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There are currently no known outstanding effects for the The Bank Recovery and Resolution ( No. 2) Order 2014, CHAPTER 4.
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101.—(1) In this Chapter—
[F1“authorised agreement” has the same meaning as in Chapter 3;]
F2...
“conditions for financial support” has the same meaning as in Chapter 1;
“financial support” has the same meaning as in Chapter 1;
“group entity” means a relevant parent undertaking or group subsidiary which has entered into a group financial support agreement authorised by the PRA [F3or FCA] (“the agreement”);
“intended recipient” means the group institution named in a relevant notice as the recipient of the financial support referred to in the notice;
“notifying group entity” means the group entity which has given a relevant notice;
“relevant competent authority” means a competent authority, other than the consolidating supervisor, which has authorised a group entity;
[F4“relevant notice” means a notice—
given by a group entity;
stating an intention to provide financial support under an authorised agreement; and
required by rules made by the PRA or FCA under Part 9A of FSMA;]
“UK group entity” means a group entity set up in the United Kingdom.
(2) In this article, for the interpretation of “group entity” and “intended recipient”, the expressions “group subsidiary”, “group financial support agreement”, “group institution” and “relevant parent undertaking” have the meaning given in Chapter 1.
Textual Amendments
F1Words in art. 101(1) inserted (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. 56(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 101(1) 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. 56(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
102.—(1) Where the PRA or FCA receives a relevant notice from a UK group entity, it must, within five business days beginning with the date on which it receives the notice, decide whether to—
(a)agree the provision of the financial support to which the notice refers; or
(b)prohibit or restrict the provision of that financial support on the ground that the conditions for financial support have not been met.
(2) The regulator must give written notice of its decision, including a reasoned account of the decision—
(a)to the notifying group entity; [F5and]
F6(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)unless the regulator is the consolidating supervisor, to the consolidating supervisor;
(d)unless the regulator is the competent authority for the intended recipient, to that authority; and
(e)where the regulator has authorised the intended recipient, to the intended recipient.
(3) In this article “the regulator”—
(a)where the relevant notice is received from a PRA-authorised person, means the PRA; and
(b)where the relevant notice is received from any other UK group entity, means the FCA.
[F7(4) In this article “business day” has the same meaning as in section 70D(1) of the Banking Act 2009 F8.]
Textual Amendments
F5Word in art. 102(2)(a) added (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. 57(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F6Art. 102(2)(b) 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. 57(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F7Art. 102(4) inserted (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. 57(3); 2020 c. 1, Sch. 5 para. 1(1)
F8Section 70D inserted by S.I. 2014/3329.
103.—(1) This article applies where the PRA or FCA is the consolidating supervisor.
F9(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Paragraph (4) applies where—
(a)a competent authority prohibits or restricts the provision of financial support to which a relevant notice refers;
(b)the group recovery plan refers to the provision of group financial support; and
(c)either—
(i)the relevant competent authority for the intended recipient asks the appropriate regulator for a re-assessment of the plan; or
(ii)the appropriate regulator is the competent authority for the intended recipient.
(4) The appropriate regulator—
(a)must consider whether to require the group recovery plan to be reviewed under article 34; and
(b)if the appropriate regulator is the competent authority for the intended recipient and the intended recipient has drawn up a recovery plan on an individual basis, must consider whether to require that plan to be reviewed under article 33.
F10(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F11104. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
106. Where the PRA or FCA agrees the provision, with or without restrictions, of the financial support to which a relevant notice refers, the notifying group entity may agree with the intended recipient of that support to receive financial support from the intended recipient.
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