OpenLegislation

Paragraph 13

United Kingdom

(1)

Subject to sub-paragraph (2) below, the powers conferred by section 44 above on the F1Treasury or persons authorised by F2them shall be exercisable in respect of an EC company if either—

(a)

the following requirements are fulfilled, namely—

(i)

the supervisory authority in the company’s home State has made a written request to the Treasury to obtain information from the company; and

(ii)

the TreasuryF3themthat the information to be acquired is necessary to enable that supervisory authority to perform its obligations under Article 19 of the first general insurance Directive or Article 23 of the first long term insurance Directive; or

(b)

the TreasuryF4consider the exercise of those powers in respect of that company to be necessary to enable them to perform their functions under this Act.

(2)

The Treasury shall not exercise the powers conferred by subsection (2A), (2B) or(4A) of section 44 above in respect of an EC company unless the requirements of sub-paragraph (1)(a) above are fulfilled.

Annotations

Textual amendments

F1

Word in Sch. 2F para. 13 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 72 (with art. 7)

F2

Word in Sch. 2F para. 13(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 78(a) (with art. 7)

F3

Word in Sch. 2F para. 13(1)(a)(ii) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 78(b) (with art. 7)

F4

Words in Sch. 2F para. 13(1)(b) substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 78(c) (with art. 7)

Notes on the whole Act

Textual amendments

F1

Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)

Notes on Schedule 2F]

Textual amendments

F1

Sch. 2F inserted (1.7.1994) by S.I. 1994/1696, reg. 45(2), Sch. 6

Modifications

C1

Sch. 2F: Power to contract out certain functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 60