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Change 1
As published
48H Business reorganisation plans
(1) A resolution instrument may require a resolution administrator, or one or more directors of the bank, to—
(a) draw up a business reorganisation plan with respect to the bank, ...
(b) submit it to the Bank of England within the period allowed by (or under) the instrument ; and
(c) submit to the Bank of England progress reports on the implementation of the plan at such intervals as the instrument may require.
(2) “Business reorganisation plan” means a plan that includes—
(a) an assessment of the factors that caused Condition 1 in section 7 to be met in the case of the bank,
(b) a description of the measures to be adopted with a view to restoring the viability of the bank, and
(c) a timetable for the implementation of those measures.
(3) Where a person has submitted a business reorganisation plan to the Bank of England under subsection (1) (or has re-submitted a plan under subsection (4)), the Bank of England—
(a) must approve the plan if satisfied that the plan is appropriately designed for meeting the objective mentioned in subsection (2)(b);
(b) must otherwise require the person to amend the plan in a specified manner.
(4) Where the Bank of England has required a person to amend a business re-organisation plan, the person must re-submit the amended plan within the period allowed by (or under) the resolution instrument.
(5) Before deciding what action to take under subsection (3) the Bank of England must (for each submission or re-submission of a plan) consult—
(a) the PRA, and
(b) the FCA.
(6) A business reorganisation plan may include recommendations by the person submitting the plan as to the exercise by the Bank of England of any of its powers under this Part in relation to the bank.
(7) Where a resolution instrument contains provision under subsection (1), the instrument may—
(a) specify further matters (in addition to those mentioned in subsection (2)) that must be dealt with in the business reorganisation plan;
(b) make provision about the timing of actions to be taken in connection with the making and approval of the plan;
(c) enable any provision that the Bank of England has power under paragraph (a) or (b) to make in the instrument to be made instead in an agreement between the Bank of England and the person required to draw up the business reorganisation plan.
(7A) The Bank of England may make technical standards which—
(a) require progress reports mentioned in subsection (1)(c) to include such matters as are specified in the technical standards; or
(b) otherwise relate to the content of those progress reports, so far as dealing with matters so specified.
(8) For the purposes of subsection (2)(b) the viability of a bank is to be assessed by reference to whether the bank satisfies, and (if so) for how long it may be expected to continue to satisfy, the threshold conditions (as defined in section 55B of the Financial Services and Markets Act 2000).
Your change, as a redline
48H Business reorganisation plans
(1) A resolution instrument may require a resolution administrator, or one or more directors of the bank, to—
(a) draw up a business reorganisation plan with respect to the bank, ...
(b) submit it to the Bank of England within the period allowed by (or under) the instrument ; and
(c) submit to the Bank of England progress reports on the implementation of the plan at such intervals as the instrument may require.
(2) “Business reorganisation plan” means a plan that includes—
(a) an assessment of the factors that caused Condition 1 in section 7 to be met in the case of the bank,
(b) a description of the measures to be adopted with a view to restoring the viability of the bank, and
(c) a timetable for the implementation of those measures.
(3) Where a person has submitted a business reorganisation plan to the Bank of England under subsection (1) (or has re-submitted a plan under subsection (4)), the Bank of England—
(a) must approve the plan if satisfied that the plan is appropriately designed for meeting the objective mentioned in subsection (2)(b);
(b) must otherwise require the person to amend the plan in a specified manner.
(4) Where the Bank of England has required a person to amend a business re-organisation plan, the person must re-submit the amended plan within the period allowed by (or under) the resolution instrument.
(5) Before deciding what action to take under subsection (3) the Bank of England must (for each submission or re-submission of a plan) consult—
(a) the PRA, and
(b) the FCA.
(6) A business reorganisation plan may include recommendations by the person submitting the plan as to the exercise by the Bank of England of any of its powers under this Part in relation to the bank.
(7) Where a resolution instrument contains provision under subsection (1), the instrument may—
(a) specify further matters (in addition to those mentioned in subsection (2)) that must be dealt with in the business reorganisation plan;
(b) make provision about the timing of actions to be taken in connection with the making and approval of the plan;
(c) enable any provision that the Bank of England has power under paragraph (a) or (b) to make in the instrument to be made instead in an agreement between the Bank of England and the person required to draw up the business reorganisation plan.
(7A) The Bank of England may make technical standards which—
(a) require progress reports mentioned in subsection (1)(c) to include such matters as are specified in the technical standards; or
(b) otherwise relate to the content of those progress reports, so far as dealing with matters so specified.
(8) For the purposes of subsection (2)(b) the viability of a bank is to be assessed by reference to whether the bank satisfies, and (if so) for how long it may be expected to continue to satisfy, the threshold conditions (as defined in section 55B of the Financial Services and Markets Act 2000).
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