Revision of planU.K.
This section has no associated Explanatory Memorandum
14.—(1) The appropriate regulator—
(a)must notify the institution if, in its assessment, the recovery plan contains any material deficiency or measure which would impede its implementation; and
(b)may not require the institution to revise the recovery plan without giving it an opportunity to state its opinion on that requirement.
(2) If the appropriate regulator requires the institution to revise the recovery plan, it must allow the institution two months, which it may on application by the institution extend to three months, to prepare a plan which demonstrates that the deficiency or other impediment has been addressed.