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The Bank Recovery and Resolution (No. 2) Order 2014

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Joint assessment of plan

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170.—(1) This article applies where the Bank assesses the business reorganisation plan jointly with one or more other resolution authorities.

(2) The Bank 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 Bank and another resolution authority (“authority A”) are unable to reach a joint decision on a relevant matter, the Bank—

(a)where the matter concerned is whether to require group entities to draw up and submit business reorganisation plans on an individual basis, must decide that matter for the group entities for which it is the resolution authority;

(b)must decide any other matter, which it may do either alone or jointly with any other resolution authority with which it is able to reach a joint decision; and

(c)must ensure that a decision under this paragraph takes account of the views and reservations of authority A.

(4) When the Bank concludes the assessment of the business reorganisation plan, whether alone or jointly with another resolution authority, it must exercise its powers under the Banking Act 2009, so far as necessary, for the purpose of implementing each decision on relevant matters, including a decision to direct a UK group entity to—

(a)submit a revision of the plan; or

(b)make specific changes to the plan.

(5) The Bank must give written notice of each decision under this article to the group entity which submitted the business reorganisation plan for assessment and the other resolution authorities.

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