Change 1 Article Choose an article Title and introductory text 1 Citation and commencement 2 Interpretation 3 Application of Order 7 Recovery planning: preparatory steps and simplified obligations 8 Resolution planning: preparatory steps and simplified obligations 9 Consultation with the Financial Policy Committee 10 Provision of information to EBA 11 Application and interpretation of Chapter 1 12 Assessment of plan 13 Criteria for assessment 14 Revision of plan 15 Business changes and relevant measures 16 Application and interpretation of Chapter 2 17 Duty to transmit a copy of group recovery plan 18 Assessment of group recovery plan 19 Purpose of assessment 20 Timing of assessment of plan 21 Joint assessment of plan 22 Revision of plan 23 Business changes and relevant measures 24 Recovery plan for group institution 25 References to EBA 26 Requesting the assistance of EBA 27 Application and interpretation of Chapter 3 28 Purpose of assessment 29 Joint assessment of plan 30 Assessment of recovery plans drawn up on an individual basis 31 References to EBA 32 Requesting the assistance of EBA 33 Review of recovery plan 34 Review of group recovery plan assessed under Chapter 2 35 Review of group recovery plan assessed under Chapter 3 36 Interpretation of Chapter 1 37 The Bank's duty to draw up resolution plans 38 Duty to transmit a copy of the resolution plan 39 Application of Chapter 2 40 The Bank's duty to draw up group resolution plans 41 Information to be transmitted for the purpose of drawing up group resolution plans 42 Joint decision on adoption of group resolution plan 43 References to EBA 44 Requesting the assistance of EBA 45 Duty to transmit a copy of the group resolution plan 46 Application and interpretation of Chapter 3 47 Joint decision on adoption of group resolution plan 48 Failure to reach joint decision: disagreement by the Bank with a joint proposal 49 Failure to reach joint decision: agreement by the Bank with a joint proposal 50 Resolution plan for group entity 51 References to EBA 52 Requesting the assistance of EBA 53 Review of resolution plan 54 Review of group resolution plan drawn up by the Bank 55 Review of group resolution plan drawn up by another resolution authority 56 Information required for resolution planning 57 Notice of matters which could necessitate an amendment of a plan 58 Records of financial contracts 59 Application and interpretation of Chapter 1 60 Assessment of resolvability 61 Application and interpretation of Chapter 2 62 Assessment of group resolvability where the PRA or FCA is the consolidating supervisor 63 Assessment of group resolvability where neither the PRA nor the FCA is the consolidating supervisor 64 Application and interpretation of Chapter 3 65 Notice of determination 66 Effect of notice of determination 67 Right of appeal 68 Application and interpretation of Chapter 4 69 Report on substantive impediments to the resolvability of group entities 70 Suspension of requirement to draw up or review group resolution plan 71 Determining remedial measures 72 Joint decision on impediments to group resolvability and remedial measures 73 References to EBA 74 Requesting the assistance of EBA 75 Application and interpretation of Chapter 5 75A Report on substantive impediments to the resolvability of group entities 76 Suspension of requirement to draw up or review group resolution plan 77 Determining remedial measures 78 Joint decision on impediments to group resolvability and remedial measures 79 Failure to reach joint decision: disagreement by the Bank with joint proposals 80 Failure to reach joint decision: agreement by the Bank with joint proposals 81 References to EBA 82 Requesting the assistance of EBA 83 Application and interpretation of Chapter 1 84 Review of group financial support agreement and decision on authorisation 85 Duty to transmit a copy of application 86 Joint decision with other competent authorities 87 References to EBA 88 Requesting the assistance of EBA 89 Duty to transmit a copy of authorised agreement 90 Amendment of authorised agreement 91 Application and interpretation of Chapter 2 92 Review of group financial support agreement and decision on authorisation 93 Joint decision with other competent authorities 94 References to EBA 95 Requesting the assistance of EBA 96 Amendment of authorised agreement 97 Interpretation of Chapter 3 98 Requirement for approval of authorised agreement 98A Publication of information concerning group financial support agreements 99 Revocation of authorised agreement 100 Obligation to provide annual report 101 Interpretation of Chapter 4 102 Relevant notice from UK group entity: decision by the PRA or FCA 103 Duties of consolidating supervisor where financial support agreed, prohibited or restricted 104 Re-assessment of recovery plans by the PRA or FCA where it is not the consolidating supervisor 105 Requesting the assistance of EBA 106 Reciprocal support 107 Interpretation of Chapter 1 108 Notice that institution meets the conditions for early intervention 109 Deadline for compliance with measure for early intervention 110 Application and interpretation of Chapter 2 111 Procedure for early intervention in respect of a UK group entity 112 Procedure for early intervention in respect of a non-UK group entity 113 Joint decisions about early intervention 114 References to EBA 115 Requesting the assistance of EBA 116 Application and interpretation of Chapter 3 117 Procedure for early intervention in respect of a UK group entity 118 Joint decisions about early intervention 119 References to EBA 120 Requesting the assistance of EBA 121 Interpretation of Chapter 1 122 Duties of the Bank in relation to minimum requirement 123 Determination of minimum requirement 124 Review of minimum requirement 125 Application and interpretation of Chapter 2 126 Determination of minimum consolidated requirement 127 Joint determination 128 References to EBA: determination of minimum consolidated requirement 129 Review of minimum consolidated requirement 130 Application and interpretation of Chapter 3 131 Joint determination of minimum consolidated requirement 132 Review of minimum consolidated requirement 133 Application and interpretation of Chapter 4 134 Duties of the Bank in relation to minimum requirement 135 Determination of minimum requirement 136 Joint determination of minimum requirements 137 References to EBA: determination of minimum requirement 138 Review of minimum requirements 139 Minimum requirement for other group entities set up in the United Kingdom 140 Application and interpretation of Chapter 5 141 Duties of the Bank in relation to minimum requirement 142 Determination of minimum requirement 143 Joint determination of minimum requirements 144 References to EBA: determination of minimum requirement 145 Review of minimum requirements 146 Minimum requirement for other group entities set up in the United Kingdom 147 Waiver of application of Chapter 4 ... 148 Meeting minimum requirement through contractual bail-in instruments etc 149 Application and interpretation of Part 150 Determinations under section 6A and 81AA of the Banking Act 2009: preliminary steps for UK group entities 151 Regulator to take alternative measures 152 Determination that Case 2, 3, 4 or 5 is satisfied 153 Joint determination under Article 59(3)(c) of the recovery and resolution directive in relation to a non-UK group entity 154 Interpretation of Part 155 Requirement to increase or remove limit on share capital 156 Removal of impediments to the conversion of liabilities into shares 156A Contractual recognition of bail-in: technical standards 157 Application and interpretation of Part 158 Liabilities arising from derivative contracts 159 Application and interpretation of Chapter 1 160 Assessment of business reorganisation plan 161 Purpose of assessment 162 Revision of plan 163 Application and interpretation of Chapter 2 164 Assessment etc of business reorganisation plan 165 Application and interpretation of Chapter 3 166 Duty to transmit a copy of business reorganisation plan 167 Assessment of business reorganisation plan 168 Purpose of assessment 169 Assessment of plan where every group entity is set up in the United Kingdom 170 Joint assessment of plan 171 Revision of plan 172 Assessment of business reorganisation plans drawn up on an individual basis 173 References to EBA 174 Requesting the assistance of EBA 175 Application and interpretation of Chapter 4 176 Purpose of assessment 177 Joint assessment of plan 178 Assessment of business reorganisation plans drawn up on an individual basis 179 References to EBA 180 Requesting the assistance of EBA 181 Interpretation of Part 182 Matters to be notified by the regulator to the Bank 183 Notification that an undertaking is failing or likely to fail 184 Duty to send copy of share transfer instrument etc to members and creditors of institution 184A Notifications under articles 182, 183 and 184 185 Stay of legal proceedings 186 Remedies on judicial review 216 Interpretation of Part 217 Shadow directorship 218 Modified application of legislation on cross-border mergers 219 Modified application of the Companies Act 2006 (disapplication of Takeover Rules) 220 Modified application of the Companies Act 2006 (disapplication of other requirements) 220A Modified application of the Companies Act 2006 (shareholders’ rights) 221 Investment firms to be treated as financial institutions 222 Continuity 223 Duty to co-operate 224 Non-binding co-operation arrangements in line with EBA framework arrangements 225 Duty to inform EBA of imposition of penalties 226 Amendments of primary and secondary legislation 227 Review SCHEDULE A1 Information to be contained in a recovery plan or group recovery plan SCHEDULE 1 Information to be contained in a resolution plan SCHEDULE 2 Information to be contained in a group resolution plan SCHEDULE 2A Additional information which may be required for the purposes of a resolution plan or group resolution plan SCHEDULE 2B Matters that the Bank is to consider when assessing resolvability SCHEDULE 3 Amendments SCHEDULE 4 Modified application of the Companies Act 2006 to banks etc in resolution
What to do with it
As published
151 Regulator to take alternative measures
(1) Where, in the Bank's assessment, there is a reasonable prospect that an alternative measure which is available and could feasibly be taken would, within a reasonable time, avoid the need for the determination referred to in a Case 2, 4 or 5 notice or a Case 3 notice—
(a) the Bank must notify the regulator of that fact; and
(b) except where the measure is a transfer of funds from a parent undertaking, the regulator must take the alternative measure in exercise of its powers under FSMA.
(2) In this article “the regulator”—
(a) where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;
(b) where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;
(c) where there is no PRA-authorised person in the relevant group, means the FCA.
Your wording
Your change, as a redline
151 Regulator to take alternative measures
(1) Where, in the Bank's assessment, there is a reasonable prospect that an alternative measure which is available and could feasibly be taken would, within a reasonable time, avoid the need for the determination referred to in a Case 2, 4 or 5 notice or a Case 3 notice—
(a) the Bank must notify the regulator of that fact; and
(b) except where the measure is a transfer of funds from a parent undertaking, the regulator must take the alternative measure in exercise of its powers under FSMA.
(2) In this article “the regulator”—
(a) where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;
(b) where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;
(c) where there is no PRA-authorised person in the relevant group, means the FCA.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.