Paragraph 32 I1 I2

(1)

Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.

(2)

In subsection (1)—

(a)

for “Authority”, in each place, substitute “ appropriate regulator ”,

(b)

in paragraph (c), for the words from “meet” to the end substitute

“advance—
(i)
in the case of the FCA, one or more of its operational objectives, and
(ii)
in the case of the PRA, any of its objectives.”

(3)

After subsection (1A) insert—

“(1B)
The appropriate regulator” means—
(a)
where the incoming firm is a PRA-authorised person, the FCA or the PRA;
(b)
in any other case, the FCA.”

(4)

In subsection (3), for “Authority”, in each place, substitute “ FCA ”.

Annotations

I1: Sch. 4 para. 32 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2
I2: Sch. 4 para. 32 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.