrangements which the entity has put in place for the regular monitoring of the indicators. (14) An entity may— (a) take action under its plan where the relevant indicator has not been met, but where the management body of the entity considers action to be appropriate in the circumstances; or (b) refrain from taking such an action where the relevant indicator has been met, but the management body of the entity does not consider action to be appropriate in the circumstances. (15) The entity must without delay notify the appropriate regulator of a decision under paragraph 14(a) or (b).

Information to be contained in a resolution plan

117

(1) Schedule 1 is amended as follows.

(2) In paragraph 1 (impediments to the effectiveness of resolution action)—

(a) in sub-paragraph (a) for “resolution action” substitute “ the application of resolution tools or the exercise of resolution powers ”; and

(b) in sub-paragraph (b) for the words from “Chapter” to the end substitute “ Part 6 ”.

(3) In paragraph 2(3)(a) (the context for resolution action) for the words from “Article” to the end substitute “ section 228 or 229 of the Banking Act 2009 ”.

Information to be contained in a group resolution plan

118

(1) Schedule 2 is amended as follows.

(2) In paragraph 1(3)(a) for the words from “Article 100” to the end substitute “ section 228 or 229 of the Banking Act 2009 ”.

(3) In paragraph 2—

(a) in sub-paragraph (a) for “action” substitute “ tools that would be applied, the resolution powers that would be exercised ”;

(b) in sub-paragraphs (d)(i) and (ii) for “resolution action” in both cases substitute “ the application of resolution tools or the exercise of resolution powers ”;

(i) for “resolution action” substitute “ the application of resolution tools or the exercise of resolution powers ”;

(ii) for “a resolution authority or” substitute “ the Bank under Part 1 of the Banking Act 2009 or a ”;

(d) at the end of sub-paragraph (h) add “ and ”;

(e) in sub-paragraph (i)—

(i) for “resolution action” substitute “ application of resolution tools or the exercise of resolution powers ”; and

(ii) omit “; and”;

(f) omit sub-paragraph (j).

(4) Omit paragraph 3.

(5) At the end of the Schedule add—

(4) In this Schedule, “group resolution” means— (a) the taking of resolution action at the level of— (i) a parent undertaking; or (ii) an institution, which forms part of a group that is subject to consolidated supervision in accordance with Part 6 of the Capital Requirements Regulations 2013; or (b) the co-ordination of the application of resolution tools and the exercise of resolution powers by the Bank in relation to resolution entities that meet the conditions for resolution.

Additional information for purposes of a resolution plan and matters the Bank is to consider when assessing resolvability

119

After Schedule 2 insert—

SCHEDULE 2A (1) In this Schedule, “entity” means in relation to the drawing up of— (a) a resolution plan for an institution, the institution; (b) a group resolution plan for a relevant group, the group entities. (2) The additional information referred to in article 8(3)(a) is as follows— (a) a detailed description of the entity's organisational structure including a list of all legal persons contained in this structure; (b) identification of the direct holders and the percentage of voting and non-voting rights of each legal person; (c) the location, jurisdiction of incorporation, licensing and senior management of each legal person; (d) a mapping of the entity's critical operations and core business lines including material asset holdings and liabilities relating to such operations and business lines, by reference to legal persons; (e) a detailed description of the components of the entity's liabilities, separating, as a minimum by types and amounts of short-term and long-term debt, secured, unsecured and subordinated liabilities; (f) details of those liabilities of the entity that are eligible liabilities; (g) an identification of the processes needed to determine to whom the entity has pledged collateral, the person that holds the collateral and the jurisdiction in which the collateral is located; (h) a description of the off-balance sheet exposures of the entity, including a mapping to its critical operations and core business lines; (i) the material hedges of the entity including a mapping to legal persons; (j) identification of the major or most critical counterparties of the entity as well as an analysis of the impact of the failure of major counterparties in the entity's financial situation; (k) each system on which the entity conducts a material number or value amount of trades, including a mapping to the entity's legal persons, critical operations and core business lines; (l) each payment, clearing or settlement system of which the entity is directly or indirectly a member, including a mapping to the entity's legal persons, critical operations and core business lines; (m) a detailed inventory and description of the key management information systems, including those for risk management, accounting and financial and regulatory reporting used by the entity, including a mapping to the entity's legal persons, critical operations and core business lines; (n) an identification of the owners of the systems identified in paragraph (m), related service level agreements and any software and systems or licences, including a mapping to their legal entities, critical operations and core business lines; (o) an identification and mapping of the legal persons and interconnections and interdependencies among the different legal persons such as— (i) common or shared personnel, facilities and systems; (ii) capital, funding or liquidity arrangements; (iii) existing or contingent credit exposures; (iv) cross guarantee agreements, cross-collateral arrangements, cross-default provisions and cross-affiliate netting arrangements; (v) risks transfers and back-to-back trading arrangements and service level agreements; (p) the competent authority for each legal person; (q) the member of the management body responsible for providing the information necessary to prepare the plan as well as those responsible, if different, for the different legal persons, critical operations and core business lines; (r) a description of the arrangements that the entity has in place to ensure that, in the event of resolution, the Bank will have all the necessary information, as determined by the Bank, for applying the resolution tools and resolution powers; (s) all the agreements entered into by the entity with third parties the termination of which may be triggered by a decision of the authorities to apply a resolution tool and whether the consequences of termination may affect the application of the resolution tool; (t) a description of possible liquidity sources for supporting resolution; and (u) information on asset encumbrance, liquid assets, off-balance sheet activities, hedging strategies and booking practices. SCHEDULE 2B (1) In this Schedule— (a) “back-to-back transaction” means a transaction entered into between two group entities for the purpose of transferring, in whole or in part, the risk generated by another transaction entered into between one of those group entities and a third party; (b) “entity” means, in relation to an assessment of resolvability of— (i) an institution in accordance with article 60(2)(a), the institution; (ii) a relevant group in accordance with article 62(3)(a), the group entities; (c) “intra-group guarantee” means a contract by which one group entity guarantees the obligations of another group entity to a third party. (2) The matters referred to in articles 60(2)(a) and 62(3)(a) are— (a) the extent to which the entity is able to map core business lines and critical operations to legal persons; (b) the extent to which legal and corporate structures are aligned with core business lines and critical operations; (c) the extent to which there are arrangements in place to provide for essential staff, infrastructure, funding, liquidity and capital to support and maintain the core business lines and the critical operations; (d) the extent to which the service agreements that the entity maintains are fully enforceable in the event of resolution of the entity; (e) the extent to which the governance structure of the entity is adequate for managing and ensuring compliance with the entity's internal policies with respect to its service level agreements; (f) the extent to which the entity has a process for the transition of the services provided under service level agreements to third parties in the event of the separation of critical functions or of core business lines; (g) the extent to which there are contingency plans and measures in place to ensure continuity in access to payment and settlement systems; (h) the adequacy of the management information systems in ensuring that the Bank is able to gather accurate and complete information regarding the core business lines and critical operations so as to facilitate rapid decision making; (i) the capacity of the management information systems to provide the information essential for the effective resolution of the entity at all times even under rapidly changing conditions; (j) the extent to which the entity has tested its management information systems under stress scenarios as defined by the Bank; (k) the extent to which the entity can ensure the continuity of its management information systems both for the affected entity and the new entity in the case that the critical operations and core business lines are separated from the rest of the operations and business lines; (l) the extent to which the entity has established adequate processes to ensure that it provides the Bank with the information necessary to identify depositors and the amounts covered by the Financial Services Compensation Scheme established under Part 15 of FSMA in respect of deposits; (m) where the entity uses intra-group guarantees, the extent to which those guarantees are provided at market conditions and the risk management systems concerning those guarantees are robust; (n) where the entity engages in back-to-back transactions, the extent to which those transactions are performed at market conditions and the risk management systems concerning those transactions practices are robust; (o) the extent to which the use of intra-group guarantees or back-to-back booking transactions increases contagion across the group; (p) the extent to which the legal structure of the group inhibits the application of the resolution tools as a result of the number of legal persons, the complexity of the group structure or the difficulty in aligning business lines to group entities; (q) the amount and type of eligible liabilities of the entity; (r) where the assessment involves a mixed activity holding company, the extent to which the resolution of group entities that are institutions or financial institutions could have a negative impact on the non-financial part of the group; (s) the existence and robustness of service level agreements; (t) whether authorities in third countries have the resolution tools necessary to support resolution actions by the Bank, and the scope for coordinated action between the Bank and authorities in third countries. (u) the feasibility of using resolution tools in such a way which meets the resolution objectives, given the resolution tools available and the entity's structure; (v) the extent to which the group structure allows the Bank to resolve the whole group or one or more of its group entities without causing a significant direct or indirect adverse effect on the financial system, market confidence or the economy and with a view to maximising the value or the group as a whole; (w) the arrangements and means through which resolution could be facilitated in the case of groups that have subsidiaries established in different jurisdictions; (x) the credibility of using resolution tools in such a way which meets the resolution objectives, given possible impacts on creditors, counterparties, customers and employees and possible actions that authorities in third countries may take; (y) the extent to which the impact of the entity's resolution on the financial system and on confidence in financial markets can be adequately evaluated; (z) the extent to which the resolution of the entity could have a significant direct or indirect adverse effect on the financial system, market confidence or the economy; (aa) the extent to which contagion to other institutions or to the financial markets could be contained through the application of the resolution tools and powers; and (bb) the extent to which the resolution of the entity could have a significant effect on the operation of payment and settlement systems.

SCHEDULE 4 — Amendments of other secondary legislation

The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009

1

(1) The Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009 are amended as follows.

(2) After regulation 7 insert—

(7A) The Bank may make technical standards specifying the methodology for the assessments referred to in regulation 5(2) to (4).

The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

2

(1) The Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 is amended as follows.

(2) In article 1 (interpretation etc.)—

(a) in paragraph (3)—

(i) after the definition of “the Act” insert—

“Annex 1 activity” has the meaning given in point (26A) of Article 4.1 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms;

(ii) omit the definition of “capital requirements directive”;

(iii) in the definition of “excluded rights”, in paragraphs (c) and (d), for “an activity referred to in Annex I to the capital requirements directive” in both cases substitute “ an Annex 1 activity ”;

(iv) in the definition of “financial instrument” in paragraph (a) for the words from “Section C” to “Instruments Directive” substitute “ Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”;

(v) omit the definition of “Markets in Financial Instruments Directive”;

(vi) in the definition of “transferable securities” for the words from “Article 4.44” to the end substitute “ point (24) 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 ”;

(b) in paragraph (5) for “Order 2016 comes” substitute “ (Amendment) (EU Exit) Regulations 2018 come ”; and

(6) In this Order any reference to an EU regulation or EU tertiary legislation within the meaning of the European Union (Withdrawal) Act 2018 is to be read as a reference to the instrument as it forms part of retained EU law.

(3) Omit article 4 (EU law).

The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014

3

(1) The Banking Act 2009 (Restriction of Partial Property Transfers) (Recognised Central Counterparties) Order 2014 is amended as follows.

(2) Omit article 4 (EU law).

The Banking Act 2009 (Banking Group Companies) Order 2014

4

(1) The Banking Act 2009 (Banking Group Companies) Order 2014 is amended as follows.

(2) In article 2 (interpretation)—

(a) in paragraph (1), in the definition of “the bank”, omit “, EU institution”; and

(b) in paragraph (2), in the definition of “the capital requirements regulation”, at the end insert “ as it forms part of retained EU law”.

The Bank Recovery and Resolution Order 2014

5

(1) The Bank Recovery and Resolution Order 2014 is amended as follows.

(2) In article 128 (review), omit paragraph (2).

The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014

6

(1) The Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014 are amended as follows.

(2) In regulation 2 (interpretation), in paragraph (2) for “Order 2016 comes” substitute “ (Amendment) (EU Exit) Regulations 2018 come ”.

(3) After regulation 8 insert—

(8A) The Bank may make technical standards specifying the methodology for the assessments referred to in regulation 6(2) to (4).

(4) In regulation 13 (review), omit paragraph (2).

The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014

7

(1) The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 is amended as follows.

(2) In article 2 (interpretation)—

(a) in paragraph (1)—

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) in the definition of “transferable securities” for the words from “4.1(44)” to “instruments” substitute, “2.1(24) 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”;

(b) in paragraph (2) for “Order 2016 comes” substitute “ (Amendment) (EU Exit) Regulations 2018 come ”.

(3) In article 5 (set-off and netting: meaning of “derivative” etc.), in paragraph (1), at the end insert “ as it forms part of retained EU law”.

(4) In article 8 (review), omit paragraph (2).

The Building Societies (Bail-in) Order 2014

8

(1) The Building Societies (Bail-in) Order 2014 is amended as follows.

(2) In article 7 (review) omit paragraph (2).

The Bank Recovery and Resolution Order 2016

9

(1) The Bank Recovery and Resolution Order 2016 is amended as follows.

(2) In article 42 (review) omit paragraph (2).

SCHEDULE 5 — Amendments of Retained Direct EU legislation

Amendment of Commission Delegated Regulation (EU) 2016/778

1

(1) Commission Delegated Regulation (EU) 2016/778 is amended as follows.

(2) In Article 1 (subject matter)—

(a) omit paragraph (a);

(b) in paragraph (b) for the words from “point (35)” to the end substitute “ the definition of “critical functions” in section 3(1) of the Banking Act 2009 (including as applied by that Act in relation to persons other than a bank) ”;

(c) in paragraph (c) for the words from “point (36)” to the end substitute “ the definition of “core business lines” in section 48B(14) of the Banking Act 2009 (including as applied in relation to other persons by that Act) ”;

(d) omit the words from “Those rules” to the end.

(3) In Article 2 (definitions) at the end insert—

(4) ‘resolution authority’ means the Bank of England; (5) ‘institution’ has the meaning given in section 3A(8) of the Banking Act 2009; (6) ‘group’ has the meaning given in section 3(2)(b) of the Banking Act 2009.

(4) Omit Chapter II (deferral of ex post contributions).

(5) In Article 6 (criteria relating to the determination of critical functions), in paragraph (2), in point (b), for “, national or European” substitute “ or national ”.

(6) After Article 8 omit the sentence beginning “This regulation shall be binding”.

Amendment of Commission Delegated Regulation (EU) 2016/860

2

(1) Commission Delegated Regulation (EU) 2016/860 is amended as follows.

(2) In Article 1 (subject matter)—

(a) in paragraph 1 for the words from “Article 44(3)” to the end substitute “ section 48B of the Banking Act 2009 (including as applied by sections 81CA, 83A, 84, 89A and 89JA of that Act), where the Bank of England may in a resolution instrument or a property transfer instrument exclude any eligible liability or class of eligible liabilities from the application of any special bail-in provision ”; and

(b) omit paragraph 2.

(3) Omit Article 2 (scope).

(4) In Article 3 (definitions)—

(a) in paragraph (1) for “imminent” substitute “ immediate future ”;

(b) at the end insert—

(3) ‘Institution’ has the meaning given in section 3A(8) of the Act. (4) ‘The resolution authority’ means the Bank of England. (5) ‘The Act’ means the Banking Act 2009. (6) ‘Bail-in’ means special bail-in provision within the meaning of section 48B of the Act and ‘bail-in tool’ means the power to make such provision. (7) ‘Conditions for early intervention’ means the conditions specified in section 71D of the Financial Services and Markets Act 2000.

(5) In Article 4—

(a) omit paragraph 1;

(b) in paragraph 2 for “pursuant to Article 44(3) of Directive 2014/59/EU” substitute “ under section 48B(10) of the Act ”;

(c) in paragraphs 3 and 4 for “Article 44(3) of Directive 2014/59/EU” in both cases substitute “ section 48B(10) of the Act ”;

(d) in paragraph 4 omit the second sentence;

(e) in paragraph 5—

(i) for “Article 44(3) of Directive 2014/59/EU” substitute “ section 48B(10) of the Act ”; and

(ii) for “described under Article 31(2) of that Directive” substitute “ set out in section 4 of the Act ”;

(f) in paragraph 6—

(i) for “pursuant to Article 44(3) of Directive 2014/59/EU” substitute “ under section 48B(10) of the Act ”; and

(ii) for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”;

(g) in paragraph 7—

(i) for “Article 44(3)” in both cases substitute “ section 48B(10) of the Act ”; and

(ii) for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”;

(h) in paragraph 8—

(i) in the opening words, for “Article 44(3)(a) of Directive 2014/59/EU” substitute “ section 48B(10) of the Act on the ground set out in section 48B(12)(a) of the Act ”;

(ii) in the opening words, for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”; and

(iii) in sub-paragraph (b) for “Article 36 of Directive 2014/59/EU” substitute “ section 6E of the Act ”;

(i) in paragraph 9, in the opening words—

(i) for “Article 44(3)(b) of Directive 2014/59/EU” substitute “ section 48B(10) of the Act on the ground set out in section 48B(12)(b) of the Act ”; and

(ii) for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”;

(j) in paragraph 10—

(i) in the opening words, for “Article 44(3)(c) of Directive 2014/59/EU” substitute “ section 48B(10) of the Act on the ground set out in section 48B(12)(c) of the Act ”;

(ii) in the opening words, for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”; and

(iii) in sub-paragraph (b), for “Article 44(3)(c) of Directive 2014/59/EU” substitute “ section 48B(12)(c) of the Act ”;

(k) in paragraph 11—

(i) for “Article 44(3)(d) of Directive 2014/59/EU” substitute “ section 48B(10) of the Act on the ground set out in section 48B(12)(d) of the Act ”; and

(ii) for “resolution fund” substitute “ Consolidated Fund or the National Loans Fund ”.

(6) In Article 5 (exclusion on grounds of impossibility to bail-in under Article 44(3)(a) of Directive 2014/59/EU)—

(a) in the heading for “Article 44(3)(a) of Directive 2014/59/EU” substitute “ section 48B(12)(a) of the Banking Act 2009 ”;

(b) in paragraph 1 for “Resolution authorities” substitute “ The resolution authority ”;

(i) for “resolution authorities” substitute “ the resolution authority ”; and

(ii) for “Articles 36 and 49 of Directive 2014/59/EU” substitute “ section 6E of the Act ”.

(7) In Article 6 (reasonable time)—

(a) in paragraph 1—

(i) for “under Article 44(3)(a) of Directive 2014/59/EU” substitute “ on the ground specified in section 48B(12)(a) of the Act ”;

(ii) for “authorities” substitute “ authority ”; and

(b) in paragraph 2 for “authorities” substitute “ authority ”.

(8) In Article 7 (exclusion on grounds of preservation of certain critical functions and core business lines under Article 44(3)(b) of Directive 2014/59/EU)—

(a) in the heading for “Article 44(3)(b) of Directive 2014/59/EU” substitute “ section 48B(12)(b) of the Banking Act 2009 ”;

(b) in paragraphs 1 to 5 for “Resolution authorities” in each case substitute “ The resolution authority ”; and

(9) In Article 8 (exclusion on grounds of avoidance of widespread contagion under Article 44(3)(c) of Directive 2014/59/EU)—

(a) in the heading for “Article 44(3)(c) of Directive 2014/59/EU” substitute “ section 48B(12)(c) of the Banking Act 2009 ”;

(b) in paragraphs 1 and 2 for “Article 44(3)(c) of Directive 2014/59/EU” in both cases substitute “ section 48B(10) of the Act on the ground specified in section 48B(12)(c) of the Act ”;

(d) in paragraph 2— in point (g) for “pursuant to Article 32(4) of Directive 2014/59/EU” substitute “ specified in section 7(5C) of the Act ”.

(10) In Article 9 (exclusion on grounds of avoidance of a decrease in value under Article 44(3)(d) of Directive 2014/59/EU)—

(a) in the heading for “Article 44(3)(d) of Directive 2014/59/EU” substitute “ section 48B(12)(d) of the Banking Act 2009 ”;

(b) in paragraph 1 for “Resolution authorities” substitute “ The resolution authority ”; and

(i) for “resolution authorities” substitute “ the resolution authority ”;

(ii) for the words from “Article 36(16)” to the end substitute—

(a) any regulatory technical standards referred to in section 6E(10)(a) and 62A(2A)(a) of the Act or any regulatory technical standards contained in a Commission Regulation adopted by the European Commission under Article 49(5) of Directive 2014/59/EU so far as they are retained EU law; and (b) any technical standards made under section 6E(11) or 62A(2B) of the Act or article 158(3) of the Bank Recovery and Resolution (No. 2) Order 2014.

(11) After Article 10 omit the sentence beginning “This regulation shall be binding”.

Signed

Craig Whittaker — Mike Freer — Two of the Lords Commissioners of Her Majesty's Treasury — 2018-12-20

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 c.7. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

[^f00003]: 2018 c.16.

[^f00004]: 2009 c.1. Relevant amendments were made by S.I. 2014/3329 and 2016/1239, the Financial Services Act 2012 c.21 and the Financial Services (Banking Reform) Act 2013 c.33.

[^f00005]: 1986 c.45. The relevant amendments are mentioned in the footnotes to Schedule 2 to these Regulations.

[^f00006]: 2013 c.33.

[^f00007]: S.I. 2014/3348, amended by S.I. 2016/1239 and 2017/80.

[^f00008]: S.I. 2009/319, amended by S.I. 2014/1830, 3329 and 2016/1239.

[^f00009]: S.I. 2009/322. Relevant amendments were made by S.I. 2009/1826, 2011/1043, 2013/3115 and 2016/1239.

[^f00010]: S.I. 2014/1828.

[^f00011]: S.I. 2014/1831.

[^f00012]: S.I. 2014/3329.

[^f00013]: S.I. 2014/3330; amended by S.I. 2014/3344 and 2016/1239.

[^f00014]: S.I. 2014/3350; amended by S.I. 2016/1239.

[^f00015]: S.I. 2014/3344.

[^f00016]: S.I. 2016/1239.

[^f00017]: Inserted by S.I. 2014/3486.

[^f00018]: Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.

[^f00019]: S.I. 2013/3115.

[^f00020]: Section 70D inserted by S.I. 2014/3329.

[^f00021]: Sections 6E and 48X were inserted by S.I. 2014/3329.

[^f00022]: S.I. 2008/346.

[^f00023]: OJ L 173, 12.6.2014, p.84.

Transitional provisions: pre-exit EEA resolution action

Editorial notes

[^c23490891]: S.I. 2012/1759.

[^c23490901]: 1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 c.7. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

[^c23490911]: 2018 c.16.

[^c23490921]: 2009 c.1. Relevant amendments were made by S.I. 2014/3329 and 2016/1239, the Financial Services Act 2012 c.21 and the Financial Services (Banking Reform) Act 2013 c.33.

[^c23490931]: 1986 c.45. The relevant amendments are mentioned in the footnotes to Schedule 2 to these Regulations.

[^c23490941]: 2013 c.33.

[^c23490951]: S.I. 2014/3348, amended by S.I. 2016/1239 and 2017/80.

[^c23490961]: S.I. 2009/319, amended by S.I. 2014/1830, 3329 and 2016/1239.

[^c23490971]: S.I. 2009/322. Relevant amendments were made by S.I. 2009/1826, 2011/1043, 2013/3115 and 2016/1239.

[^c23490981]: S.I. 2014/1828.

[^c23490991]: S.I. 2014/1831.

[^c23491001]: S.I. 2014/3329.

[^c23491011]: S.I. 2014/3330; amended by S.I. 2014/3344 and 2016/1239.

[^c23491021]: S.I. 2014/3350; amended by S.I. 2016/1239.

[^c23491031]: S.I. 2014/3344.

[^c23491041]: S.I. 2016/1239.

[^c23491051]: Inserted by S.I. 2014/3486.

[^c23491061]: Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.

[^c23491071]: S.I. 2013/3115.

[^c23491081]: Section 70D inserted by S.I. 2014/3329.

[^c23491091]: Sections 6E and 48X were inserted by S.I. 2014/3329.

[^c23491101]: S.I. 2008/346.

[^c23491111]: OJ L 173, 12.6.2014, p.84.

[^c23518381]: Reg. 2 in force at 31. 12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518391]: Reg. 3 in force at 31. 12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518401]: Reg. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518411]: Reg. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518421]: Reg. 6 in force at 31. 12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518431]: Reg. 7 in force at 31. 12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23518441]: Reg. 8 in force at 31. 12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23521441]: Sch. 2 para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23521461]: Sch. 2 para. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23521471]: Sch. 2 para. 3(b)(ii) in force at 21.12.2018 and Sch. 2 para. 3 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)(c)

[^c23521481]: Sch. 2 para. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23529641]: Sch. 3 para. 1(29) in force at 21.12.2018 and Sch. 3 para. 1 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)(d)

[^c23529971]: Sch. 3 para. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23529981]: Sch. 3 para. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23529991]: Sch. 3 para. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530011]: Sch. 3 para. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530021]: Sch. 3 para. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530031]: Sch. 3 para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530091]: Sch. 3 para. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530101]: Sch. 3 para. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530111]: Sch. 3 para. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530121]: Sch. 3 para. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23530131]: Sch. 3 para. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531411]: Sch. 3 para. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531421]: Sch. 3 para. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531431]: Sch. 3 para. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531441]: Sch. 3 para. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531451]: Sch. 3 para. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531461]: Sch. 3 para. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531471]: Sch. 3 para. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531481]: Sch. 3 para. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531491]: Sch. 3 para. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531501]: Sch. 3 para. 22 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531511]: Sch. 3 para. 23 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531521]: Sch. 3 para. 24 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531531]: Sch. 3 para. 25 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531541]: Sch. 3 para. 26 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531551]: Sch. 3 para. 27 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531561]: Sch. 3 para. 28 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531571]: Sch. 3 para. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531581]: Sch. 3 para. 30 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531591]: Sch. 3 para. 31 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531601]: Sch. 3 para. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531611]: Sch. 3 para. 33 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531621]: Sch. 3 para. 34 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531631]: Sch. 3 para. 35 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531641]: Sch. 3 para. 36 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531651]: Sch. 3 para. 37 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531661]: Sch. 3 para. 38 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531671]: Sch. 3 para. 39 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531681]: Sch. 3 para. 40 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531691]: Sch. 3 para. 41 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531701]: Sch. 3 para. 42 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531711]: Sch. 3 para. 43 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531721]: Sch. 3 para. 44 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531731]: Sch. 3 para. 45 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531741]: Sch. 3 para. 46 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531751]: Sch. 3 para. 47 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531761]: Sch. 3 para. 48 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531771]: Sch. 3 para. 49 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531781]: Sch. 3 para. 50 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531791]: Sch. 3 para. 51 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

[^c23531801]: Sch. 3 para. 52 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

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