The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
111 Procedure for early intervention in respect of a UK group entity
(1) This article applies where the appropriate regulator proposes to take a measure for early intervention or appoint a temporary manager in respect of a UK group entity. (2) The appropriate regulator must without delay give notice of its proposal to the Bank.... (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The appropriate regulator must give the Bank notice of a decision to take a measure for early intervention or to appoint a temporary manager in respect of a UK group entity. (5) The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed. (6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the UK parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention or to appoint a temporary manager, including a reasoned account of the decision.
111 Procedure for early intervention in respect of a UK group entity
(1) This article applies where the appropriate regulator proposes to take a measure for early intervention or appoint a temporary manager in respect of a UK group entity. (2) The appropriate regulator must without delay give notice of its proposal to the Bank.... (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The appropriate regulator must give the Bank notice of a decision to take a measure for early intervention or to appoint a temporary manager in respect of a UK group entity. (5) The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed. (6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the UK parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention or to appoint a temporary manager, including a reasoned account of the decision.
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