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Effective from Dec 10 2020 - Jun 15 2021 To view other versions open the versions tab on the right
1.
The SIFI subject to the amendment of rights procedure shall, within 30 days from the conclusion of the procedure, submit to the competent authority an action plan which includes the following:
a)
A detailed account of the factors leading to the crisis.
b)
A description of the procedures to be taken to achieve recovery in the long term.
c)
A timeframe to implement such procedures.
2.
The competent authority shall, within 30 days from receipt of the plan, decide whether to approve the plan or notify the SIFI of required amendments. The SIFI shall amend the plan and resubmit the same to the competent authority within 14 days.
3.
Semi-annual progress reports on the implementation of the plan shall be submitted by the SIFI or at the request of the competent authority.
4.
The competent authority may include in the Implementing Regulations additional rules and provisions governing the preparation of the action plan.
