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The financial institution shall, upon management approval, submit the recovery plan or any update thereto to the competent authority for approval.
2.
The competent authority shall, within 90 days from receipt of the recovery plan, approve the plan or return it to the financial institution for amendment and resubmission within a specified period.
3.
The financial institution shall update the recovery plan at the request of the competent authority within a period specified thereby.
4.
The competent authority shall, upon requesting a recovery plan, take into account the importance of the financial institution, its size, interconnectedness and the complexity of its relations with local and foreign financial institutions, its modus operandi, and associated risks.
