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Version status: Omitted | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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Article 79 Failure to reach joint decision: disagreement by the Bank with joint proposals

Omitted from 31 December 2020

(1) This article applies where -

(a) a joint decision on the matters referred to in article 77(2) cannot be reached within the period referred to in article 78 ("the period for joint decision"); and

(b) the Bank disagrees with the group-level resolution authority about any of those matters.

(2) The Bank must exercise pre-resolution powers with the object of requiring any entity for which it is the resolution authority to take specified measures ("the measures") to address or remove the impediments so far as they concern that entity.

(3) In a direction given by the Bank for that purpose the Bank must -

(a) demonstrate how the measures will adequately address or effectively remove the impediments in a manner proportionate to the burden or restriction imposed by the direction; and

(b) require the entity to -

(i) prepare a plan showing how it will comply with the measures; and

(ii) submit that plan within one month beginning on the date of the direction.

(4) The Bank must consult the

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