Paragraph 2 Procedure

(1)

Before giving a designation notice to a credit institution, the Treasury must—

(a)

consult the Authority;

(b)

notify the credit institution that it is minded to give the designation notice; and

(c)

consider any representations made.

(2)

When considering whether to give a designation notice to a credit institution, the Treasury may have regard to any information that the Authority has gathered in the course of the exercise of its functions under sections 234I^f1 (the Authority’s functions under Part 4 of the Enterprise Act 2002) and 234J^f2 (the Authority’s functions under the Competition Act 1998) of the Act.

Annotations

Footnotes

f1: Section 234I was inserted by section 129 of, and paragraphs 1 and 3 of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013.
f2: Section 234J was inserted by section 129 of, and paragraphs 1 and 3 of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 44) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xiv)