Modifications etc. (not altering text)
C1Pt. 42 modified (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 43
C2Pt. 42: functions transferred in part (6.4.2008 in accordance with art. 1 of the amending S.I.) by The Statutory Auditors (Delegation of Functions etc) Order 2008 (S.I. 2008/496), art. 4 (which amending S.I. was revoked (2.7.2012) by S.I. 2012/1741, art. 6)
C3Pt. 42 applied (with modifications) (15.8.2008) by The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950), reg. 6(5)
C4Pt. 42: functions transferred in part (2.7.2012) by The Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (S.I. 2012/1741), arts. 1(2), 7, 8, 9 (with art. 16)
(1)If it appears to the Secretary of State—
(a)that any action proposed to be taken by a recognised supervisory body or a recognised qualifying body, [F1the Independent Supervisor] or a body designated by order under section 1252, would be incompatible with Community obligations or any other international obligations of the United Kingdom, or
(b)that any action which that body has power to take is required for the purpose of implementing any such obligations,
he may direct the body not to take or, as the case may be, to take the action in question.
(2)A direction may include such supplementary or incidental requirements as the Secretary of State thinks necessary or expedient.
(3)A direction under this section given to [F2the Independent Supervisor or] a body designated by order under section 1252 is enforceable on the application of the Secretary of State by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988 (c. 36).
Textual Amendments
F1Words in s. 1254(1)(a) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 16(2)
F2Words in s. 1254(3) inserted (6.4.2008) by The Statutory Auditors and Third Country Auditors Regulations 2007 (S.I. 2007/3494), reg. 16(3)