Article 22 Revision of plan

The appropriate regulator—

(a)

must notify a UK F1parent 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 F2parent undertaking to revise the plan, it must allow F3the 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.

Annotations

Textual amendments

F1: Words in art. 22(1) 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. 16(2); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in art. 22(2) 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. 16(2); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in art. 22(2) 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. 16(3); 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)