39. This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.
40.—(1) Where every group entity is set up in the United Kingdom, the Bank must draw up and adopt a group resolution plan, and is solely responsible for the plan.
(2) Where a group entity is set up in another EEA State, the Bank must endeavour within the college to draw up and adopt a group resolution plan jointly with the resolution authority for that entity.
(3) Subject to the imposition of any simplified obligations (within the meaning given by article 9(3)(b)) with respect to a group resolution plan, the plan must contain the information, and be drawn up with regard to the considerations, set out in Schedule 2.
(4) The resolution plan must be drawn up on the basis of—
(a)the information provided for that purpose by a group entity set up in the United Kingdom or by the appropriate regulator; and
(b)any other relevant information.
(5) For the purpose of drawing up a group resolution plan, the Bank must consult—
(a)the appropriate regulator;
(b)each relevant competent authority; and
(c)so far as the plan is relevant to a significant branch which an institution within the relevant group has in another EEA State, the resolution authority established in that State.
(6) A group resolution plan must not have a disproportionate impact on any EEA State.
(7) For the purpose of drawing up a group resolution plan, so far as the plan is relevant to—
(a)a subsidiary within the relevant group which is set up in a third country, or
(b)an institution within the relevant group which has a significant branch in a third country,
the Bank may consult the authorities which, in the country concerned, exercise any function equivalent to a function of a resolution authority or competent authority.
41.—(1) For the purposes of drawing up and adopting a group resolution plan the Bank must send relevant information—
(a)to EBA;
(b)where the plan is being drawn up by the Bank jointly with other resolution authorities, to those authorities;
(c)to the authorities which must be consulted under article 40(5).
(2) This article does not require any information to be disclosed if its disclosure would be contrary to section 348 of FSMA as applied for the purposes of Part 1 of the Banking Act 2009 (with modifications) by section 89L of that Act(1) (restrictions on disclosure of confidential information).
(3) In this article “relevant information” means information which is provided to the Bank by the appropriate regulator or is otherwise available to the Bank and—
(a)in the case of EBA, is required to enable EBA to exercise its functions in relation to drawing up a group resolution plan;
(b)in the case of the resolution authority for a group entity (other than the Bank), is required for the purpose of drawing up a group resolution plan jointly with the Bank;
(c)in the case of an authority which must be consulted under article 40(5)—
(i)is relevant to a group entity set up in the EEA State in which the authority is established;
(ii)is relevant to a significant branch situated in that State; or
(iii)is otherwise required to enable the authority to make an effective response to consultation by the Bank.
42.—(1) Where the Bank endeavours to reach a decision on the adoption of a group resolution plan jointly with one or more other resolution authorities under article 40(2), it must endeavour to reach that decision within four months beginning with the date on which it transmits information under article 41 (“the four month period”).
(2) Where the Bank and another resolution authority (“authority A”) are unable to reach a joint decision on the adoption of a group resolution plan within the four month period, the Bank must—
(a)decide the contents and details of a group resolution plan for part of the relevant group, which it may do either alone or jointly with any resolution authority with which it is able to reach a joint decision; and
(b)ensure that—
(i)the decision on the contents and details of the plan takes account of views and reservations of authority A; and
(ii)every group entity for which authority A is the resolution authority is excluded from the scope of the plan.
(3) Where another resolution authority (apart from authority A) notifies the Bank that it does not wish to adopt a group resolution plan for part of the relevant group, the Bank must ensure that every group entity for which that authority is the resolution authority is excluded from the scope of the group resolution plan.
(4) The Bank must give the EEA parent undertaking written notice of the adoption of a group resolution plan under this article, including a reasoned account of the decision to adopt the plan.
(5) Where a joint decision on the adoption of a group resolution plan is reached within the four month period, the Bank must initiate a reassessment of the plan, including minimum requirements for own funds and eligible liabilities, if one of the resolution authorities (including the Bank) considers that a matter of disagreement about the plan which arose during the four month period impinges on the fiscal responsibilities of the EEA State of which it is the resolution authority.
43.—(1) Where, before the end of the four month period, another resolution authority has referred any matter relating to the adoption of a group resolution plan to EBA in accordance with Article 19 of the EBA Regulation, the Bank must—
(a)defer a decision on the matter referred for one month beginning with the date on which the four month period ends; and
(b)ensure that the decision conforms with any decision taken by EBA before the end of that month under Article 19.3 of the EBA Regulation.
(2) For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.
44.—(1) The Bank may ask EBA to assist the resolution authorities in accordance with Article 31(c) of the EBA Regulation to reach a joint decision on the adoption of a group resolution plan.
45. The Bank must send a copy of the group resolution plan to the appropriate regulator and each relevant competent authority.
Section 89L was inserted by S.I. 2014/3329.