# The Bank Recovery and Resolution Order 2014, Article 105: Notice to PRA of preliminary steps


(1) Section 120 (notice to PRA of preliminary steps) is amended as follows.
(2) In subsection (5), for “PRA has” substitute “the PRA and the Bank of England have”.
(3) In subsection (7)—
(a) in paragraph (a), for “2 weeks” substitute “7 days”, and
(b) for paragraph (b) substitute—
“(b) both—
(i) the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable), and
(ii) each of the PRA and the Bank of England has informed the person who gave the notice that it does not intend to apply for a bank insolvency order.”
(4) In subsection (10)—
(a) for “Where the PRA receives notice under Condition 1” substitute “Where notice has been given under Condition 1”, and
(b) omit paragraph (a).

---
Source: https://www.legislation.gov.uk/ukdsi/2014/9780111123782/article/105 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-order-2014/article-105
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.