1. Supervisory authorities shall, within nine months of the submission of each pre-emptive recovery plan, review that plan and assess the extent to which it satisfies the requirements laid down in Article 5 and all of the following:

(a) whether the implementation of the arrangements proposed in the plan is reasonably likely to maintain or restore within an appropriate timeframe the viability and financial position of the insurance or reinsurance undertaking;

(b) whether the plan and specific options within the plan are reasonably likely to be implemented quickly and effectively in situations of financial stress;

(c) whether the plan and specific options within the plan are reasonably likely to avoid to the maximum extent possible any significant adverse effect on the financial system, including in scenarios which would lead other insurance and reinsurance undertakings to implement pre-emptive recovery plans within the same period.