Valid from 08/06/2010
[F1[F1139BRules about recovery plansU.K.
(1)The Authority must exercise its power to make general rules so as to make rules requiring each authorised person (or each authorised person of a specified description) to prepare, and keep up-to-date, a recovery plan.
(2)A “recovery plan” is a document containing information within subsection (3) or (4) of a specified description.
(3)Information is within this subsection if it relates to action to be taken to secure that, in the event of specified circumstances affecting the carrying on of the business (or any part of the business) of the authorised person—
(a)the business of the authorised person, or
(b)a specified part of the business of the authorised person,
is capable of being carried on (whether or not by the authorised person and whether or not in the same way as previously).
(4)Information is within this subsection if it would facilitate the carrying on of the business (or any part of the business) of the authorised person by any other person.
(5)The Authority must consider whether each recovery plan makes satisfactory provision in relation to the matters required by the rules to be covered by the plan.
(6)If the Authority considers that a recovery plan fails to make satisfactory provision in relation to any such matter, the Authority must take such steps as it considers appropriate to deal with the failure.
(7)The steps that the Authority may take include requiring the recovery plan to be revised.
(8)The authorised persons subject to general rules about recovery plans must include authorised persons in relation to whom any power under Part 1 of the Banking Act 2009 (special resolution regime) is exercisable.
(9)Before preparing a draft of general rules about recovery plans having effect in relation to those persons, the Authority must consult—
(a)the Treasury; and
(b)the Bank of England.]]
Textual Amendments
F1Ss. 139B-139F inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 7(1), 26(2)(b)