The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
162 Revision of plan
(1) The Bank— (a) must notify the management body or resolution administrator if the business reorganisation plan is found on assessment to contain any material deficiency or measure which would impede its implementation or the object of restoring the long-term viability of the institution or of part of its business; and (b) may not require the management body or resolution administrator to revise the plan without giving it an opportunity to state its opinion on that requirement. (2) If the Bank requires the management body or resolution administrator to revise the plan, the Bank— (a) must allow two weeks for the preparation of a plan which demonstrates that the impediment has been addressed; (b) within one week beginning with the date on which a revised plan is submitted, must notify the management body or resolution administrator whether the impediment has been adequately addressed in the revised plan; and (c) if the impediment has not been adequately addressed in the revised plan, must direct the management body or resolution administrator to make specific changes to the plan.
162 Revision of plan
(1) The Bank— (a) must notify the management body or resolution administrator if the business reorganisation plan is found on assessment to contain any material deficiency or measure which would impede its implementation or the object of restoring the long-term viability of the institution or of part of its business; and (b) may not require the management body or resolution administrator to revise the plan without giving it an opportunity to state its opinion on that requirement. (2) If the Bank requires the management body or resolution administrator to revise the plan, the Bank— (a) must allow two weeks for the preparation of a plan which demonstrates that the impediment has been addressed; (b) within one week beginning with the date on which a revised plan is submitted, must notify the management body or resolution administrator whether the impediment has been adequately addressed in the revised plan; and (c) if the impediment has not been adequately addressed in the revised plan, must direct the management body or resolution administrator to make specific changes to the plan.
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