116.—(1) This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter “measure for early intervention” and “UK group entity” have the same meaning for the relevant group as they have for a relevant group in Chapter 2.
117.—(1) This article applies where the appropriate regulator proposes to take a measure for early intervention in respect of a UK group entity.
(2) The appropriate regulator must without delay give notice of its proposal to the Bank, other relevant competent authorities, the consolidating supervisor and the EBA.
(3) The appropriate regulator must not take a measure for early intervention in respect of a UK group entity without—
(a)allowing three days, beginning with the day on which it gives notice under paragraph (2), for consultation with the consolidating supervisor about the proposal; and
(b)taking account of—
(i)any assessment by the consolidating supervisor of the impact that the measure would have on any group entity or on the relevant group as a whole; and
(ii)the potential impact of the measure on group entities set up in another EEA State and the stability of the financial system of that State.
(4) The appropriate regulator must give the recipients of a notice given under paragraph (2) notice of a decision to take a measure for early intervention in respect of a UK group entity.
(5) The appropriate regulator may not take a measure for early intervention in respect of a UK group entity without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.
(6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the EEA parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention, including a reasoned account of the decision.
118.—(1) Where the appropriate regulator and one or more other competent authorities decide to take measures for early intervention, the appropriate regulator must endeavour to reach a decision jointly with those authorities on whether to co-ordinate the implementation of such measures.
(2) The appropriate regulator must endeavour to reach a joint decision on that matter within five days beginning with the date on which it receives notice from the consolidating supervisor that one or more other competent authorities have decided to take measures for early intervention.
119.—(1) Where, before the end of the period referred to in article 117(3)(a) (“the consultation period”), the consolidating supervisor has referred to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by the appropriate regulator to take a referable measure in respect of a UK group entity, the appropriate regulator must—
(a)defer its decision on the proposal for three days beginning with the date on which the consultation period ends; and
(b)ensure that the decision conforms with any decision taken by EBA under Article 19.3 of the EBA Regulation within three days beginning with the date on which the consultation period ends.
(2) Paragraphs (3) and (4) apply where no joint decision has been reached under article 118(1) within the period referred to in article 118(2) (“the 5 day period”).
(3) Where, before the end of the 5 day period, another competent authority has referred to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by the appropriate regulator to take a referable measure in respect of a UK group entity, the appropriate regulator must—
(a)defer its decision on the proposal for three days beginning with the date on which the 5 day period ends; and
(b)ensure that the decision conforms with any decision taken by EBA under Article 19.3 of the EBA Regulation within three days beginning with the date on which the 5 day period ends.
(4) The appropriate regulator may, within the 5 day period, refer to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by another competent authority to take a referable measure in respect of a group entity.
(5) For the purposes of a reference to EBA of a matter to which paragraph (3) or (4) refers the 5 day period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.
(6) In this article “referable measure” has the same meaning as in article 114(7).
120. The appropriate regulator may ask EBA to assist the competent authorities in accordance with Article 31(c) of the EBA Regulation to reach a joint decision on the matter referred to in article 118(1).