[(1) Before either regulator prepares a draft of any general rules that require [a] relevant person (or [a] relevant person of a specified description) to prepare a recovery plan, the regulator must consult [the Treasury].
[(1A) The FCA must also consult the Bank of England.]
[(2) “Relevant person” means—
(a) an institution authorised in the UK; or
(b) a qualifying parent undertaking within the meaning given by section 192B.
(3) A “recovery plan” is a document which provides for measures to be taken—
(a) by an institution authorised in the UK which is not part of a group, following a significant deter
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