(1) In section 189 (assessment: procedure), in subsection (6) insert at the beginning "Unless section 190A applies".

(2) After section 190, insert -

"190A. Assessment and resolution

(1) This section applies if -

(a) the appropriate regulator receives a section 178 notice in relation to a credit institution, investment firm or banking group company,

(b) as a result of a direction under section 189(1A) [Subsection (1A) was inserted into section 189 by S.I. 2014/3329.] or the application of section 189(1ZB) [Subsection (1ZB) was inserted by paragraph 39 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c.14).], the appropriate regulator is required to act under this Part in a timely manner in relation to that notice, and

(c) the appropriate regulator does not complete the assessment required by section 185 before a relevant transfer instrument has been made by the Bank of England which transfers shares issued by, or voting power in, that credit institution, investment firm or banking group company.

(2) The transfer of shares or voting takes effect in accordance with the terms of the relevant transfer instrument, but the right of the person who acquires shares under that instrument ("the acquirer") to exercise the voting power represented by those shares is suspended.