For the purposes of this section 'designated entity' does not include any regulated financial service provider but, subject to that exclusion, includes: a financial holding company; a mixed financial holding company; a mixed-activity holding company; a parent financial holding company in a Member State; a parent mixed financial holding company in a Member State; a parent undertaking of an institution; a Union branch; a Union parent financial holding company; a Union parent mixed financial holding company; and a financial institution.

This Part applies to the commission or suspected commission by a designated entity of a contravention of: (i) the Bank Recovery and Resolution Regulations; (ii) any direction given to a designated entity under those Regulations; (iii) any requirement imposed on a designated entity under those Regulations or under any such direction; and (iv) any obligation imposed on a designated entity by this Part or imposed by the Bank under a power exercised under this Part, and to participation by a person concerned in the management of a designated entity in such a contravention. For the purposes of this section references to regulated financial service provider or financial service provider include designated entities; prescribed contravention includes contraventions referred to in subsection (2); performing a controlled function includes being concerned in the management of a designated entity; subsection (4) is deleted; and defined terms are those in the Bank Recovery and Resolution Regulations (the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015)).