The object of this Bill is to transpose Article 1 of Directive 2017/2399 of the European Parliament and of the Council amending Directive 2014/59/EU as regards the ranking of unsecured debt instruments in insolvency hierarchy by amending the Banking Act, and also to provide for matters ancillary or incidental thereto and to amend both the Banking Act and the Investment Services Act to further clarify a number of provisions regarding the powers of the competent authority. Moreover the object of this Bill is also to transpose Article 4(1)(45) of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II).
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