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

Application and interpretation of Chapter 1 U.K.

159.—(1) This Chapter applies where—

(a) an institution is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with [F1 the capital requirements regulation and CRR rules];

(b) the Bank has made a resolution instrument under section 12A of the Banking Act 2009 M1 (bail-in option) in respect of the institution; and

(c) the management body [F2 of the institution or the] resolution administrator submits a business reorganisation plan to the Bank for assessment in accordance with [F3 section 48H of the Banking Act 2009] (business reorganisation plan).

(2) In this Chapter—

F4 ...

F4 ...

“resolution administrator” means the individual or body corporate appointed by the Bank under section 62B of the Banking Act 2009 M2 as the resolution administrator of the institution.

Textual Amendments

F1 Words in art. 159(1)(a) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 19(11)

F2 Words in art. 159(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. 91(2)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in art. 159(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. 91(2)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in art. 159(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. 91(3); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 Section 12A was inserted by the Financial Services (Banking Reform) Act 2013, Schedule 2, paragraphs 1 and 2; and was amended by S.I. 2014/3329.

M2 Section 62B was inserted by S.I. 2014/3329.