Related provisions for IFPRU 11.2.4

IFPRU 11.3.4R19/01/2015

A firm or qualifying parent undertaking must draw up and maintain a group recovery plan.[Note: article 7(1) of RRD]

IFPRU 11.3.5R19/01/2015

The group recovery plan must: (1) consist of a plan for the recovery of the RRD group as a whole; and(2) identify measures the group may need to implement at the level of:(a) the EEA parent undertaking; and(b) each individual subsidiary.[Note: article 7(1) of RRD]

IFPRU 11.3.6R19/01/2015

The group recovery plan must include arrangements to ensure the coordination and consistency of measures for each RRD group member, including, where applicable, each significant branch.[Note: article 7(4) of RRD]

IFPRU 11.3.7R19/01/2015

The group recovery plan must:(1) aim to stabilise the RRD group as a whole and each RRD institution in the group, when the group, or any RRD institution in the group, is under financial stress;(2) aim to address or remove the causes of the financial stress and restore the financial position of the group or the RRD institution in question; and(3) at the same time consider the financial position of other group members.[Note: article 7(4) of RRD]

IFPRU 11.3.8R19/01/2015

The group recovery plan must include the information in IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) if the RRD group:(1) includes an IFPRU 730k firm that is a significant IFPRU firm; or(2) does not include an IFPRU 730k firm.[Note: articles 5(5) and 7(5) of RRD]

IFPRU 11.3.9R19/01/2015

If the RRD group includes an IFPRU 730k firm that is not a significant IFPRU firm (and does not include an IFPRU 730k firm that is a significant IFPRU firm) the group recovery plan must include:(1) a summary of the key elements of the group recovery plan;(2) information on the governance of the group, including: (a) how the group recovery plan is integrated into the corporate governance of the group; and (b) the group's overall risk management framework;(3) a description of the

IFPRU 11.3.10G19/01/2015

A firm or qualifying parent undertaking should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its group recovery plan where this information is material to the business of the group.[Note: article 5(5) of RRD]

IFPRU 11.3.11G19/01/2015

(1) When identifying recovery options, a firm or qualifying parent undertaking should consider a range of scenarios of severe macroeconomic and financial stress relevant to the group's specific conditions.(2) The range of scenarios should include system-wide events and stress specific to individual legal persons and groups.(3) For each of the scenarios in (1), a group recovery plan should identify whether there are:(a) obstacles to implementing recovery measures within the group,

IFPRU 11.3.12R19/01/2015

A firm or qualifying parent undertaking must not assume any access to, or receipt of, extraordinary public financial support in its group recovery plan.[Note: articles 5(3) and 7(5) of RRD]

IFPRU 11.3.13R19/01/2015

If the group recovery plan includes the use of central bank facilities, the firm or qualifying parent undertaking must: (1) include an analysis of how and when members of the group may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: articles 5(4) and 7(5) of RRD]

IFPRU 11.3.17R19/01/2015

A firm or qualifying parent undertaking must notify the FCA without delay of a decision to take an action referred to in the group recovery plan or of a decision not to take action.[Note: article 9(1) of RRD]

IFPRU 11.3.18R19/01/2015

(1) A firm that is an EEA parent undertaking or a qualifying parent undertaking must ensure that its management body assesses and approves the group recovery plan before sending it to its consolidating supervisor.(2) An IFPRU 730k firm that is not an EEA parent undertaking must ensure the management body of its EEA parent undertaking assesses and approves the group recovery plan before the IFPRU 730k firm sends it to its consolidating supervisor.[Note: article 7(7) of RRD]

IFPRU 11.3.19R19/01/2015

A firm or qualifying parent undertaking must demonstrate to its consolidating supervisor that:(1) carrying out its group recovery plan is reasonably likely to maintain or restore the viability and financial position of RRD institutions in the group, taking into account the preparatory measures that the group has taken, or plans to take; and(2) its group recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids,

IFPRU 11.3.20R19/01/2015

(1) A firm or qualifying parent undertaking must update the group recovery plan at least:(a) annually, if the group: (i) includes an IFPRU 730k firm that is a significant IFPRU firm; or(ii) does not include an IFPRU 730k firm; or(b) once every two years, if the group includes an IFPRU 730k firm that is not a significant IFPRU firm.(2) A firm or qualifying parent undertaking must also update its group recovery plan after a change to any of the following which could materially affect

IFPRU 11.3.21R19/01/2015

(1) A firm or qualifying parent undertaking must send the group recovery plan to its EEAconsolidating supervisor.(2) Where the consolidating supervisor is the FCA, a firm or qualifying parent undertaking must send the group recovery plan in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: articles 6(1) and 7(1) of RRD]

IFPRU 11.2.6R19/01/2015

If a firm is a significant IFPRU firm, its recovery plan must include the information in IFPRU 11 Annex 1R (Contents of recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms).[Note: article 5(5) of RRD]

IFPRU 11.2.7R19/01/2015

If a firm is not a significant IFPRU firm its recovery plan must include:(1) a summary of the key elements of the recovery plan;(2) information on the governance of the firm, including: (a) how the recovery plan is integrated into the corporate governance of the firm; and (b) the firm's overall risk management framework;(3) a description of the legal and financial structures of the firm, including:(a) the core business lines; and(b) critical functions;(4) recovery options, including:(a)

IFPRU 11.2.8G19/01/2015

A firm should include additional information from IFPRU 11 Annex 1R (Recovery plans for significant IFPRU firms and group recovery plans for groups that include significant IFPRU firms) in its recovery plan where this information is material to its business.[Note: article 5(5) of RRD]

IFPRU 11.2.10R19/01/2015

A firm must not assume any access to, or receipt of, extraordinary public financial support in its recovery plan.[Note: article 5(3) of RRD]

IFPRU 11.2.11R19/01/2015

If the recovery plan includes the use of central bank facilities, the firm must: (1) include an analysis of how and when the firm may apply for the use of central bank facilities; and(2) identify those assets which would be expected to qualify as collateral.[Note: article 5(4) of RRD]

IFPRU 11.2.15R19/01/2015

A firm must notify the FCA without delay of a decision to take an action referred to in its recovery plan or of a decision not to take action.[Note: article 9(1) of RRD]

IFPRU 11.2.16R19/01/2015

A firm must ensure its management body assesses and approves the recovery plan before sending it to the FCA.[Note: article 5(9) of RRD]

IFPRU 11.2.17R19/01/2015

A firm must demonstrate to the FCA that:(1) carrying out its recovery plan is reasonably likely to maintain or restore the viability and financial position of the firm, taking into account the preparatory measures that the firm has taken, or plans to take; and(2) its recovery plan: (a) is reasonably likely to be carried out quickly and effectively in situations of financial stress; and(b) avoids, to the maximum extent possible, any significant adverse effect on the financial system,

IFPRU 11.2.18R19/01/2015

(1) A significant IFPRU firm must update its recovery plan at least annually.(2) A firm that is not a significant IFPRU firm must update its recovery plan at least once every two years.(3) A firm must also update its recovery plan after a change to any of the following which could materially affect its recovery plan:(a) its legal or organisational structure; (b) its business; or(c) its financial situation.[Note: articles 4(1)(b) and 5(2) RRD]

IFPRU 11.2.19R19/01/2015

A firm must send its recovery plan to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 6(1) of RRD]

IFPRU 11.5.14R19/01/2015

A firm or qualifying parent undertaking must not give financial support using an RRD group financial support agreement unless it is satisfied that:(1) there is a reasonable prospect that giving the support will significantly redress the financial difficulties of the group member receiving the support;(2) the support has the objective of preserving or restoring the financial stability of:(a) the group as a whole; or(b) any members of the group;(3) the support is in the interests

IFPRU 11.5.16R19/01/2015

A firm or qualifying parent undertaking intending to give financial support must ensure that:(1) its management body takes the decision to give group financial support using an RRD group financial support agreement; and (2) it is a reasoned decision that sets out:(a) the objective of the proposed support; and(b) how the support complies with the conditions for giving group financial support using an RRD group financial support agreement in IFPRU 11.5.14 R.

IFPRU 11.5.17R19/01/2015

A firm or qualifying parent undertaking intending to receive financial support must ensure that its management body takes the decision to accept the support using an RRD group financial support agreement.[Note: article 24 of RRD]

IFPRU 11.5.18R19/01/2015

A firm or a qualifying parent undertaking intending to give financial support using an RRD group financial support agreement must ensure that its management body notifies: (1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the financial support; and(4) the EBA.

IFPRU 11.5.19R19/01/2015

A firm or a qualifying parent undertaking must: (1) send a notice of an intention to give financial support before the financial support is given; and(2) include in the notice:(a) the reasoned decision referred to in IFPRU 11.5.16 R of the management body of the group member intending to give the support; and(b) details of the proposed financial support including a copy of the RRD group financial support agreement.[Note: article 25(1) of RRD]

IFPRU 11.5.20R19/01/2015

An RRD group member may only give financial support using an RRD group financial support agreement if the FCA has:(1) agreed to the giving of the support with restrictions; or(2) agreed to the giving of the support without restrictions; or(3) not prohibited the support within five business days of receiving a notice of intention to give financial support.[Note: article 25(2) and (5) of RRD]

IFPRU 11.5.21R19/01/2015

An IFPRU 730k firm must ensure it sends the decision of its management body to give financial support to:(1) its competent authority;(2) where different, its consolidating supervisor; (3) where different, the competent authority of the group member receiving the support; and(4) the EBA.[Note: article 25(6) of RRD]

IFPRU 11.5.22R19/01/2015

A firm or qualifying parent undertaking must: (1) make public:(a) whether or not they have entered into an RRD group financial support agreement; (b) a description of the general terms of any RRD group financial support agreement; and(c) the names of the group members that are a party to the RRD group financial support agreement; and (2) update the information in (1) at least annually.[Note: article 26 of RRD]

SUP 16.20.2R19/01/2015

A firm or qualifying parent undertaking must send its recovery plan or group recovery plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking	Type of plan	Total balance sheet assets (see SUP 16.20.3 G)	First reporting reference date	Ongoing reporting reference date
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm	group recovery plan	More than £2.5 billion	30 June 2015	Every year on the same date as the first reporting reference date.
		More than £1 billion and less than £2.5 billion	30 September 2015
		More than £500 million and less than £1 billion	31 December 2015
		Less than £500 million	31 March 2016
significant IFPRU firm	recovery plan	More than £2.5 billion	30 June 2015	Every year on the same date as the first reporting reference date.
		More than £1 billion and less than £2.5 billion	30 September 2015
		More than £500 million and less than £1 billion	31 December 2015
		Less than £500 million	31 March 2016
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm)	group recovery plan	More than £50 million and less than £500 million	30 September 2015	Every two years on the same date as the first reporting reference date.
		More than £15 million and less than £50 million	31 December 2015
		More than £5 million and less than £15 million	31 March 2016
		Less than £5 million	30 June 2016
non-significant IFPRU firm	recovery plan	More than £50 million and less than £500 million	30 September 2015	Every two years on the same date as the first reporting reference date.
		More than £15 million and less than £50 million	31 December 2015
		More than £5 million and less than £15 million	31 March 2016
		Less than £5 million	30 June 2016

[Note: articles 4(1)(b) and 6(1) of RRD]

SUP 16.20.3G19/01/2015

(1) The calculation of total balance sheet assets for SUP 16.20.2 R should be consistent with the way this figure is calculated for determining whether a firm is a significant IFPRU firm.(2) For group recovery plans, the calculation of total balance sheet assets should be based on the assets of the largest RRD institution in the group.

SUP 16.20.4R19/01/2015

A firm or qualifying parent undertaking must send the information required for a resolution plan to the FCA within three months of the reporting reference dates specified in the table below:

Type of firm or qualifying parent undertaking	First reporting reference date	Ongoing reporting reference date
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is a significant IFPRU firm or does not include an IFPRU 730k firm	30 June 2015	Every two years on the same date as the first reporting reference date.
significant IFPRU firm	30 June 2015	Every two years on the same date as the first reporting reference date.
firm or qualifying parent undertaking in an RRD group that includes an IFPRU 730k firm that is not a significant IFPRU firm (but does not include an IFPRU 730k firm that is a significant IFPRU firm)	31 December 2015	Every three years on the same date as the first reporting reference date.
non-significant IFPRU firm	31 December 2015	Every three years on the same date as the first reporting reference date.

[Note:articles 4(1)(b), 11(1) and 13(1) of RRD]

SUP 16.20.5R19/01/2015

Where an RRD institution is authorised or an RRD group is created after the first reporting reference date that would have applied to that firm or qualifying parent undertaking in line with SUP 16.20.2 R and SUP 16.20.4 R, the firm or qualifying parent undertaking must: (1) send its first recovery plan or group recovery plan and resolution plan information within three months of the first quarter end date which falls after six months of the date of the authorisation of the RRD

IFPRU 11.4.3R19/01/2015

A firm or qualifying parent undertaking must send the information in IFPRU 11 Annex 2R (Resolution plan information) to the FCA in line with SUP 16.20 (Recovery plans and information for resolution plans).[Note: article 11(1)(b) of RRD]

IFPRU 11.4.4R19/01/2015

A firm or qualifying parent undertaking must notify the FCA without delay of a change to any of the following which could have materially affect the information in IFPRU 11 Annex 2R (Resolution plan information):(1) its legal or organisational structure; (2) its business; or(3) its financial situation.[Note: article 10(6) second paragraph of RRD]

IFPRU 11.7.4R19/01/2015

A firm or qualifying parent undertaking must notify the FCA by sending an e-mail to its usual supervisory contact.

Related provisions for IFPRU 11.2.4

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