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Application provision

5.1 This Chapter applies to a BRRD undertaking which is required to draw up a recovery plan or a group recovery plan under 2 or 3

5.1

19/01/2015

This Chapter applies to a BRRD undertaking which is required to draw up a recovery plan or a group recovery plan under 2 or 3

5.2

19/01/2015

A firm which is required to draw up a recovery plan must, taking into account the nature, scale and complexity of its business, establish and maintain appropriate internal processes regarding the governance of its recovery plan and must:

  1. (1) ensure that its management body oversees, assesses and approves the recovery plan before the firm submits the recovery plan to the PRA;
  2. (2) ensure that its audit committee periodically reviews the recovery plan; and
  3. (3) nominate an executive director who is a member of the firm’s management body to have responsibility for the recovery plan and for overseeing the internal processes regarding its governance.

5.3

19/01/2015

A BRRD undertaking which is required to draw up a group recovery plan must, 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 the group recovery plan and must:

  1. (1) ensure that its management body oversees, assesses and approves the group recovery plan before the BRRD undertaking submits the group recovery plan to the EEA consolidating supervisor;
  2. (2) ensure that its audit committee periodically reviews the group recovery plan; and
  3. (3) nominate an executive director who is a member of the BRRD undertaking’s management body to have responsibility for the group recovery plan and for overseeing the internal processes regarding its governance.

Additional Notes


[Note: Art. 5(9) and 7(7) of the BRRD]