The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
As published
125 Application and interpretation of Chapter 2
(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter—
...
“group entity” includes an undertaking which is—
a parent undertaking of the UK parent undertaking; and
a mixed activity holding company which has at least one subsidiary which—
is an institution; and
is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company;
“group institution” means—
the UK parent undertaking, if it is a relevant institution;
a group subsidiary which is a relevant institution;
a group entity, other than an institution, which is—
required under article 139 ... to maintain a minimum requirement for own funds and eligible liabilities; ...
...
where the group resolution plan does not provide for the separate resolution of a subsidiary set up in a third country, that subsidiary if it would be a relevant institution if it were set up in the UK;
“minimum consolidated requirement” means the requirement for a minimum level of own funds and eligible liabilities of the group institutions , including any transitional minimum consolidated requirement of the group institutions in accordance with article 126(2C) ...;
“minimum requirement”, in relation to a group institution, means a minimum requirement for own funds and eligible liabilities , including any transitional minimum requirement in accordance with article 135(2C) ...; and
“netting arrangement”—
in relation to an institution authorised by the PRA or FCA, means a title transfer collateral arrangement, set-off arrangement or netting arrangement (within the meaning given by section 48(1)(b), (c) and (d) of the Banking Act 2009);
...
(3) “Relevant institution”, in the definition of “group institution”, means an institution which—
(a) if authorised by the PRA or FCA, is not a mortgage credit institution within the meaning given in Chapter 1; and
(b) if set up in a country other than the United Kingdom, does not meet criteria which are equivalent in that country to the criteria set out in article 121(2).
Your change, as a redline
125 Application and interpretation of Chapter 2
(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter—
...
“group entity” includes an undertaking which is—
a parent undertaking of the UK parent undertaking; and
a mixed activity holding company which has at least one subsidiary which—
is an institution; and
is not a subsidiary of a financial holding company which is also a subsidiary of the mixed activity holding company;
“group institution” means—
the UK parent undertaking, if it is a relevant institution;
a group subsidiary which is a relevant institution;
a group entity, other than an institution, which is—
required under article 139 ... to maintain a minimum requirement for own funds and eligible liabilities; ...
...
where the group resolution plan does not provide for the separate resolution of a subsidiary set up in a third country, that subsidiary if it would be a relevant institution if it were set up in the UK;
“minimum consolidated requirement” means the requirement for a minimum level of own funds and eligible liabilities of the group institutions , including any transitional minimum consolidated requirement of the group institutions in accordance with article 126(2C) ...;
“minimum requirement”, in relation to a group institution, means a minimum requirement for own funds and eligible liabilities , including any transitional minimum requirement in accordance with article 135(2C) ...; and
“netting arrangement”—
in relation to an institution authorised by the PRA or FCA, means a title transfer collateral arrangement, set-off arrangement or netting arrangement (within the meaning given by section 48(1)(b), (c) and (d) of the Banking Act 2009);
...
(3) “Relevant institution”, in the definition of “group institution”, means an institution which—
(a) if authorised by the PRA or FCA, is not a mortgage credit institution within the meaning given in Chapter 1; and
(b) if set up in a country other than the United Kingdom, does not meet criteria which are equivalent in that country to the criteria set out in article 121(2).
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