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

Revision of planU.K.

This section has no associated Explanatory Memorandum

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