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

Made: 2nd December 2020

Coming into force in accordance with regulation 1(2) to (4)

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PART 1 — General

Citation and commencement

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PART 2 — Amendment of Primary Legislation made under the European Communities Act 1972

CHAPTER 1 — Amendment of the Financial Services and Markets Act 2000

Amendment of the Financial Services and Markets Act 2000

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CHAPTER 2 — Amendment of the Banking Act 2009

Introduction

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Interpretation

4

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Removal of impediments to the exercise of stabilisation powers etc.

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Mandatory write-down, conversion etc.

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7

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8

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Bail-in: sequence of write-down and conversion of capital instruments and liabilities

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Special bail-in provision

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General interpretation of section 48B

11

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Pre-conditions for financial assistance: duty of Bank to give information

12

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Cases where mandatory write-down, conversion etc. applies: banking group companies

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Groups: sale to commercial purchaser and transfer to bridge bank: holding companies

14

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Groups: transfer to asset management vehicle: holding companies

15

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Groups: bail-in option: holding companies

16

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17

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20

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Resolution of banks not regulated by the PRA

21

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Resolution of recognised central counterparties

22

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Recognition of third-country resolution actions

23

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Resolution of UK branches of third-country institutions

24

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Index of defined terms

25

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PART 3 — Amendment of Secondary legislation made under the European Communities Act 1972

Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999

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Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

27

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Amendment of the Banking Act 2009 (Restriction of Special Bail-in Provisions, etc) Order 2014

28

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

29

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30

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44

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47

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48

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49

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53

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60

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PART 4 — Amendment of legislation made under the European Union (Withdrawal) Act 2018

CHAPTER 1 — Amendment of Primary Legislation

Amendment of the Banking Act 2009

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70

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72

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CHAPTER 2 — Amendment of Secondary Legislation

Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

73

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

74

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CHAPTER 3 — Amendment of EU Exit Legislation

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

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Amendment of Schedule 1

76

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Amendment of Schedule 3

77

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Amendment of Schedule 4

78

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Amendment of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

79

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CHAPTER 4 — Revocation of technical standards under the Recovery and Resolution Directive

Revocation of technical standards under the Recovery and Resolution Directive

80

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PART 5 — Other Provision made under the European Communities Act 1972

CHAPTER 1 — Suspension of obligations, interests and rights

Interpretation

81

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Suspension of obligations prior to exercise of stabilisation powers

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Suspension of security interests prior to exercise of stabilisation powers

84

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Suspension of termination rights prior to exercise of stabilisation powers

85

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Suspension prior to exercise of stabilisation powers: procedure

86

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Restriction on subsequent suspension

87

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Groups

88

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Suspension of obligations when Bank is exercising a stabilisation power

89

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Modification of Part for banks not regulated by the PRA

90

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CHAPTER 2 — Power to prohibit distributions

Power to prohibit distributions

91

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CHAPTER 3 — Transfer of losses or capital between members of a group

Transfer of losses or capital between members of a group

92

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CHAPTER 4 — Contractual recognition of bail-in

Interpretation

93

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Requirement to include a contractual term recognising bail-in

94

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Undertakings required to include a contractual term

95

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Contracts for which a contractual term is required

96

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Content of required term

97

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Evidence to demonstrate compliance with regulation 94 obligation

98

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Exclusions

99

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Determination of impracticality

100

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Suspension of the regulation 94 obligation

101

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Assessment of the determination of impracticability

102

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Determination that term is not impracticable

103

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Assessment of resolvability

104

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Exercise of power to remove impediments to resolvability

105

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Exclusion of liabilities from the minimum requirement for own funds and eligible liabilities

106

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Exercise of resolution powers where contractual term not included

107

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CHAPTER 5 — Amendments to priority of debts in insolvency

Transitional provision

108

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Amendment of the Insolvency Act 1986

Introduction

109

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Non-preferential debts in company voluntary arrangements

110

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Non-preferential debts in winding up of companies

111

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Non-preferential debts in bankruptcy proceedings

112

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Interpretation

113

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Administration

114

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Amendment of the Insolvency (Northern Ireland) Order 1989

Introduction

115

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Non-preferential debts in company voluntary arrangements

116

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Non-preferential debts in winding up of companies

117

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Non-preferential debts in bankruptcy proceedings

118

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Interpretation

119

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Administration

120

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Further Amendment of Insolvency Legislation

Amendments of the Insolvent Partnerships Order 1994

121

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Amendments of the Insolvent Partnerships Order (Northern Ireland) 1995

122

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Housing Act 1996

123

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Housing and Regeneration Act 2008

124

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Housing (Scotland) Act 2010

125

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Bankruptcy (Scotland) Act 2016

126

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127

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128

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Signed

Maggie Throup — James Morris — Two of the Lords Commissioners of Her Majesty's Treasury — 2020-12-02

Explanatory note

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Footnotes

[^f00001]: 1972 c. 68. The European Communities Act 1972 was repealed by section 1 of the European Union (Withdrawal) Act 2018 (c. 16) with effect from exit day, but saved with modifications until IP completion day by section 1A of that Act (as inserted by section 1 of the European Union (Withdrawal Agreement) Act 2020 (c.1)). Section 2(2) of the European Communities Act 1972 was amended by section 27(1) of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3(3) of, and Part 1 of 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 1992 (Cm 2073) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183). Paragraph 1A was inserted into Schedule 2 by section 28 of the Legislative and Regulatory Reform Act 2006.

[^f00002]: 2018 c.16.

[^f00003]: S.I. 2012/1759 section 4.

[^f00004]: 2000 c.8.

[^f00005]: Section 137R was amended by S.I. 2017/701, S.I. 2018/546 and S.I. 2015/910; there are other amendments but none is relevant.

[^f00006]: 2009 c.1.

[^f00007]: Section 6B was inserted by S.I. 2014/3329.

[^f00008]: Section 6C was inserted by S.I. 2014/3329.

[^f00009]: Section 12AA was inserted by S.I. 2014/3329.

[^f00010]: Section 48B was inserted by S.I. 2014/3329.

[^f00011]: Section 48D was inserted by paragraph 4 of Schedule 2 of the Financial Services (Banking Reform) Act 2013 (c. 33).

[^f00012]: Section 81AA was inserted by S.I. 2014/3329.

[^f00013]: Section 81C was inserted by S.I. 2014/3329.

[^f00014]: Section 81B was inserted by S.I. 2016/1239.

[^f00015]: S.I. 1999/2979.

[^f00016]: S.I. 2004/1045.

[^f00017]: S.I. 2014/3350, amended by S.I. 2016/1239 and S.I. 2018/1394.

[^f00018]: S.I. 2014/3348, amended by S.I. 2016/1239 and S.I. 2017/80.

[^f00019]: S.I. 2004/1045. There are other amendments but none is relevant.

[^f00020]: S.I. 2018/1394, amended by S.I. 2019/710.

[^f00021]: S.I. 2019/632.

[^f00022]: S.I. 2014/894.

[^f00023]: 1986 c.45.

[^f00024]: S.I. 1989/2045 (N.I.19); amended by the Insolvency (Northern Ireland) Order 2002 (S.I. 2002 No. 3152 (N.I. 6)), S.R. 2004 No. 307, the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I.10)), S.I. 2014 No. 3486, paragraph 83 of schedule 29 to the Civil Partnership Act 2004 (c.33), S.I. 2018/1244, the Corporate Insolvency and Governance Act 2020 (c.12); there are other amending instruments but none is relevant.

[^f00025]: S.I. 1994/2421, amended by S.I. 2002/2708, S.I. 2005/1516, S.I. 2014/3486, S.I. 2017/1119 and S.I. 2018/1244; there are other amending instruments but none is relevant.

[^f00026]: S.R. (N.I.) 1995 No.225.

[^f00027]: 1986 c.53; Section 90C was inserted by S.I. 2009/805.

[^f00028]: S.I. 2011/245; amended by S.I. 2017/400; there are other amending instruments but none is relevant.

[^f00029]: 2016 asp 21.

[^f00030]: Schedule B1 was inserted by the Enterprise Act 2002 (c. 40) Schedule 16. There are no amendments to either paragraph 18 or paragraph 29.

[^f00031]: Schedule B1 was inserted by S.I. 2005/1455 (N.I.10), Schedule 1. There are no amendments to either paragraph 19 or paragraph 30.

[^f00032]: Section 4 was amended by the Insolvency Act 2000 (c.39), Schedule 2, paragraphs 1 and 4, the Deregulation Act 2015 (c. 20) Schedule 6(6) paragraph 20(2)(c), the Small Business, Enterprise and Employment Act 2015 (c. 26) Schedule 9(1) paragraph 4, S.I. 2014/3486 and S.I. 2018/1244.

[^f00033]: Section 176AZA was inserted by S.I. 2018/1244.

[^f00034]: Section 328 was amended by S.I. 2014/3486 and S.I. 2018/1244.

[^f00035]: Section 387A was inserted by S.I. 2018/1244.

[^f00036]: Schedule B1 was inserted by the Enterprise Act 2002 (c. 40) Schedule 16 paragraph 1; paragraph 73 was amended by S.I. 2014/3486 and S.I. 2018/1244; there are other amending instruments but none is relevant.

[^f00037]: Article 17(4)(d) was inserted by S.I. 2018/1244 Pt 5 art. 23(c).

[^f00038]: Article 150ZZA was inserted by S.I. 2018/1244 Pt 5 art. 24.

[^f00039]: Article 300(3A) was inserted by S.I. 2018/1244 Pt 5 art. 26.

[^f00040]: Article 347A was inserted by S.I. 2018/1244 Pt 5 art.29.

[^f00041]: Schedule B1 was inserted by S.I. 2005/1455 (N.I.10), Schedule 1, paragraph 1. Paragraph 74(1)(e) was inserted by S.I. 2018/1244, Pt 5 art.31(3)(c).

[^f00042]: Schedule 1 was substituted by S.I. 2002/2708 and amended by S.I. 2014/3486, S.I. 2017/540 and S.I. 2018/1244; there are other amending instruments but none is relevant.

[^f00043]: Schedule 2 was substituted by S.I. 2005/1516 and amended by S.I. 2005/1516, S.I. 2014/3486 and S.I. 2018/1244; there are other amending instruments but none is relevant.

[^f00044]: Schedule 4 was amended by S.I. 2014/3486, S.I. 2017/1119 and S.I. 2018/1244; there are other amending instruments but none is relevant.

[^f00045]: Schedule 7 was amended by S.I. 2014/3486, S.I. 2017/1119 and S.I. 2018/1244; there are other amendments but none is relevant.

[^f00046]: Schedule 1 was substituted by S.R. 2003 No.550 and amended by S.I. 2014/3486 and S.I. 2018/1244.

[^f00047]: Schedule 2 was substituted by S.R. 2006 No.515 and amended by S.I. 2014/3486 and S.I. 2018/1244; there are other amendments but none is relevant.

[^f00048]: Schedule 4 was amended by S.I. 2014/3486 and S.I. 2018/1244; there are other amendments but none is relevant.

[^f00049]: Schedule 7 was amended by S.I. 2014/3486 and S.I. 2018/1244.

[^f00050]: 1996 c. 52; section 44 was amended by the Charities Act 2006 (c. 50) Schedule 8 paragraph 187, the Housing and Regeneration Act 2008 (c. 17) Part 2 chapter 1 section 61(7), the Co-operative and Community Benefit Societies Act 2014 (c. 14) Schedule 4(2) paragraph 56, S.I. 2014/3486 and S.I. 2018/1244.

[^f00051]: 2008 c. 17.

[^f00052]: Section 152 was amended by S.I. 2014/3486 and S.I. 2018/1244.

[^f00053]: Section 275 was amended by the Charities Act 2011 (c. 25) Schedule 7(2) paragraph 135, the Co-operative and Community Benefit Societies Act 2014 (c. 14) Schedule 4(2) paragraphs 122 and 136, the Housing and Planning Act 2016 (c. 22) Schedule 4(4) paragraph 38 and Schedule 6 paragraph 9, S.I. 2014/2486 and S.I. 2018/1244.

[^f00054]: Section 276 was amended by the Localism Act 2011 (c. 20) Schedule 16(1) paragraph 53 and Schedule 25(26) paragraph 1, the Co-operative and Community Benefit Societies Act 2014 (c. 14) Schedule 4(2) paragraph 123 and paragraph 137, the Housing and Planning Act 2016 (c. 22) Schedule 6 paragraph 10, S.I. 2010/844, S.I. 2018/1040 and S.I. 2018/1244.

[^f00055]: 2010 asp 17; section 80 was amended by S.I. 2013/496, S.I. 2014/3486 and S.I. 2018/1244.

[^f00056]: Section 129 was amended by S.S.I. 2017/210, S.I. 2018/1244 and S.S.I. 2019/94.

[^f00057]: Section 129A was inserted by S.I. 2018/1244.

Bail-in: sequence of write-down and conversion of capital instruments and liabilities

Special bail-in provision

General interpretation of section 48B

Pre-conditions for financial assistance: duty of Bank to give information

Cases where mandatory write-down, conversion etc. applies: banking group companies

Groups: sale to commercial purchaser and transfer to bridge bank: holding companies

Groups: transfer to asset management vehicle: holding companies

Groups: bail-in option: holding companies

Resolution of banks not regulated by the PRA

Resolution of recognised central counterparties

Recognition of third-country resolution actions

Resolution of UK branches of third-country institutions

Index of defined terms

Suspension of obligations prior to exercise of stabilisation powers

Suspension of security interests prior to exercise of stabilisation powers

Suspension of termination rights prior to exercise of stabilisation powers

Suspension prior to exercise of stabilisation powers: procedure

Restriction on subsequent suspension

Groups

Suspension of obligations when Bank is exercising a stabilisation power

Modification of Part for banks not regulated by the PRA

Editorial notes