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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, Section 29.
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29.—(1) The appropriate regulator must assess the group recovery plan jointly with other relevant competent authorities and the consolidating supervisor and in consultation with EBA.
(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 concludes a joint assessment of the group recovery plan, it must exercise its powers under FSMA, so far as necessary, for the purpose of implementing a joint 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.
(4) Where the appropriate regulator and the consolidating supervisor—
(a)are able to conclude a joint assessment of the group recovery plan, but
(b)are unable to reach a joint decision on whether to require group institutions to draw up and submit recovery plans on an individual basis,
the appropriate regulator must decide the matter referred to in sub-paragraph (b) for group institutions for which it is the competent authority.
(5) Where the appropriate regulator and the consolidating supervisor are unable to conclude a joint assessment of the group recovery plan, the appropriate regulator may—
(a)require group institutions for which it is the competent authority to draw up and submit recovery plans on an individual basis; or
(b)require those institutions to draw up and submit a single recovery plan for all or any of them.
(6) Where the appropriate regulator requires a single recovery plan to be drawn up and submitted under paragraph (5)(b), the appropriate regulator must assess the plan submitted as if it were a group recovery plan for whose assessment the appropriate regulator was solely responsible under Chapter 2.
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