F1PART 9BRing-fencing

Annotations:
Amendments (Textual)
F1

Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Group restructuring powers

142PSubsequent variation of requirement or direction

1

A regulator may at any time with the consent of the person concerned vary—

a

a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or

b

a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d).

2

The person concerned may at any time apply to the appropriate regulator for the variation of—

a

a requirement imposed by it as a result of section 142L(2)(a) or (b) or (3)(a) or (b), or

b

a direction given by it as a result of section 142L(2)(c) or (d) or (3)(c) or (d).

3

Sections 55U, 55V, 55X and 55Z3 apply to an application under subsection (2) as they apply to an application for the variation of a requirement imposed by the appropriate regulator under section 55L or 55M.