Article 151 Regulator to take alternative measures
Where, in the Bank's assessment, there is a reasonable prospect that an alternative measure which is available and could feasibly be taken would, within a reasonable time, avoid the need for the determination referred to in a Case 2, 4 or 5 notice or a Case 3 notice—
the Bank must notify the regulator of that fact; and
except where the measure is a transfer of funds from a parent undertaking, the regulator must take the alternative measure in exercise of its powers under FSMA.
In this article “the regulator”—
where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA;
where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA;
where there is no PRA-authorised person in the relevant group, means the FCA.
Notes on the whole SI
Textual amendments
- F1
Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)