§ 51 — Notice concerning recovery and resolution plans

51.—(1) The Authority may issue a notice to pertinent financial institutions requiring each pertinent financial institution to which a direction is issued under section 52(1) —(a)

to prepare, in the form and manner and containing the information specified in the notice, a plan to restore the financial strength and viability of the pertinent financial institution in the event it suffers financial pressure or stress (called in this section and section 52 a recovery plan);

(b)

to review and keep up-to-date its recovery plan, at a frequency specified in the direction;

(c)

to adopt various procedures in preparing its recovery plan, including the oversight of the process and endorsement of the plan;

(d)

to notify the Authority of the occurrence of any event that may necessitate the implementation of its recovery plan;

(e)

to maintain information to enable the pertinent financial institution to prepare, review and keep up‑to‑date its recovery plan, and to comply with any direction of the Authority under section 53;

(f)

to have in place a management information system that is necessary for the maintenance and production of the information mentioned in paragraph (e);

(g)

to ensure that the pertinent financial institution’s outsourcing arrangements for its critical functions and critical shared services will continue in the event it comes under resolution; and

(h)

to take such other action as in the Authority’s opinion will facilitate compliance with any notice or direction issued by the Authority under this Division, or the effective implementation of the recovery plan of the pertinent financial institution or a plan of the Authority under section 53.

(2) A notice under this section may make different provisions for different classes of pertinent financial institutions.

—(1) The Authority may issue a notice to pertinent financial institutions requiring each pertinent financial institution to which a direction is issued under section 52(1) —(a)

to prepare, in the form and manner and containing the information specified in the notice, a plan to restore the financial strength and viability of the pertinent financial institution in the event it suffers financial pressure or stress (called in this section and section 52 a recovery plan);

(b)

to review and keep up-to-date its recovery plan, at a frequency specified in the direction;

(c)

to adopt various procedures in preparing its recovery plan, including the oversight of the process and endorsement of the plan;

(d)

to notify the Authority of the occurrence of any event that may necessitate the implementation of its recovery plan;

(e)

to maintain information to enable the pertinent financial institution to prepare, review and keep up‑to‑date its recovery plan, and to comply with any direction of the Authority under section 53;

(f)

to have in place a management information system that is necessary for the maintenance and production of the information mentioned in paragraph (e);

(g)

to ensure that the pertinent financial institution’s outsourcing arrangements for its critical functions and critical shared services will continue in the event it comes under resolution; and

(h)

to take such other action as in the Authority’s opinion will facilitate compliance with any notice or direction issued by the Authority under this Division, or the effective implementation of the recovery plan of the pertinent financial institution or a plan of the Authority under section 53.

(2) A notice under this section may make different provisions for different classes of pertinent financial institutions.