1. Upon designation of a Licensed Person as a systemically important Person pursuant to Article (52) of this Decree by Law, the Authority may undertake the following: a. Require the Licensed Person to prepare a recovery plan and submit the same to the Authority for review and assessment in accordance with the rules issued by the Authority in this regard; b. Request the Licensed Person to provide such information as the Authority deems necessary to assess the adequacy of the recovery plan; c. Require the Licensed Person to take the necessary measures to address any deficiencies where the Authority determines that the recovery plan insufficient, and to resubmit an updated copy of the plan to the Authority. 2. The Licensed Person shall be obliged to review and update its recovery plan as follows: a. On an annual basis; b. Upon the occurrence of a material change that may reasonably be expected to affect the execution of the plan; c. At the request of the Authority. 3. The Licensed Person shall submit the updated copy of the recovery plan to the Authority in accordance with this Article.
Interpretation and application must be checked against the official text and current version.