Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of global systemically important institutions and for significant subsidiary undertakings established in the Union of global systemically important non-EU institutions

(1) The requirement referred to in section 49(1) for a resolution entity that is a global systemically important institution, or part of a global systemically important institution, consists of 1. the requirements referred to in Articles 92a and 494 of Regulation (EU) No 575/2013, and 2. the additional requirement for own funds and eligible liabilities determined by the resolution authority for that undertaking under subsection (3).
(2) The requirement referred to in section 49(1) for a significant subsidiary undertaking established in the Union of a global systemically important non-EU institution consists of 1. the requirements referred to in Articles 92b and 494 of Regulation (EU) No 575/2013, and 2. the additional requirement for own funds and eligible liabilities determined by the resolution authority for that significant subsidiary undertaking under subsection (3), to be met with own funds and liabilities satisfying the conditions set out in sections 49f and 159(2).
(3) The resolution authority determines an additional requirement for own funds and eligible liabilities under subsection (1), point 2, and subsection (2), point 2, where the requirement referred to in subsection (1), point 1, or subsection (2), point 1, is not sufficient to satisfy the conditions referred to in section 49c. The determination is made at the level necessary to ensure that the conditions under section 49c are satisfied.
(4) Where more than one undertaking that is part of the same global systemically important institution is a resolution entity, or a third-country entity that would be a resolution entity if it were established in the Union, the resolution authority calculates the amount referred to in subsection (3), for the purposes of section 50(2), 1. for each resolution entity, or for each third-country entity that would be a resolution entity if it were established in the Union; 2. for the Union parent undertaking, as if it were the sole resolution entity of the global systemically important institution.
(5) The decision of the resolution authority to prescribe an additional requirement for own funds and eligible liabilities under subsection (1), point 2, or subsection (2), point 2, must be accompanied by reasons, including a complete assessment of the elements referred to in subsection (3). The decision is reviewed by the resolution authority without delay in order to take account of changes to the level of a requirement, applicable to the resolution group or to the significant Union subsidiary undertaking of a global systemically important non-EU institution, set under section 6c(1) of the Banking Act.