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

Revision of plan U.K.

171.  The Bank—

(a) must notify a F1 ... group entity if the business reorganisation plan is found on assessment to contain an impediment; and

(b) may not require a F1 ... group entity to revise the plan without giving it an opportunity to state its opinion on that requirement.

(2) If the Bank requires a F1 ... group entity to revise the plan, the Bank—

(a) must allow two weeks for the preparation of a plan which demonstrates that the impediment has been addressed;

(b) within one week beginning with the date on which a revised plan is submitted, must notify the entity whether the impediment has been adequately addressed in the revised plan; and

(c) if the impediment has not been adequately addressed in the revised plan, must direct the entity to make specific changes to the plan.

Textual Amendments

F1 Word in art. 171 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. 100(2); 2020 c. 1, Sch. 5 para. 1(1)