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Version date: 1 January 2022 - onwards
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137J. Rules about recovery plans: duty to consult

(1) Before either regulator prepares a draft of any general rules that require a relevant person (or a relevant person of a specified description) to prepare a recovery plan, the regulator must consult the Treasury.

(1A) The FCA must also consult the Bank of England.

(2)"Relevant person" means -

(a) an institution authorised in the UK; or

(b) a qualifying parent undertaking within the meaning given by section 192B [Section 192B was inserted by the Financial Services Act 2012, section 27. For Condition C (a parent undertaking must be a financial institution of a prescribed kind (section 192B(4)) see S.I. 2013/165.].

(3)A "recovery plan" is a document which provides for measures to be taken -

(a) by an institution authorised in the UK which is not part of a group, following a significant deterioration of the financial position of the institution, in order to restore its financial position; or

(b) in relation to a group, to achieve the stabilisation of the group as a whole, or of any i

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