Section 137J Rules about recovery plans: duty to consultF1

Before either regulator prepares a draft of any general rules that require F2a relevant person (or a relevant person of a specified description) to prepare a recovery plan, the regulator must consult F3the Treasury.

The FCA must also consult the Bank of England.

“Relevant person” means—

A “recovery plan” is a document which provides for measures to be taken—

For the purposes of subsection (3)(a) the definition of “group” in section 421 applies with the omission of subsection (1)(e) and (f) of that section.

In this section—

• “authorised person”, in relation to the PRA, means PRA-authorised person;

• F6“institution” means—

  1. (a)

     a credit institution, other than an entity mentioned in Article 2.5 of the capital requirements directive; or

  2. (b)

     F7a designated investment firm as defined in Article 4(1)(2AA) of the capital requirements regulation;

• “institution authorised in the UK” means F8an authorised person who is—

  1. (a)

     a bank within the meaning given by section 2 of the Banking Act 2009;

  2. (b)

     a building society within the meaning given in section 119 of the Building Societies Act 1986; or

  3. (c)

     an investment firm within the meaning given by section 258A of the Banking Act 2009;

• “specified” means specified in the rules.