Regulation 49 Enforcement: UK and non-EEA institutionsI1

United Kingdom

(1)

In subsection (1A)^f1 of section 11 of the 1987 Act (revocation of authorisation)—

(a)

in paragraph (e), after the words “the Banking Coordination (Second Council Directive) Regulations 1992” there shall be inserted the words “or the Credit Institutions (Protection of Depositors) Regulations 1995”; and

(b)

in paragraph (f), after the words “Second Council Directive” there shall be inserted the words “or Directive 94/19/EC on deposit-guarantee schemes”.

F1(2)

In its application to a UK institution or building society, subsection (1) of section 55J (variation or cancellation on initiative of regulator) and subsection (2) of each of sections 55L and 55M of the 2000 Act (imposition of requirements) have effect as if—

(a)

at the end of paragraph (b), “or” were omitted;

(b)

at the end of paragraph (c) there were inserted—

“or
(d)
it is desirable to exercise the power in order to—
(i)
secure the payment by the institution or building society of unpaid contributions; or
(ii)
in the case of a UK institution, secure that the institution complies with any obligation imposed by or under the law of another EEA State in connection with its participation in a scheme for the protection of depositors or investors which is in force in that State.”.

(3)

Where the F2FCA or the PRA—

(a)

is informed by F3the scheme manager of an unpaid contribution of a UK institution or F4building society; or

(b)

is informed by a supervisory authority in another EEA State that a UK institution is failing to comply with such an obligation as is mentioned in paragraph (2)(b) above,

F5that regulator shall, after such consultation with the scheme manager or supervisory authority as it considers appropriate, consider whether to exercise its powers under section F6section 55J, 55L or 55M of the 2000 Act.

F7(4)

In this regulation, “unpaid contribution”, in relation to an institution or building society, means any amount required to be paid by the institution or society by way of a levy imposed in accordance with the Financial Services Compensation Scheme, and which remains unpaid after the last day on which payment falls due, as determined by or in accordance with that Scheme.

Annotations

Textual amendments

F1: Reg. 49(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 12(c)(i)
F2: Words in reg. 49(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 12(c)(ii)(aa)
F3: Words in reg. 49(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 498(b)(i)
F4: Words in reg. 49(3) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 498(b)(ii)
F5: Words in reg. 49(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 12(c)(ii)(bb)
F6: Words in reg. 49(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 12(c)(ii)(cc)
F7: Reg. 49(4) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 498(c)

Commencement

I1: Reg. 49 in force at 1.7.1995, see reg. 1(2)

Footnotes

f1: Subsection (1A) was inserted by the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218), regulation 28(1).