The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
107 Interpretation of Chapter 1
In this Chapter— “measure for early intervention” means a relevant measure which may be taken by the PRA or FCA in exercise of its powers under FSMA with the object of addressing the conditions for early intervention; ... “relevant institution” means an institution which is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with the capital requirements regulation and CRR rules , and “relevant measure” means a measure— requiring an institution to— implement one or more of the arrangements or measures set out in the recovery plan; or review and (if appropriate) amend a recovery plan in accordance with article 33 when the circumstances that led to early intervention are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specified timeframe and to ensure that the conditions referred to in the introductory phase no longer apply; requiring the management body of an institution to examine the situation, identify measures to overcome any problems identified and draw up an action programme to overcome those problems and a timetable for its implementation; requiring the management body of an institution to convene, or, if the management body fails to comply with the requirement, to convene directly, a meeting of shareholders of the institution, and in both cases setting the agenda and requiring certain decisions to be considered for adoption by the shareholders; requiring any person to be removed or replaced if an approval is withdrawn from that person under section 63 of FSMA; requiring the management body of an institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors in accordance with any recovery plan; requiring changes to the institution's business strategy; requiring changes to the legal or operational structures of the institution; or acquiring (including through on-site inspections) and providing to the Bank all the information necessary to update the resolution plan and preparing for the possible resolution of the institution and for valuation of the assets and liabilities of the institution in accordance with section 6E or 48X of the Banking Act 2009; “temporary manager” means a temporary manager appointed by the appropriate regulator under section 71C of FSMA.
107 Interpretation of Chapter 1
In this Chapter— “measure for early intervention” means a relevant measure which may be taken by the PRA or FCA in exercise of its powers under FSMA with the object of addressing the conditions for early intervention; ... “relevant institution” means an institution which is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with the capital requirements regulation and CRR rules , and “relevant measure” means a measure— requiring an institution to— implement one or more of the arrangements or measures set out in the recovery plan; or review and (if appropriate) amend a recovery plan in accordance with article 33 when the circumstances that led to early intervention are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specified timeframe and to ensure that the conditions referred to in the introductory phase no longer apply; requiring the management body of an institution to examine the situation, identify measures to overcome any problems identified and draw up an action programme to overcome those problems and a timetable for its implementation; requiring the management body of an institution to convene, or, if the management body fails to comply with the requirement, to convene directly, a meeting of shareholders of the institution, and in both cases setting the agenda and requiring certain decisions to be considered for adoption by the shareholders; requiring any person to be removed or replaced if an approval is withdrawn from that person under section 63 of FSMA; requiring the management body of an institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors in accordance with any recovery plan; requiring changes to the institution's business strategy; requiring changes to the legal or operational structures of the institution; or acquiring (including through on-site inspections) and providing to the Bank all the information necessary to update the resolution plan and preparing for the possible resolution of the institution and for valuation of the assets and liabilities of the institution in accordance with section 6E or 48X of the Banking Act 2009; “temporary manager” means a temporary manager appointed by the appropriate regulator under section 71C of FSMA.
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