Article 171 Revision of plan
The Bank—
must notify a F1... group entity if the business reorganisation plan is found on assessment to contain an impediment; and
may not require a ... group entity to revise the plan without giving it an opportunity to state its opinion on that requirement.
If the Bank requires a ... group entity to revise the plan, the Bank—
must allow two weeks for the preparation of a plan which demonstrates that the impediment has been addressed;
within one week beginning with the date on which a revised plan is submitted, must notify the entity whether the impediment has been adequately addressed in the revised plan; and
if the impediment has not been adequately addressed in the revised plan, must direct the entity to make specific changes to the plan.
Annotations
Textual amendments
- F1
Word in art. 171 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. 100(2); 2020 c. 1, Sch. 5 para. 1(1)
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)