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

Application of OrderU.K.

This section has no associated Explanatory Memorandum

3.  This Order [F1imposes 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