PART 4Recovery plans

CHAPTER 2Assessment of group recovery plan where the PRA or FCA is the consolidating supervisor

Revision of plan22.

The appropriate regulator—

(a)

must notify a UK F1parent undertaking if the group recovery plan is found on assessment to contain an impediment; and

(b)

may not require a UK F1parent undertaking to revise the plan without giving it an opportunity to state its opinion on that requirement.

(2)

If the appropriate regulator requires a UK F2parent undertaking to revise the plan, it must allow F3the undertaking two months, which it may on application by F3the undertaking extend to three months, to prepare a plan which demonstrates that the impediment has been addressed.