53.—(1) The Bank must review a resolution plan and make any appropriate amendment at least—
(a)once a year; or
(b)if the Bank has made a determination under article 8(5), at the intervals determined.
(2) The Bank must—
(a)review a resolution plan where any material change has been made to the legal or organisational structure of the relevant entity or to its business or financial position; and
(b)make appropriate amendments if such a change could have a material impact on the effectiveness of the plan or necessitate amendment for any other reason.
(3) For the purposes of a review of a resolution plan the Bank may make a determination under article 8(3).
(4) The Bank must review a resolution plan and adopt the up-dated plan—
(a)in the case of an institution which is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with Article 111 of the capital requirements directive, in accordance with Chapter 1; or
(b)in the case of a group entity within the meaning given in Chapter 3, in accordance with Chapter 1 as applied by article 50.
(5) For the purposes of this article Part 3 and Chapter 1 have effect with the modifications specified in the table—
| Article | Modification |
|---|---|
Article 8 | In paragraph (3) the reference to a resolution plan is a reference to the up-dated plan. |
Article 37 | Ignore paragraph (1). In paragraph (2)— (a)the reference to a resolution plan is a reference to the up-dated plan; and (b)for “be drawn up” read “the review must be undertaken”. In paragraph (3) for “drawn up” read “reviewed”. In paragraph (4) for “drawing up” read “reviewing”. In paragraph (5) the reference to the resolution plan is a reference to the up-dated plan. |
Article 38 | The reference to the resolution plan is a reference to the up-dated plan. |
(6) In this article—
“relevant entity” means an institution or group entity for which the Bank has adopted a resolution plan;
“resolution plan” means a plan adopted by the Bank under Chapter 1, including that Chapter as applied by article 50; and
“up-dated plan”, in relation to a resolution plan, means that plan as reviewed in accordance with this article (whether or not it has been amended on review).