Regulation 27 Article 30 (powers of the competent authorities)

In Article 30—

(a)

omit paragraph 1;

(b)

in paragraph 2 for “The competent authority” substitute “Competent authorities”;

(c)

in paragraph 4—

(i)

in the first subparagraph for “The competent authority” substitute “Competent authorities”;

(ii)

for the second subparagraph substitute—

“Where a competent authority identifies a material risk to the financial stability of a financial institution or to the financial system as a whole, it must take action to mitigate those risks and, unless it is the PRA, report its findings to the Bank of England.”; and

(d)

for paragraph 5 substitute—

“5.

Competent authorities shall monitor any suspected circumvention of the obligations set out in Article 6(2) and ensure that sanctions are applied for a circumvention.”.