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Application provision

2.1 This Chapter:

  1. (1) applies to every firm which is not required to prepare, maintain and submit a group resolution pack under 3; but
  2. (2) does not apply to a firm that is a member of a group for which a group resolution pack has been submitted to the PRA under 3.  

2.1

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This Chapter:

  1. (1) applies to every firm which is not required to prepare, maintain and submit a group resolution pack under 3; but
  2. (2) does not apply to a firm that is a member of a group for which a group resolution pack has been submitted to the PRA under 3.  

2.2

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In this Chapter:

  1. (1) references to the taking of action include the taking of action by:
    1. (a)  a firm;
    2. (b)  any other person in the same group as a firm; and
    3. (c)  a partnership of which a firm is a member;
  2. (2) references to the business of a firm include references to the business of:
    1. (a)  any other person in the same group as the firm; and
    2. (b)  a partnership of which the firm is a member.

2.3

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firm must prepare and maintain a resolution pack.

2.4

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firm must provide its resolution pack to the PRA by online submission through:

  1. (1) email; or
  2. (2) the appropriate systems made available to firms.

2.5

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resolution pack must contain sufficient information and analysis to facilitate the planning for or taking of action in the event of:

  1. (1) circumstances arising in which it is likely that the business (or any part of the business) of the firm will fail; or
  2. (2) the failure of the business (or any part of the business) of the firm.   

2.6

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In 2.5, references to the planning for or taking of action include the planning or taking of action by The Treasury or the Bank of England in relation to the possible exercise of any of their powers under the Banking Act 2009.

2.7

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resolution pack must take into account the wider business of the group of which the firm is a member.