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

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Recovery plans and resolution packs: restriction on duty of confidence

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5.—(1) Section 137N(1) (recovery plans and resolution plans: restriction on duty of confidence) is amended as follows.

(2) For the words “resolution plan”, wherever they appear, substitute “resolution pack”.

(3) In subsection (2) after “authorised person” insert “or a qualifying parent undertaking”.

(4) In subsection (3)(a) and (b) for “that plan” substitute “that plan or pack”.

(5) In subsection (5) after the definition of “authorised person” insert—

“qualifying parent undertaking” means—

(a)

a qualifying parent undertaking within the meaning given by section 192B; or

(b)

an undertaking which—

(i)

is a parent undertaking of an institution (within the meaning given in section 137J(6)(2)) authorised in another EEA State; and

(ii)

would be a qualifying parent undertaking within the meaning given by section 192B if the institution were a qualifying authorised person within the meaning given by section 192A(1)(3)..

(6) Accordingly, in the heading for “resolution plans” substitute “resolution packs”.

(1)

Section 137N was substituted by the Financial Services Act 2012, section 24(1).

(2)

Subsection (6) of section 137J is amended by paragraph 2(4) of this Schedule.

(3)

Section 192A was inserted by the Financial Services Act 2012, section 27.

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