[F1137K[F2Rules about resolution packs: duty to consult]U.K.
(1)Before [F3either regulator] prepares a draft of any general rules that require [F4a] relevant person (or [F4a] relevant person of a specified description) to prepare a [F5resolution pack], [F6the regulator] must consult—
(a)the Treasury, and
(b)the Bank of England.
[F7(2)“Relevant person” has the same meaning as in section 137J(2).]
(3)A “[F8resolution pack]” is a document containing information within subsection (4) or (5).
(4)Information is within this subsection if it relates to action to be taken in the event of—
(a)circumstances arising in which it is likely that the business (or any part of the business) of an authorised person will fail, or
(b)the failure of the business (or any part of the business) of an authorised person.
(5)Information is within this subsection if it would facilitate anything falling to be done by any person in consequence of that failure.
(6)An example of information within subsection (5) is information that, in the event of that failure, would facilitate—
(a)planning by the Treasury in relation to the possible exercise of any of its powers under Part 1 of the Banking Act 2009, or
(b)planning by the Bank of England in relation to the possible exercise of any of its powers under Part 1, 2 or 3 of that Act.
[F9(7)In this section “authorised person”, in relation to the PRA, means PRA-authorised person.]]
Textual Amendments
F1Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F2S. 137K heading substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(6)
F3Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(a)(i)
F4Word in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(b)
F5Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(3)
F6Words in s. 137K(1) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(2)(a)(ii)
F7S. 137K(2) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(4)
F8Words in s. 137K(3) substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(3)
F9S. 137K(7) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 3(5)