The Bank Recovery and Resolution (No. 2) Order 2014 No. 3348

PART 1 U.K. Introductory provisions

Application of Order U.K.

3.  This Order [F1 imposes on the Bank (designated as the resolution authority in the United Kingdom), the PRA and the FCA (designated as appropriate regulators in the United Kingdom)] procedural and other requirements with respect to planning and taking measures for the purpose of—

(a) restoring the financial position of—

(i) institutions;

(ii) relevant groups; and

(iii) in relation to relevant groups, specified kinds of parent undertaking and subsidiary (other than institutions); and

(b) applying the resolution tools and exercising the resolution powers in order to achieve one or more of the resolution objectives in relation to such institutions, groups and undertakings.

Textual Amendments

F1 Words in art. 3 substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 2; 2020 c. 1, Sch. 5 para. 1(1)