PART 7Intra-group financial support
CHAPTER 4Provision of group financial support
Relevant notice from UK group entity: decision by the PRA or FCA102
1
Where the PRA or FCA receives a relevant notice from a UK group entity, it must, within five business days beginning with the date on which it receives the notice, decide whether to—
a
agree the provision of the financial support to which the notice refers; or
b
prohibit or restrict the provision of that financial support on the ground that the conditions for financial support have not been met.
2
The regulator must give written notice of its decision, including a reasoned account of the decision—
a
to the notifying group entity; F3and
F4b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
unless the regulator is the consolidating supervisor, to the consolidating supervisor;
d
unless the regulator is the competent authority for the intended recipient, to that authority; and
e
where the regulator has authorised the intended recipient, to the intended recipient.
3
In this article “the regulator”—
a
where the relevant notice is received from a PRA-authorised person, means the PRA; and
b
where the relevant notice is received from any other UK group entity, means the FCA.