Part X Rules and Guidance
Chapter I Rule-making Powers
139CF1Rules about resolution plans
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.