PART 14Procedural obligations where an undertaking is failing or likely to fail
Notification that an undertaking is failing or likely to fail183
1
Where the regulator is satisfied that an undertaking is failing or likely to fail, it must give notice of that fact to the Bank.
2
Where the Bank is satisfied, having regard to timing and other relevant circumstances, that it is not reasonably likely that (ignoring the stabilisation powers) action will be taken by or in respect of the undertaking that will prevent the failure of the undertaking, the Bank must give notice of that fact to the regulator.
3
The Bank must also give notice of that fact—
F5a
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F5b
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c
to the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of FSMA);
d
to the Treasury F1; and
e
to the Financial Policy CommitteeF4...
F2f
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F34
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5
This article does not require any information to be disclosed if its disclosure would be contrary to section 348 of FSMA.