Financial Services and Markets Act 2000 (c. 8)

Part XIII U.K. Incoming Firms: Intervention by Authority

Modifications etc. (not altering text)

C1 Pt. 13 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

Pt. 13 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 32; S.I. 2001/3538, art. 2(1)

Pt. 13 extended (5.10.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/3084, art. 2(7); S.I. 2001/3538, art. 2(1)

Pt 13 excluded (1.12.2001) by S.I. 2001/3592, art. 107(2) (with art. 23(2))

Exercise of power of intervention U.K.

198 Power to apply to court for injunction in respect of certain overseas insurance companies. U.K.

(1) This section applies if the Authority has received a request made in respect of an incoming EEA firm in accordance with—

(a) Article 20.5 of the first non-life insurance directive; F1 . . .

[F2 (b) Article 37.5 of the life assurance consolidation directive][F3 ; or

(c) Article 42.4 of the reinsurance directive]

(2) The court may, on an application made to it by the Authority with respect to the firm, grant an injunction restraining (or in Scotland an interdict prohibiting) the firm disposing of or otherwise dealing with any of its assets.

(3) If the court grants an injunction, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as it considers necessary to enable the Authority to perform any of its functions under this Act.

(4) “The court” means—

(a) the High Court; or

(b) in Scotland, the Court of Session.

Textual Amendments

F1 Word in s. 198(1)(a) omitted (10.12.2007) by virtue of The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 3(a)

F2 S. 198(1)(b) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(3)

F3 S. 198(1)(c) and preceding word inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 3(b)