There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Bank Recovery and Resolution (No. 2) Order 2014. Any changes that have already been made by the team appear in the content and are referenced with annotations.
23.—(1) This article applies where—
(a)a UK [F1parent undertaking] fails to submit a revision of the group recovery plan within the time allowed by the appropriate regulator; or
(b)the appropriate regulator considers that an impediment has not been adequately addressed in a revision of the plan and cannot be adequately addressed by directing [F2the UK parent undertaking] to make specific changes to the plan.
(2) F3... the appropriate regulator must, in exercise of its powers under FSMA—
(a)direct the UK [F4parent undertaking] to propose business changes; and
(b)if [F5the UK parent undertaking] fails to propose business changes within the time allowed by the appropriate regulator or the appropriate regulator considers that any business changes proposed by [F5the UK parent undertaking] would not adequately address the impediment, determine whether to direct [F5the UK parent undertaking] to take relevant measures.
Textual Amendments
F1Words in art. 23(1)(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. 17(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 23(1)(b) 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. 17(3); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 23(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. 17(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
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