Paragraph 13

(1)

Section 42B^f1 (power to direct transfers of engagements or business) is amended as follows.

(2)

In subsections (1) to (5), for “Authority”, in each place, substitute “appropriate authority”.

(3)

In subsection (1), for “Part IV” substitute “Part 4A”.

(4)

In subsection (2)—

(a)

for “section 45” substitute “section 55J (variation or cancellation on initiative of regulator), section 55L (imposition of requirements by FCA) or section 55M (imposition of requirements by PRA)”; and

(b)

omit “(power to vary or cancel a Part IV permission on the Authority’s own initiative)”.

(5)

After subsection (5), insert—

“(5A)
The PRA must consult the FCA before giving a direction under this section.”.

Annotations

Footnotes

f1: Section 42B was inserted by the Building Societies Act 1997, section 17 and amended by S.I. 2001/2617.