Regulatory Alerts2020-01-01
Bank (Recovery and Resolution) (Class 1(3)) Order 2020
The Treasury issued this Order under the Bank (Recovery and Resolution) Act 2020 to amend the statutory definition of a bank. It explicitly excludes persons licensed under the Financial Services Act 2008 to carry on the Class 1(3) regulated activity of operating a representative office of a foreign bank from the term 'bank'. The Order was approved by Tynwald on 15 December 2020 and came into operation on 4 January 2021.
Bank (Recovery and Resolution) (Class 1(3)) Order 2020 Article 1 c SD No.2020/0526 Page 1 Statutory Document No. 2020/0526 Bank (Recovery and Resolution) Act 2020 c BANK (RECOVERY AND RESOLUTION) (CLASS 1(3)) ORDER 20201 Approved by Tynwald: 15 December 2020 Coming into Operation: 4 January 2021 The Treasury makes the following Order under section 4(2) of the Bank (Recovery and Resolution) Act 2020. 1 Title This Order is the Bank (Recovery and Resolution) (Class 1(3)) Order 2020. 2 Commencement If approved by Tynwald, this Order comes into operation on 4 January 20211 . 3 Exclusion of Class 1(3) In the Bank (Recovery and Resolution) Act 2020, the term “bank” excludes persons licensed under the Financial Services Act 2008 to carry on the Class 1(3) regulated activity of “Operating a representative office of a foreign bank”, as defined in the Regulated Activities Order 20112 . MADE 18 NOVEMBER 2020
1 Tynwald procedure – affirmative 2 SD 884/11 (as amended)
Endnotes Bank (Recovery and Resolution) (Class 1(3)) Order 2020 Page 2 SD No.2020/0526 c ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.