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There are currently no known outstanding effects for the The Bank Recovery and Resolution (No. 2) Order 2014, CHAPTER 3.
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46.—(1) This Chapter applies where neither the PRA nor the FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter “relevant college member” means a member of the college, other than the Bank, which is a resolution authority or competent authority.
47.—(1) The Bank must endeavour to reach a decision on the adoption of a group resolution plan jointly with the group-level resolution authority M1 and other resolution authorities for group entities.
(2) The Bank must endeavour to reach that decision within four months beginning with the date on which the Bank receives information transmitted for the purpose of enabling it to draw up the plan jointly with the group-level resolution authority (“the four month period”).
Marginal Citations
M1For the meaning of “group-level resolution authority” see the recovery and resolution directive, Article 2.1, point (44).
48.—(1) This article applies where—
(a)a joint decision on the adoption of a group resolution plan cannot be reached within the four month period; and
(b)the Bank disagrees with the group-level resolution authority's proposal for adopting a group resolution plan.
(2) For each group entity for which it is the resolution authority the Bank must—
(a)draw up and adopt a resolution plan having regard to any views or reservations expressed by a relevant college member during the four month period; and
(b)give notice of its decision to adopt the plan, including a reasoned account of its decision and its reasons for disagreeing with the proposal for adopting a group resolution plan, to all other members of the college.
49.—(1) This article applies where—
(a)a joint decision on the adoption of a group resolution plan cannot be reached within the four month period; and
(b)the Bank agrees with the group-level resolution authority's proposal for adopting a group resolution plan.
(2) The Bank must either—
(a)reach a decision jointly with other resolution authorities to adopt a group resolution plan for part of the relevant group; or
(b)notify the group-level resolution authority that it does not wish to adopt a group resolution plan for part of the relevant group.
(3) If the Bank gives notice under paragraph (2)(b), it must draw up and adopt a resolution plan for each group entity for which it is the resolution authority in accordance with article 48 (as if it disagreed with the proposal for adopting a group resolution plan).
50. Chapter 1, except article 36, and Schedule 1 apply for the purpose of drawing up and adopting a resolution plan for a group entity, but have effect for that purpose as if each reference to a relevant institution were a reference to a group entity.
51.—(1) Where, before the end of the four month period, another resolution authority has referred to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal by the Bank to adopt a resolution plan for a group entity, the Bank must—
(a)defer its decision for one month beginning with the date on which the four month period ends; and
(b)ensure that the decision conforms with any decision taken by EBA before the end of that month under Article 19.3 of the EBA Regulation.
(2) The Bank may, within the four month period, refer to EBA in accordance with Article 19 of the EBA Regulation any matter relating to a proposal—
(a)by the group-level resolution authority for adopting a group resolution plan; or
(b)by another resolution authority for adopting a resolution plan for a group entity.
(3) For the purposes of a reference to EBA of a matter to which this article refers the four month period is deemed to be the conciliation phase referred to in Article 19.2 of the EBA Regulation.
52. The Bank may ask EBA to assist the resolution authorities in accordance with Article 31(c) of the EBA Regulation to reach a joint decision on the adoption of a group resolution plan.
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