F1PART 9ARules and Guidance
CHAPTER 1Rule-making powers
General rule-making powers of the FCA and the PRA
137MSpecial provision relating to adequacy of resolution plans
1
This section applies where the PRA has exercised its power to make general rules so as to make rules requiring PRA-authorised persons, or PRA-authorised persons of a specified description, to prepare a resolution plan.
2
The PRA must consult the Treasury and the Bank of England (“the Bank”) about the adequacy of resolution plans required to be prepared by those rules, so far as relating to any matter which may be relevant to the exercise by the Treasury or the Bank of any power under Part 1, 2 or 3 of the Banking Act 2009.
3
After being consulted under subsection (2)—
a
the Treasury or the Bank may notify the PRA that, in the opinion of the Treasury or the Bank, a resolution plan fails to make satisfactory provision in relation to any such matter, and
b
if the Treasury or the Bank give a notification under paragraph (a), the Treasury or the Bank must give reasons for being of that opinion to the PRA.
4
The PRA must have regard to any notification given under subsection (3)(a) before considering whether any resolution plan makes satisfactory provision in relation to any such matter.
5
If—
a
a notification is given under subsection (3)(a), but
b
the PRA is nonetheless of the opinion that the resolution plan makes satisfactory provision in relation to any such matter,
the PRA must give reasons for being of that opinion to the person who gave the notification.
6
In this section—
“resolution plan” has the same meaning as in section 137K;
“specified” means specified in the rules.
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.