The Bank Recovery and Resolution (No. 2) Order 2014

Duties of consolidating supervisor where financial support agreed, prohibited or restricted

103.—(1) This article applies where the PRA or FCA is the consolidating supervisor.

(2) Where the appropriate regulator receives notice of a decision by a relevant competent authority to agree, prohibit or restrict the provision of financial support to which a relevant notice refers, the appropriate regulator must inform the other college members of that decision without delay.

(3) Paragraph (4) applies where—

(a) a competent authority prohibits or restricts the provision of financial support to which a relevant notice refers;

(b) the group recovery plan refers to the provision of group financial support; and

(c) either—

(i) the relevant competent authority for the intended recipient asks the appropriate regulator for a re-assessment of the plan; or

(ii) the appropriate regulator is the competent authority for the intended recipient.

(4) The appropriate regulator—

(a) must consider whether to require the group recovery plan to be reviewed under article 34; and

(b) if the appropriate regulator is the competent authority for the intended recipient and the intended recipient has drawn up a recovery plan on an individual basis, must consider whether to require that plan to be reviewed under article 33.

(5) Where the appropriate regulator receives notice of a notifying group entity’s decision to provide financial support pursuant to the relevant notice, the appropriate regulator must inform the other college members of that decision without delay.