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The Bank Recovery and Resolution (No. 2) Order 2014
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Changes over time for: Section 111
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- 10/01/2015- Amendment
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- 31/12/2020
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Procedure for early intervention in respect of a UK group entityU.K.
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111.—(1) This article applies where the appropriate regulator proposes to take a measure for early intervention [F1or appoint a temporary manager] in respect of a UK group entity.
(2) The appropriate regulator must without delay give notice of its proposal to the BankF2....
F3(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) The appropriate regulator must give the [F4Bank] notice of a decision to take a measure for early intervention [F5or to appoint a temporary manager] in respect of a UK group entity.
(5) The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.
(6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the [F6UK] parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention [F7or to appoint a temporary manager], including a reasoned account of the decision.
Textual Amendments
F1Words in art. 111(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(a)
F2Words in art. 111(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(2); 2020 c. 1, Sch. 5 para. 1(1)
F3Art. 111(3) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(3); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in art. 111(4) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(4); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 111(4) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)
F6Word in art. 111(6) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(5); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in art. 111(6) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)
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