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Valid from 08/06/2010
(1)The Authority must exercise its power to make general rules so as to make rules requiring each authorised person (or each authorised person of a specified description) to prepare, and keep up-to-date, a resolution plan.
(2)A “resolution plan” is a document containing information within subsection (3) or (4) of a specified description.
(3)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 the authorised person will fail; or
(b)the failure of the business (or any part of the business) of the authorised person.
(4)Information is within this subsection if it would facilitate anything falling to be done by any person in consequence of that failure.
(5)An example of information within subsection (4) 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 their 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.
(6)The Authority must consider whether each resolution plan makes satisfactory provision in relation to the matters required by the rules to be covered by the plan.
(7)If the Authority considers that a resolution plan fails to make satisfactory provision in relation to any such matter, the Authority must take such steps as it considers appropriate to deal with the failure.
(8)The steps that the Authority may take include requiring the resolution plan to be revised.
(9)The authorised persons subject to general rules about resolution plans must include authorised persons in relation to whom any power under Part 1 of the Banking Act 2009 is exercisable.
(10)Before preparing a draft of general rules about resolution plans having effect in relation to those persons, the Authority must consult—
(a)the Treasury; and
(b)the Bank of England.]
Textual Amendments
F1Ss. 139B-139F inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 7(1), 26(2)(b)