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Application provision

3.1 This Chapter applies to a BRRD undertaking which is:

  1. (1) an EEA parent undertaking unless the FCA is the EEA consolidating supervisor of its group; or
  2. (2) a firm controlled by an EEA parent financial holding company or an EEA parent mixed financial holding company if:
    1. (a)  the holding company is not incorporated in the UK and does not have a place of business in the UK; and
    2. (b)  the PRA is the EEA consolidating supervisor of the firm.

3.1

19/01/2015

This Chapter applies to a BRRD undertaking which is:

  1. (1) an EEA parent undertaking unless the FCA is the EEA consolidating supervisor of its group; or
  2. (2) a firm controlled by an EEA parent financial holding company or an EEA parent mixed financial holding company if:
    1. (a)  the holding company is not incorporated in the UK and does not have a place of business in the UK; and
    2. (b)  the PRA is the EEA consolidating supervisor of the firm.

3.2

19/01/2015

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

3.3

19/01/2015

BRRD undertaking must prepare and maintain a group resolution pack.

3.4

19/01/2015

BRRD undertaking must submit its group resolution pack to the PRA if the PRA is the EEA consolidating supervisor and, in any other case, to the group-level resolution authority.

3.5

19/01/2015

BRRD undertaking required by 3.4 to submit its group resolution pack to the PRA must provide the group resolution pack to the PRA by online submission through:
  1. (1) email; or
  2. (2) the appropriate systems made available to BRRD undertakings.

3.6

19/01/2015

group 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 BRRD undertaking or any other member of its group will fail; or
  2. (2) the failure of the business (or any part of the business) of the BRRD undertaking or any other member of its group.   

3.7

19/01/2015

In 3.6, 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 in respect of any member of the group.

3.8

19/01/2015

The group resolution pack must contain information concerning:
  1. (1) the BRRD undertaking; and
  2. (2) each of the other members of its group.

Additional Notes


[Note: Art. 13(1) of the BRRD]