Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to:

1. (1) a UK Bank;
2. (2) a building society; and
3. (3) a UK designated investment firm.

1.2

In this Part, the following definitions shall apply:

group

means A and any person who is:

1. (a) a parent undertaking of A;
2. (b) a subsidiary undertaking of A;
3. (c) a subsidiary undertaking of a parent undertaking of A;
4. (d) a parent undertaking of a subsidiary undertaking of A;
5. (e) if A or an undertaking in (a) or (d) is an incorporated friendly society, a body corporate of which that friendly society has joint control (as defined in section 13(9)(c) or (cc) of the Friendly Societies Act 1992);

recovery plan

means a document containing information which:

1. (1) relates to action to be taken to secure that, in the event of specified circumstances affecting the carrying on of business (or any part of the business) of a firm:
1. (i) the business of the firm; or
2. (ii) a specified part of that business;
2. is capable of being carried on (whether or not by the firm and whether or not in the same way as previously);
3. (2) would facilitate the carrying on of the business (or any part of the business) of a firm by any other person.
4. [Note: This definition is based on the definition for ‘recovery plan’ in section 137J of the Act.]

resolution pack

means a document containing information which:

1. (a) relates to action to be taken in the event of:
1. (i) circumstances arising in which it is likely that the business (or any part of the business) of a firm will fail; or
2. (ii) the failure of the business (or any part of the business) of a firm;
2. (b) would facilitate anything falling to be done by any person in consequence of that failure. An example of information within (b) is information that, in the event of that failure, would facilitate:
1. (i) planning by the Treasury in relation to the possible exercise of any of its powers under Part 1 of the Banking Act 2009; or
2. (ii) planning by the Bank of England in relation to the possible exercise of any of its powers under Part 1, 2 or 3 of that Act.
3. [Note: This definition is based on the definition for ‘resolution plan’ in section 137K of the Act.]

senior personnel

those persons who effectively direct the business of the firm, which could include a firm's governing body and other persons who effectively direct the business of the firm.

1.3

In this Part:

1. (1) references to the taking of action include the taking of action by:
1. (a) the firm;
2. (b) any other person in the same group as the firm; and
3. (c) a partnership of which the firm is a member;
2. (2) references to the business of the firm include references to the business of:
1. (a) any other person in the same group as the firm; and
2. (b) a partnership of which the firm is a member.