Article 111 Procedure for early intervention in respect of a UK group entity

United Kingdom

(1)

This article applies where the appropriate regulator proposes to take a measure for early intervention F1or appoint a temporary manager in respect of a UK group entity.

(2)

The appropriate regulator must without delay give notice of its proposal to the BankF2....

F3(3)

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

(4)

The appropriate regulator must give the F4Bank notice of a decision to take a measure for early intervention F5or to appoint a temporary manager in respect of a UK group entity.

(5)

The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.

(6)

The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the F6UK parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention F7or to appoint a temporary manager, including a reasoned account of the decision.

Annotations

Textual amendments

F1: Words in art. 111(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(a)
F2: Words in art. 111(2) 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. 63(2); 2020 c. 1, Sch. 5 para. 1(1)
F3: Art. 111(3) 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. 63(3); 2020 c. 1, Sch. 5 para. 1(1)
F4: Word in art. 111(4) substituted (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. 63(4); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in art. 111(4) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)
F6: Word in art. 111(6) substituted (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. 63(5); 2020 c. 1, Sch. 5 para. 1(1)
F7: Words in art. 111(6) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)

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)