[F1137JRules about recovery plans: duty to consultU.K.
(1)Before either regulator prepares a draft of any general rules that require each relevant person (or each relevant person of a specified description) to prepare a recovery plan, the regulator must consult—
(a)the Treasury, and
(b)the Bank of England.
(2)A “relevant person” is an authorised person in relation to whom any power under Part 1 of the Banking Act 2009 (special resolution regime) is exercisable.
(3)A “recovery plan” is a document containing information within subsection (4) or (5).
(4)Information is within this subsection if it relates to action to be taken to secure that, in the event of specified circumstances affecting the carrying on of the business (or any part of the business) of an authorised person—
(a)the business of the authorised person, or
(b)a specified part of that business,
is capable of being carried on (whether or not by the authorised person and whether or not in the same way as previously).
(5)Information is within this subsection if it would facilitate the carrying on of the business (or any part of the business) of an authorised person by any other person.
(6)In this section—
“authorised person”, in relation to the PRA, means PRA-authorised person;
“specified” means specified in the rules.]
Textual Amendments
F1Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.