PART 7 U.K. Intra-group financial support

CHAPTER 1 U.K. Authorisation of agreement for group financial support where the PRA or FCA is the consolidating supervisor

Review of group financial support agreement and decision on authorisation U.K.

84.—(1) The appropriate regulator must review the group financial support agreement jointly with the relevant competent [F1 authority].

(2) The purpose of the review is to determine whether—

(a) the terms of the agreement are compatible with the conditions for financial support, including whether they make provision to ensure that financial support would be given in accordance with those conditions; and

(b) any group institution already meets the conditions for early intervention.

(3) The matter referred to in paragraph (2)(a) is to be determined having regard to the potential impact of the agreement, if it is concluded, on the financial stability of [F2 the United Kingdom].

(4) The appropriate regulator must refuse the application and prohibit the conclusion of the group financial support agreement if it is determined on review that—

(a) the terms of the agreement are not compatible with the conditions for financial support; or

(b) a group institution already meets the conditions for early intervention.

(5) The appropriate regulator must otherwise grant the application.

Textual Amendments

F1 Word in art. 84(1) 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. 48(2); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in art. 84(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. 48(3); 2020 c. 1, Sch. 5 para. 1(1)