(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
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