Article 102 Relevant notice from UK group entity: decision by the PRA or FCA

(1)

Where the PRA or FCA receives a relevant notice from a UK group entity, it must, within five business days beginning with the date on which it receives the notice, decide whether to—

(a)

agree the provision of the financial support to which the notice refers; or

(b)

prohibit or restrict the provision of that financial support on the ground that the conditions for financial support have not been met.

(2)

The regulator must give written notice of its decision, including a reasoned account of the decision—

(a)

to the notifying group entity; F1and

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

unless the regulator is the consolidating supervisor, to the consolidating supervisor;

(d)

unless the regulator is the competent authority for the intended recipient, to that authority; and

(e)

where the regulator has authorised the intended recipient, to the intended recipient.

(3)

In this article “the regulator”—

(a)

where the relevant notice is received from a PRA-authorised person, means the PRA; and

(b)

where the relevant notice is received from any other UK group entity, means the FCA.

F3(4)

In this article “business day” has the same meaning as in section 70D(1) of the Banking Act 2009 F4.

Annotations

Textual amendments

F1: Word in art. 102(2)(a) added (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 57(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2: Art. 102(2)(b) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 57(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3: Art. 102(4) inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 57(3); 2020 c. 1, Sch. 5 para. 1(1)
F4: Section 70D inserted by S.I. 2014/3329.

Notes on the whole SI

Textual amendments

F1: Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)