22. The appropriate regulator—
(a)must notify a UK [F1parent undertaking] if the group recovery plan is found on assessment to contain an impediment; and
(b)may not require a UK [F1parent undertaking] to revise the plan without giving it an opportunity to state its opinion on that requirement.
(2) If the appropriate regulator requires a UK [F2parent undertaking] to revise the plan, it must allow [F3the undertaking] two months, which it may on application by [F3the undertaking] extend to three months, to prepare a plan which demonstrates that the impediment has been addressed.
Textual Amendments
F1Words in art. 22(1) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 16(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 22(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 16(2); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 22(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 16(3); 2020 c. 1, Sch. 5 para. 1(1)