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Application provision

1.1 Unless otherwise stated, this Part applies to a BRRD undertaking.

5.1

19/01/2015

A firm required to prepare, maintain and submit to the PRA a resolution pack under 2 must:
  1. (1) taking into account the nature, scale and complexity of its business, establish and maintain appropriate internal processes regarding the governance of its resolution pack;
  2. (2) ensure that its governing body is responsible for assessing, approving and overseeing the firm’s arrangements in place to produce the firm's resolution pack;
  3. (3) ensure that its audit committee periodically reviews these arrangements; and
  4. (4) nominate an executive director who is a member of the firm's governing body to have responsibility for the resolution pack and for overseeing the internal processes regarding its governance.

5.2

19/01/2015

BRRD undertaking required to prepare, maintain and submit a group resolution pack under 3 must:
  1. (1) taking into account the nature, scale and complexity of its business and the business of other members of its group, establish and maintain appropriate internal processes regarding the governance of its group resolution pack;
  2. (2) ensure that its governing body is responsible for assessing, approving and overseeing the arrangements in place to produce the group resolution pack;
  3. (3) ensure that its audit committee periodically reviews these arrangements; and
  4. (4) nominate an executive director who is a member of its governing body to have responsibility for the group resolution pack and for overseeing the internal processes regarding its governance.