Article 36 Power to give directions

(1)

Paragraph (2) applies if, before the commencement date—

(a)

the Authority gave a direction under section 296(2)^f1 (power to give directions) to a recognised clearing house; and

(b)

the clearing house did not take the steps specified in the direction.

(2)

The direction is to be treated as if it had been given by the Bank of England.

Annotations