UK:
UK Regulator Provides Feedback On Recovery Plans
10 June 2016
Shearman & Sterling LLP
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On May 19, 2016, the FCA published initial feedback on the
recovery plans submitted by investment firms regulated by it.
Recovery plans are required to be submitted by banks and certain
investment firms to national regulators under the EU Bank Recovery
and Resolution Directive. The FCA regulates those investment firms
in the UK that are not designated by the Prudential Regulation
Authority. The FCA identifies key areas for improvement in recovery
plans, including identifying and analyzing internal and external
interconnectedness, identifying and calibrating recovery plan
indicators, demonstrating that recovery plan options are
comprehensive and credible, capturing the minimum range of
scenarios or properly explaining why certain scenarios are not
applicable, correctly defining core business lines and critical
functions and designing appropriate communication strategies for
crisis management. The FCA expects firms to implement appropriate
remedial actions without delay where gaps and deficiencies have
been identified.
The FCA's feedback is available at: http://www.fca.org.uk/news/recovery-plans-initial-observations.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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