- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (10/01/2015)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 31/12/2020
Point in time view as at 10/01/2015. This version of this provision has been superseded.
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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 165.
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165.—(1) This Chapter applies where, in relation to a relevant group—
(a)the PRA or FCA is the consolidating supervisor;
(b)a relevant bail-in power has been exercised in respect of two or more group entities; and
(c)a group entity submits a business reorganisation plan to the Bank for assessment in accordance with Article 52 of the recovery and resolution directive.
(2) In this Chapter—
“business reorganisation plan” means a plan which sets out measures to restore the long-term viability of the group entities, or parts of the business of the group entities, in respect of which a relevant bail-in power has been exercised and of the whole or part of the relevant group;
“four month period” means four months beginning with the date on which the Bank transmits a copy of the business reorganisation plan under article 166;
“group institution” means—
the EEA parent undertaking, if it is an institution;
a group subsidiary which is an institution;
“impediment”, in relation to the business reorganisation plan, means any material deficiency or measure in the plan which would impede its implementation or the object of restoring the long-term viability of any group entity (or of part of its business) or of the whole or part of the relevant group;
“relevant bail-in power”—
in relation to a UK group entity, means the power in section 12A(2) of the Banking Act 2009;
in relation to a group entity set up in another EEA State, means power to apply the bail-in tool in respect of that entity for the purpose described in sub-paragraph (a) of Article 43.2 of the recovery and resolution directive (the bail-in tool: recapitalisation);
“the regulator”—
where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;
where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;
where there is no PRA-authorised person in the relevant group, means the FCA;
“relevant matters”, in relation to the assessment of the business reorganisation plan, means the following matters for decision—
whether the plan meets the criteria for assessment;
whether group entities should be required to draw up and submit business reorganisation plans on an individual basis;
whether the plan contains an impediment;
whether a group entity should be required to revise the plan;
whether an impediment has been adequately addressed in a revision of the plan; and
where an impediment has not been adequately addressed in a revision of the plan, how it can be adequately addressed by directing a group entity to make specific changes to the plan; and
“UK group entity”—
where the EEA parent undertaking is set up in the United Kingdom, means that undertaking; and
where the EEA parent undertaking is set up in another EEA State, means a group subsidiary which is a UK authorised person or a qualifying parent undertaking within the meaning given by section 192B of FSMA M1.
Marginal Citations
M1Section 192B was inserted by the Financial Services Act 2012, section 27. For Condition C (a parent undertaking must be a financial institution of a prescribed kind (section 192B(4)) see S.I. 2013/165.
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