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Financial Services and Markets Act 2000

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[F1142RRelationship with regulators' powers under Parts 4A and 12AU.K.

This section has no associated Explanatory Notes

(1)Subsection (2) applies in relation to—

(a)a ring-fenced body which is a member of a mixed group, and

(b)a parent undertaking of such a ring-fenced body.

(2)A regulator may not exercise its general powers in relation to the ring-fenced body or parent undertaking so as to achieve either of the results in subsection (3).

(3)Those results are—

(a)that no existing group member is a parent undertaking of the ring-fenced body;

(b)that the ring-fenced body is not a member of a mixed group.

(4)In subsection (3)(a) “existing group member” means a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given.

(5)Except as provided by subsections (1) to (4), the provisions of sections 142K to 142Q do not limit the general powers of either regulator.

(6)For the purposes of this section, a regulator's “general powers” are its powers under the following provisions—

(a)section 55L or 55M (imposition of requirements in connection with Part 4A permission);

(b)section 192C (power to direct qualifying parent undertaking).

(7)For the purposes of this section, a ring-fenced body is a member of a mixed group if a member of the ring-fenced body's group carries on an excluded activity.]

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) 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)

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