(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
…