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

CHAPTER 2 Assessment of business reorganisation plan drawn up by a single group entity

Application and interpretation of Chapter 2

163.—(1) This Chapter applies where, in relation to a relevant group—

(a) the Bank has made a resolution instrument under section 12A of the Banking Act 2009 in respect of a single group entity which is not an institution (“the relevant entity”); and

(b) the management body (within the meaning given by point (7) of Article 3.1 of the capital requirements directive) or resolution administrator submits a business reorganisation plan to the Bank for assessment in accordance with Article 52 of the recovery and resolution directive.

(2) In this Chapter “business reorganisation plan” and “resolution administrator” have the same meaning for the relevant entity as they have for an institution in Chapter 1.

Assessment etc of business reorganisation plan

164.  Chapter 1 applies for the purpose of the assessment and approval of the business reorganisation plan, but has effect for that purpose with the modifications specified in the table—

Article	Modification
Article 159	Ignore this article.
Articles 160,161 and 162	Each reference to an institution is a reference to the relevant entity. Where the relevant entity is not a UK authorised person, each reference to the appropriate regulator— (a) if the consolidating supervisor is the PRA or FCA, is a reference to the consolidating supervisor; (b) if neither the PRA nor the FCA is the consolidating supervisor and there is a PRA-authorised person in the relevant group, is a reference to the PRA; and (c) if neither the PRA nor the FCA is the consolidating supervisor and there is a UK authorised person in the relevant group (but not a PRA-authorised person), is a reference to the FCA. Where neither the PRA nor the FCA is the consolidating supervisor and there is no UK authorised person in the relevant group, the Bank is solely responsible for assessing and approving the business reorganisation plan.