The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
As published
16 Application and interpretation of Chapter 2
(1) This Chapter applies where, in relation to a relevant group—
(a) the PRA or FCA is the consolidating supervisor; and
(b) a group entity submits a group recovery plan to the appropriate regulator for assessment ....
(2) In this Chapter—
“business changes” means changes to the business of a group institution which would be made with the object of addressing an impediment;
“four month period” means four months beginning with the date on which the appropriate regulator transmits a copy of the group recovery plan under article 17;
“group institution” means—
the UK parent undertaking, if it is an institution;
a group subsidiary which is an institution;
“impediment”, in relation to the group recovery plan, means any material deficiency or measure in the plan which would impede its implementation;
“relevant matters”, in relation to the assessment of the group recovery plan, means the following matters for decision—
whether the plan meets the criteria for assessment;
whether group institutions should be required to draw up and submit recovery plans on an individual basis;
whether the plan contains an impediment;
whether a group entity should be required to revise the plan;
whether an impediment has been adequately addressed in a revision of the plan;
where an impediment has not been adequately addressed in a revision of the plan, whether it can be adequately addressed by directing a group entity to make specific changes to the plan; and
where an impediment cannot be adequately addressed by specific changes to the plan or by business changes—
whether a group entity should be directed to take relevant measures; and
the terms of any direction to take relevant measures;
“relevant measures” means measures to maintain or restore the viability and financial position of a group institution, including measures to—
reduce the institution's risk profile, including its liquidity risk profile;
review its structure and strategy;
enable it to undertake timely recapitalisation;
change its funding strategy in order to improve the resilience of core business lines and critical functions; or
change its governance structure; and
...
Your change, as a redline
16 Application and interpretation of Chapter 2
(1) This Chapter applies where, in relation to a relevant group—
(a) the PRA or FCA is the consolidating supervisor; and
(b) a group entity submits a group recovery plan to the appropriate regulator for assessment ....
(2) In this Chapter—
“business changes” means changes to the business of a group institution which would be made with the object of addressing an impediment;
“four month period” means four months beginning with the date on which the appropriate regulator transmits a copy of the group recovery plan under article 17;
“group institution” means—
the UK parent undertaking, if it is an institution;
a group subsidiary which is an institution;
“impediment”, in relation to the group recovery plan, means any material deficiency or measure in the plan which would impede its implementation;
“relevant matters”, in relation to the assessment of the group recovery plan, means the following matters for decision—
whether the plan meets the criteria for assessment;
whether group institutions should be required to draw up and submit recovery plans on an individual basis;
whether the plan contains an impediment;
whether a group entity should be required to revise the plan;
whether an impediment has been adequately addressed in a revision of the plan;
where an impediment has not been adequately addressed in a revision of the plan, whether it can be adequately addressed by directing a group entity to make specific changes to the plan; and
where an impediment cannot be adequately addressed by specific changes to the plan or by business changes—
whether a group entity should be directed to take relevant measures; and
the terms of any direction to take relevant measures;
“relevant measures” means measures to maintain or restore the viability and financial position of a group institution, including measures to—
reduce the institution's risk profile, including its liquidity risk profile;
review its structure and strategy;
enable it to undertake timely recapitalisation;
change its funding strategy in order to improve the resilience of core business lines and critical functions; or
change its governance structure; and
...
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