Prudential Regulation Authority Rulebook

4.1

This Chapter applies to a BRRD undertaking which is required to draw up a recovery plan or group recovery plan under 2 or 3.

4.2

A BRRD undertaking that is a firm must:

1. (1) review its recovery plan or group recovery plan at least once a year; and
2. (2) keep its recovery plan or group recovery plan up to date, which includes ensuring that it is updated to reflect any change to the legal or organisational structure of the firm or group, its business or its financial situation, which could have a material effect on, or necessitates a change to, the recovery plan or group recovery plan.

[Note: Art. 5(2) of the BRRD]

4.3

A BRRD undertaking that is a qualifying parent undertaking must make arrangements to ensure that:

1. (1) its group recovery plan is reviewed at least once a year; and
   
   
2. (2) its group recovery plan is kept up to date, which includes ensuring that it is updated to reflect any change to the legal or organisational structure of the group, its business or its financial situation, which could have a material effect on, or necessitates a change to, the group recovery plan.

[Note: Art. 5(2) of the BRRD]

4.4

A firm must notify the PRA of any material changes made to its recovery plan promptly and, in any event, within one month of making any such change.

4.5

A BRRD undertaking which is required by 3.2 to submit a group recovery plan to the PRA must notify the PRA of any material changes made to its group recovery plan promptly and, in any event, within one month of making any such change.