The Bank Recovery and Resolution (No. 2) Order 2014
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Change 1
22 Revision of plan
The appropriate regulator— (a) must notify a UK parent undertaking if the group recovery plan is found on assessment to contain an impediment; and (b) may not require a UK parent undertaking to revise the plan without giving it an opportunity to state its opinion on that requirement. (2) If the appropriate regulator requires a UK parent undertaking to revise the plan, it must allow the undertaking two months, which it may on application by the undertaking extend to three months, to prepare a plan which demonstrates that the impediment has been addressed.
22 Revision of plan
The appropriate regulator— (a) must notify a UK parent undertaking if the group recovery plan is found on assessment to contain an impediment; and (b) may not require a UK parent undertaking to revise the plan without giving it an opportunity to state its opinion on that requirement. (2) If the appropriate regulator requires a UK parent undertaking to revise the plan, it must allow the undertaking two months, which it may on application by the undertaking extend to three months, to prepare a plan which demonstrates that the impediment has been addressed.
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