Section 48Z(1)

In this section— “crisis management measure” has the meaning given in Article 2.1(102) of the recovery and resolution directive, and accordingly in relation to the United Kingdom means— the exercise of a stabilisation power in relation to the bank by the Bank of England or the Treasury, the appointment of a resolution administrator under section 62B, the recognition by the Bank of England of third-country resolution action (or part of such action) in accordance with Chapter 5 of this Part, or the exercise by the Bank of a stabilisation power by virtue of section 89I(3) (exercise of powers in support of third-country resolution action); “crisis prevention measure” ... means— the imposition by the PRA or the FCA under the Bank Recovery and Resolution (No 2) Order 2014 (SI 2014/3348) of a requirement to take relevant measures as described in article 15, 16, or 23 of that Order,, the imposition by the Bank of England of a requirement to take measures to remove impediments to resolvability under section 3A, the taking by the FCA or the PRA of a measure for early intervention under article 111 of the Bank Recovery and Resolution (No. 2) Order 2014, the making of a mandatory reduction instrument by the Bank of England under section 6B , or the appointment by the PRA or the FCA of a person to act as a temporary manager under section 71C of the Financial Services and Markets Act 2000 ; “default event provision” means a Type 1 or Type 2 default event provision (see subsections (2) and (3)); “group” has the meaning given by section 474 of the Companies Act 2006; “Part 1 instrument” means— a mandatory reduction instrument, a share transfer instrument, a property transfer instrument, or a resolution instrument. “recognised third-country resolution action” means third-country resolution action, or a part of such action, recognised by the Bank of England in an instrument under section 89H(2); “third-country institution” means an institution established in a country or territory other than the United Kingdom that would, if it were established within the United Kingdom, be regarded as a bank, building society, credit union or investment firm; “third-country parent financial holding company” means a parent financial holding company (within the meaning of Article 4.1(30) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom; “third-country parent institution” means a parent institution (within the meaning of Article 4.1(28) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom; “third-country parent mixed financial holding company” means a parent mixed financial holding company (within the meaning of Article 4.1(32) of the capital requirements regulation) established or formed under the law of a country or territory outside the United Kingdom; “third-country parent undertaking” means a third-country parent institution, a third-country parent financial holding company or a third-country parent mixed financial holding company.

← 48Z · All articles · 2 →

Source: legislation.gov.uk · retrieved 2026-09-04