F1PART 9ARules and Guidance
CHAPTER 1Rule-making powers
General rule-making powers of the FCA and the PRA
137KF2Rules about resolution packs: duty to consult
1
Before F4either regulator prepares a draft of any general rules that require F6a relevant person (or F6a relevant person of a specified description) to prepare a F7resolution pack, F5the regulator must consult—
a
the Treasury, and
b
the Bank of England.
F92
“Relevant person” has the same meaning as in section 137J(2).
3
A “F8resolution pack” is a document containing information within subsection (4) or (5).
4
Information is within this subsection if it relates to action to be taken in the event of—
a
circumstances arising in which it is likely that the business (or any part of the business) of an authorised person will fail, or
b
the failure of the business (or any part of the business) of an authorised person.
5
Information is within this subsection if it would facilitate anything falling to be done by any person in consequence of that failure.
6
An example of information within subsection (5) is information that, in the event of that failure, would facilitate—
a
planning by the Treasury in relation to the possible exercise of any of its powers under Part 1 of the Banking Act 2009, or
b
planning by the Bank of England in relation to the possible exercise of any of its powers under Part 1, 2 or 3 of that Act.
F37
In this section “authorised person”, in relation to the PRA, means PRA-authorised person.
Pt. 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.