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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, CHAPTER 3.
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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 [F1section 48H of the Banking Act 2009 (including that section as applied in consequence of the provision made by section 81BA, 83A, 84 or 89A of that Act)].
(2) In this Chapter—
F2...
“four month period” means four months beginning with the date on which the Bank [F3receives the business reorganisation plan under paragraph (1)(c)];
“group institution” means—
the [F4UK] 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;
[F5“relevant bail-in power” in relation to a group entity means the power in section 12A(2) of the Banking Act 2009;]
“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
F6...
Textual Amendments
F1Words in art. 165(1)(c) 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. 95(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 165(2) 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. 95(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 165(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. 95(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in art. 165(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. 95(3)(c); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 165(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. 95(3)(d); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 165(2) 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. 95(3)(e); 2020 c. 1, Sch. 5 para. 1(1)
F7166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
167.—(1) F8... The Bank must assess the business reorganisation plan jointly with the regulator.
F9(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F8Words in art. 167(1) 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. 97(2); 2020 c. 1, Sch. 5 para. 1(1)
168.—(1) The purpose of the assessment of the business reorganisation plan is to determine whether the plan meets the criteria for assessment and decide other relevant matters.
(2) The Bank must approve the plan when the Bank and the regulator F10... are satisfied that the plan meets the criteria for assessment.
(3) The criteria for assessment are that—
[F11(a)the plan must include the details specified in section 48H(2) of the Banking Act 2009;]
F12(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)the arrangements proposed in the plan would, if implemented, be reasonably likely 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.
[F13(d)the arrangements proposed in the plan must be based on realistic assumptions as to the economic and financial market conditions under which the group entities will operate;
(e)the plan must take account of the current state of the financial markets and their future prospects, reflecting best-case and worst-case assumptions, including a combination of events allowing the identification of the group entities' main vulnerabilities; and
(f)the assumptions made in the plan must be compared with appropriate sector-wide benchmarks.]
Textual Amendments
F10Words in art. 168(2) 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. 98(2); 2020 c. 1, Sch. 5 para. 1(1)
F11Art. 168(3)(a) 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. 98(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F12Art. 168(3)(b) omitted (31.12.2020) by virtue of The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1470), reg. 1(2), Sch. 2 para. 15(3) (with Sch. 3)
169. Where the Bank assesses the business reorganisation plan jointly with the regulator, the assessment must be concluded within the four month period.
F14170. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
171. The Bank—
(a)must notify a F15... group entity if the business reorganisation plan is found on assessment to contain an impediment; and
(b)may not require a F15... group entity to revise the plan without giving it an opportunity to state its opinion on that requirement.
(2) If the Bank requires a F15... group entity to revise the plan, the Bank—
(a)must allow two weeks for the preparation of a plan which demonstrates that the impediment has been addressed;
(b)within one week beginning with the date on which a revised plan is submitted, must notify the entity whether the impediment has been adequately addressed in the revised plan; and
(c)if the impediment has not been adequately addressed in the revised plan, must direct the entity to make specific changes to the plan.
Textual Amendments
F15Word in art. 171 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. 100(2); 2020 c. 1, Sch. 5 para. 1(1)
172. Where the Bank requires a group entity to draw up and submit a business reorganisation plan on an individual basis, Chapter 1 applies for the purpose of the assessment of the plan, but has effect for that purpose as if each reference to an institution were a reference to the group entity.
F16173. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F17174. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
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