Paragraph 14 Restriction on remuneration: review and revocationI1I2

This paragraph applies where a direction has been given under paragraph 13(1) in relation to a CCP.

The Bank must, at least once every 3 months after giving the direction, carry out a review of whether the requirements for the exercise of the power continue to be met.

If at any time the Bank becomes aware that the requirements for the exercise of the power cease to be met, the Bank must revoke the direction with immediate effect.

The direction ceases to have effect if a stabilisation power is exercised in respect of the CCP.