Textual Amendments
F1Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
(1)Before giving a direction under section 3M, the supervising regulator must consult the other regulator.
(2)A direction under section 3M must be given or confirmed in writing, and must be accompanied by a statement of the reasons for giving it.
(3)A notice revoking a direction under section 3M must be given or confirmed in writing.
(4)The regulator to which a direction under section 3M is given must give a copy of the direction and statement to each of the authorised persons to whom the direction relates.
(5)The supervising regulator must publish the direction and statement, or the notice, in such manner as it thinks fit.
(6)But subsection (4) or (5) does not apply in a case where the regulator on which the duty is imposed considers that compliance with that subsection would be against the public interest.
(7)In a case where a regulator decides that compliance with subsection (4) or (5) would be against the public interest, the regulator must from time to time review that decision and if it subsequently decides that compliance is no longer against the public interest it must comply with the subsection.
(8)Expressions defined for the purposes of section 3M have the same meaning in this section.]