The Bank Recovery and Resolution ( No. 2) Order 2014 No. 3348

PART 8 U.K. Early intervention

CHAPTER 2 U.K. Early intervention with respect to groups where the PRA or FCA is the consolidating supervisor

Application and interpretation of Chapter 2 U.K.

110.—(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.

(2) In this Chapter—

• “measure for early intervention”—

  (a)

  F1 ... has the same meaning as in Chapter 1;

  (b)

  F2 ...

• F3 ...

• [F4 temporary manager” means—

  (a)

  in relation to a UK group entity, a temporary manager appointed by the appropriate regulator under section 71C of FSMA;

  (b)

  F5 ...]

• “UK group entity” means—

  (a)

  the [F6 UK] parent undertakingF7 ...;

  (b)

  a group subsidiary which is an institution authorised by the PRA or FCA.

Textual Amendments

F1 Words in art. 110(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. 62(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in art. 110(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. 62(2)(b); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in art. 110(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. 62(3); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in art. 110 inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(4)

F5 Words in art. 110(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. 62(4); 2020 c. 1, Sch. 5 para. 1(1)

F6 Word in art. 110(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. 62(5)(a); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in art. 110(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. 62(5)(b); 2020 c. 1, Sch. 5 para. 1(1)

Procedure for early intervention in respect of a UK group entity U.K.

111.—(1) This article applies where the appropriate regulator proposes to take a measure for early intervention [F8 or appoint a temporary manager] in respect of a UK group entity.

(2) The appropriate regulator must without delay give notice of its proposal to the BankF9 ....

F10 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The appropriate regulator must give the [F11 Bank] notice of a decision to take a measure for early intervention [F12 or to appoint a temporary manager] in respect of a UK group entity.

(5) The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.

(6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the [F13 UK] parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention [F14 or to appoint a temporary manager], including a reasoned account of the decision.

Textual Amendments

F8 Words in art. 111(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(a)

F9 Words in art. 111(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. 63(2); 2020 c. 1, Sch. 5 para. 1(1)

F10 Art. 111(3) 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. 63(3); 2020 c. 1, Sch. 5 para. 1(1)

F11 Word in art. 111(4) 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. 63(4); 2020 c. 1, Sch. 5 para. 1(1)

F12 Words in art. 111(4) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)

F13 Word in art. 111(6) 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. 63(5); 2020 c. 1, Sch. 5 para. 1(1)

F14 Words in art. 111(6) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)

Procedure for early intervention in respect of a non-UK group entity U.K.

F15 112.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15 Art. 112 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. 64; 2020 c. 1, Sch. 5 para. 1(1)

Joint decisions about early intervention U.K.

F16 113.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F16 Art. 113 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. 64; 2020 c. 1, Sch. 5 para. 1(1)

References to EBA U.K.

F17 114.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17 Art. 114 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. 64; 2020 c. 1, Sch. 5 para. 1(1)

Requesting the assistance of EBA U.K.

F18 115.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18 Art. 115 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. 64; 2020 c. 1, Sch. 5 para. 1(1)