Regulation 18 Requirements imposed by a domestic regulator

United Kingdom

(1)

A requirement imposed by a regulator in accordance with section 196 of the 2000 Act (power of intervention) and which has effect immediately before F1IP completion day continues to have effect on and after IP completion day in respect of a person to whom regulation 8 or 11 applies as if it were imposed by the regulator under—

(a)

section 55L (imposition of requirements by FCA) of that Act, or

(b)

section 55M (imposition of requirements by PRA) of that Act.

(2)

In respect of a person to whom regulation 8 or 11 applies—

(a)

the FCA may exercise its power under section 55L(3) of the 2000 Act, and

(b)

the PRA may exercise its power under section 55M(3) of that Act,

if it appears that, immediately before IP completion day, the circumstances set out in section 194(1)(a) or (b) of that Act are satisfied in respect of the person.

(3)

Paragraph (2) is without prejudice to section 55L(2) or 55M(2) of the 2000 Act.

Annotations

Textual amendments

F1: Words in reg. 18 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(k)