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

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Business changes and relevant measures

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23.—(1) This article applies where—

(a)a UK group entity fails to submit a revision of the group recovery plan within the time allowed by the appropriate regulator; or

(b)the appropriate regulator considers that an impediment has not been adequately addressed in a revision of the plan and cannot be adequately addressed by directing the entity to make specific changes to the plan.

(2) Subject to articles 21(3)(d) and 25(1) and (2) and the appropriate regulator’s duty to endeavour to reach a joint decision on relevant matters, the appropriate regulator must, in exercise of its powers under FSMA—

(a)direct the UK group entity to propose business changes; and

(b)if the entity fails to propose business changes within the time allowed by the appropriate regulator or the appropriate regulator considers that any business changes proposed by the entity would not adequately address the impediment, determine whether to direct the entity to take relevant measures.

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