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The Bank Recovery and Resolution (No. 2) Order 2014
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Changes to legislation:
There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 37.
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The Bank's duty to draw up resolution plansU.K.
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Memorandwm Esboniadol
37.—(1) The Bank must draw up and adopt a resolution plan for each relevant institution.
(2) Subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to a resolution plan, the plan must[F1—
(a) contain the information, and be drawn up with regard to the considerations, set out in Schedule 1; and
(b)contain information specified in any technical standards made under paragraph (2A).]
[F2(2A) The Bank may make technical standards relating to information to be contained in the resolution plan for a relevant institution.]
(3) The resolution plan must be drawn up on the basis of the information provided for that purpose by the relevant institution or the appropriate regulator and any other relevant information.
[F3(3A) The Bank may make technical standards relating to—
(a)the procedures for the provision of information by the relevant institution or the appropriate regulator under paragraph (3); and
(b)a minimum set of standard forms and templates for such provision of information.]
(4) For the purpose of drawing up a resolution plan the Bank must consult—
(a)the appropriate regulator; F4...
F5(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) The Bank must provide the relevant institution with a summary of the key elements of the resolution plan.
Textual Amendments
F1Words in art. 37(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. 24(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Art. 37(2A) inserted (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. 24(3); 2020 c. 1, Sch. 5 para. 1(1)
F3Art. 37(3A) inserted (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. 24(4); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in art. 37(4)(a) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 24(5)(a); 2020 c. 1, Sch. 5 para. 1(1)
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