Section 142I Powers of Treasury in relation to ring-fencing rulesF1

United Kingdom

(1)

The Treasury may by order require the appropriate regulator, as defined in section 142H(8), to include (or not to include) in ring-fencing rules specified provision relating to—

(a)

any of the matters mentioned in section 142H(5)(a) to (g), or

(b)

any other specified matter.

(2)

The power to make an order under this section is exercisable only if the Treasury consider it necessary or expedient to do so—

(a)

for any of the group ring-fencing purposes as defined in section 142H(4), or

(b)

otherwise for securing the independence of ring-fenced bodies from other members of their groups.

(3)

“Specified” means specified in the order.

Annotations

Textual amendments

F1: Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H, 1.1.2019 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)

Notes on Part 9B

Modifications

C1: Pt. 9B power to apply (with modifications) conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(b), 148(5); S.I. 2018/1306, art. 2(f)