[F155NRequirements under section 55L or 55M: further provisionsU.K.
(1)A requirement may, in particular, be imposed—
(a)so as to require the person concerned to take specified action, or
(b)so as to require the person concerned to refrain from taking specified action.
(2)A requirement may extend to activities which are not regulated activities.
(3)A requirement may be imposed by reference to the person's relationship with—
(a)the person's group, or
(b)other members of the person's group.
(4)A requirement may be expressed to expire at the end of such period as the regulator imposing it may specify, but the imposition of a requirement that expires at the end of a specified period does not affect the regulator's power to impose a new requirement.
(5)A requirement may refer to the past conduct of the person concerned (for example, by requiring the person concerned to review or take remedial action in respect of past conduct).
(6)In this section “requirement” means a requirement imposed under section 55L or 55M.]
Textual Amendments
F1Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.