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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

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The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, Paragraph 60 is up to date with all changes known to be in force on or before 18 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Early intervention with respect to an institutionU.K.

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60.—(1) Article 107 (interpretation of Chapter 1 of Part 8) is amended as follows.

(2) In the definition of “measure for early intervention”—

(a)after “means a” insert “ relevant ”;

(b)for the words from “referred to” to the end substitute “ for early intervention ”.

(3) In the definition of “relevant institution” for “Article 111 of the capital requirements directive” substitute “ Part 6 of the Capital Requirements Regulations 2013 ”.

(4) After the definition of “relevant institution” insert—

relevant measure” means a measure—

(a)requiring an institution to—

(i)implement one or more of the arrangements or measures set out in the recovery plan; or

(ii)review and (if appropriate) amend a recovery plan in accordance with article 33 when the circumstances that led to early intervention are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specified timeframe and to ensure that the conditions referred to in the introductory phase no longer apply;

(b)requiring the management body of an institution to examine the situation, identify measures to overcome any problems identified and draw up an action programme to overcome those problems and a timetable for its implementation;

(c)requiring the management body of an institution to convene, or, if the management body fails to comply with the requirement, to convene directly, a meeting of shareholders of the institution, and in both cases setting the agenda and requiring certain decisions to be considered for adoption by the shareholders;

(d)requiring any person to be removed or replaced if an approval is withdrawn from that person under section 63 of FSMA;

(e)requiring the management body of an institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors in accordance with any recovery plan;

(f)requiring changes to the institution's business strategy;

(g)requiring changes to the legal or operational structures of the institution; or

(h)acquiring (including through on-site inspections) and providing to the Bank all the information necessary to update the resolution plan and preparing for the possible resolution of the institution and for valuation of the assets and liabilities of the institution in accordance with section 6E or 48X of the Banking Act 2009 M1.

Commencement Information

I1Sch. 3 para. 60 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M1Sections 6E and 48X were inserted by S.I. 2014/3329.

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