Textual Amendments
F1Pt. 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)
Modifications etc. (not altering text)
C1Pt. 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)
(1)The appropriate regulator may exercise the group restructuring powers only if it is satisfied that one or more of Conditions A to D is met in relation to a ring-fenced body that is a member of a group.
(2)Condition A is that the carrying on of core activities by the ring-fenced body is being adversely affected by the acts or omissions of other members of its group.
(3)Condition B is that in carrying on its business the ring-fenced body—
(a)is unable to take decisions independently of other members of its group, or
(b)depends on resources which are provided by a member of its group and which would cease to be available in the event of the insolvency of the other member.
(4)Condition C is that in the event of the insolvency of one or more other members of its group the ring-fenced body would be unable to continue to carry on the core activities carried on by it.
(5)Condition D is that the ring-fenced body or another member of its group has engaged, or is engaged, in conduct which is having, or would apart from this section be likely to have, an adverse effect on the advancement by the appropriate regulator—
(a)in the case of the PRA, of the objective in section 2B(3)(c), or
(b)in the case of the FCA, of the continuity objective.
(6)The appropriate regulator may not exercise the group restructuring powers in relation to any person if—
(a)either regulator has previously exercised the group restructuring powers in relation to that person, and
(b)the decision notice in relation to the current exercise is given before the second anniversary of the day on which the decision notice in relation to the previous exercise was given.
(7)In this section and sections 142L to 142Q “the appropriate regulator” means—
(a)where the ring-fenced body is a PRA-authorised person, the PRA;
(b)where it is not, the FCA.]