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Financial Services and Markets Act 2000

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Changes over time for: Section 192C

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Version Superseded: 31/12/2020

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Status:

Point in time view as at 01/04/2013. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Section 192C is up to date with all changes known to be in force on or before 11 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1192CPower to direct qualifying parent undertakingU.K.

This section has no associated Explanatory Notes

(1)The appropriate regulator may give a direction under this section to a qualifying parent undertaking if either the general condition or the consolidated supervision condition is satisfied.

(2)The general condition is that the appropriate regulator considers that it is desirable to give the direction in order to advance—

(a)in the case of the FCA, one or more of its operational objectives;

(b)in the case of the PRA, any of its objectives.

(3)The consolidated supervision condition is that—

(a)the appropriate regulator is the competent authority for the purpose of consolidated supervision that is required, in relation to some or all of the members of the group of a qualifying authorised person, in pursuance of any of the directives mentioned in section 3M(3), and

(b)the appropriate regulator considers that the giving of the direction is desirable for the purpose of the effective consolidated supervision of the group.

(4)In subsection (3)(a) “consolidated supervision” includes supplemental supervision.

(5)In deciding whether to give a direction under this section, a regulator must have regard—

(a)to the desirability where practicable of exercising its powers in relation to authorised persons or recognised investment exchanges rather than its powers under this section, and

(b)to the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to result from its imposition.

(6)The appropriate regulator” means—

(a)where a direction relates to a qualifying authorised person or recognised investment exchange who is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.]

Textual Amendments

F1Pt. 12A inserted (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. 27, 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.

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