(1) Each institution, to which these Regulations apply, that is not part of a group subject to consolidated supervision pursuant to Regulations 99 and 100 of the Capital Requirements Regulations shall draw up and maintain a recovery plan that shall set out measures to be taken by the institution to restore its financial position following a significant deterioration of its financial position.
(2) Each institution shall update its recovery plans -
(a) at least annually,
(b) after any change to its legal or organisational structure, its business or its financial position, which could have a material effect on, or necessitates a change to, the recovery plan, and
(c) on written notice from the competent authority directing that a recovery plan be updated, which may be more than once per year.
(3) Without limiting the generality of paragraph (2) the competent authority may direct an institution to update its recovery plan at any time.
(4) Without prejudice to Regulation 10, each institution
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