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There are currently no known outstanding effects for the The Bank Recovery and Resolution ( No. 2) Order 2014, Section 165.
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165.—(1) This Chapter applies where, in relation to a relevant group—
(a)the PRA or FCA is the consolidating supervisor;
(b)a relevant bail-in power has been exercised in respect of two or more group entities; and
(c)a group entity submits a business reorganisation plan to the Bank for assessment in accordance with [F1section 48H of the Banking Act 2009 (including that section as applied in consequence of the provision made by section 81BA, 83A, 84 or 89A of that Act)].
(2) In this Chapter—
F2...
“four month period” means four months beginning with the date on which the Bank [F3receives the business reorganisation plan under paragraph (1)(c)];
“group institution” means—
the [F4UK] parent undertaking, if it is an institution;
a group subsidiary which is an institution;
“impediment”, in relation to the business reorganisation plan, means any material deficiency or measure in the plan which would impede its implementation or the object of restoring the long-term viability of any group entity (or of part of its business) or of the whole or part of the relevant group;
[F5“relevant bail-in power” in relation to a group entity means the power in section 12A(2) of the Banking Act 2009;]
“the regulator”—
where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;
where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;
where there is no PRA-authorised person in the relevant group, means the FCA;
“relevant matters”, in relation to the assessment of the business reorganisation plan, means the following matters for decision—
whether the plan meets the criteria for assessment;
whether group entities should be required to draw up and submit business reorganisation plans on an individual basis;
whether the plan contains an impediment;
whether a group entity should be required to revise the plan;
whether an impediment has been adequately addressed in a revision of the plan; and
where an impediment has not been adequately addressed in a revision of the plan, how it can be adequately addressed by directing a group entity to make specific changes to the plan; and
F6...
Textual Amendments
F1Words in art. 165(1)(c) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(2); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 165(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 165(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in art. 165(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(3)(c); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 165(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(3)(d); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 165(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 95(3)(e); 2020 c. 1, Sch. 5 para. 1(1)
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