Banks Must Appoint Manager To Report Resolution Plans
Law360, London (September 27, 2019, 4:42 PM BST) -- The Prudential Regulation Authority said Friday that banks must appoint a manager to lead on reporting resolution assessments to the regulator to explain how their company could fail without causing distress to the wider financial sector.
The PRA, the Bank of England’s regulatory arm, said that U.K. banks and building societies with £50 billion ($61.6 billion) or more in retail deposits, including Barclays PLC and HSBC Holdings PLC, must place a senior manager in charge of reporting resolution assessments. This manager must first present the resolution plan to the bank’s management body for approval before giving it to the regulator....
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