New section 169A: Support of overseas regulator with respect to financial stability
217.Subsection (1) provides that the FSA may exercise a corresponding section 165A power at the request of an overseas regulator.
218.Subsection (2) defines “overseas regulator” for the purposes of this section.
219.Subsection (3) defines “corresponding section 165A power” as a modified form of the power given in section 165A, with references to the stability of the financial system referring to the financial system operating in the country, or in a territory (such as Gibraltar or the Channel Islands) of the overseas regulator, and the reference to the UK in section 165A being replaced by a reference to that country or territory.
220.Subsection (4) sets out which provisions of section 165A are to apply to the corresponding section 165A power given in relation to overseas regulators.
221.Subsection (5) defines “financial system” for the purposes of this section.