Section 16(2)

In this Chapter— “business changes” means changes to the business of a group institution which would be made with the object of addressing an impediment; “four month period” means four months beginning with the date on which the appropriate regulator transmits a copy of the group recovery plan under article 17; “group institution” means— the UK parent undertaking, if it is an institution; a group subsidiary which is an institution; “impediment”, in relation to the group recovery plan, means any material deficiency or measure in the plan which would impede its implementation; “relevant matters”, in relation to the assessment of the group recovery plan, means the following matters for decision— whether the plan meets the criteria for assessment; whether group institutions should be required to draw up and submit recovery plans on an individual basis; whether the plan contains an impediment; whether a group entity should be required to revise the plan; whether an impediment has been adequately addressed in a revision of the plan; where an impediment has not been adequately addressed in a revision of the plan, whether it can be adequately addressed by directing a group entity to make specific changes to the plan; and where an impediment cannot be adequately addressed by specific changes to the plan or by business changes— whether a group entity should be directed to take relevant measures; and the terms of any direction to take relevant measures; “relevant measures” means measures to maintain or restore the viability and financial position of a group institution, including measures to— reduce the institution's risk profile, including its liquidity risk profile; review its structure and strategy; enable it to undertake timely recapitalisation; change its funding strategy in order to improve the resilience of core business lines and critical functions; or change its governance structure; and ...

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Source: legislation.gov.uk · retrieved 2026-09-04