PART 9B

Ring-fencing

Group restructuring powers

Subsequent variation of requirement or direction
142P
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.
Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H, 1.1.2019 in so far as not already in force) 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; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)
Pt. 9B power to apply (with modifications) conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(b), 148(5); S.I. 2018/1306, art. 2(f)