21.—(1) This article applies where the appropriate regulator assesses the group recovery plan jointly with one or more relevant competent authorities.
(2) The appropriate regulator must endeavour to conclude the assessment within the four month period, and must for this purpose endeavour to reach a joint decision on relevant matters.
(3) Where the appropriate regulator and a relevant competent authority (“authority A”) are unable to reach a joint decision on a relevant matter, the appropriate regulator—
(a)where the matter concerned is whether to require group institutions to draw up and submit recovery plans on an individual basis, must decide that matter for the group institutions for which it is the competent authority;
(b)must decide any other matter, which it may do either alone or jointly with any relevant competent authority with which it is able to reach a joint decision;
(c)must ensure that a decision under this paragraph takes account of the views and reservations of authority A; and
(d)may not direct a UK group entity to propose business changes or take relevant measures in relation to a group institution for which authority A is the competent authority.
(4) When the appropriate regulator concludes the assessment of the group recovery plan, whether alone or jointly with a relevant competent authority, it must exercise its powers under FSMA, so far as necessary, for the purpose of implementing each decision on relevant matters, including a decision to direct a UK group entity to—
(a)submit a revision of the plan;
(b)propose business changes; or
(c)take relevant measures.
(5) The appropriate regulator must give written notice of each decision under this article to the group entity which submitted the group recovery plan for assessment and each relevant competent authority.