PART 12A

Powers exercisable in relation to parent undertakings

Power of direction

Requirements that may be imposed
192D
1
A direction under section 192C may require the parent undertaking—
a
to take specified action, or
b
to refrain from taking specified action.
2
A requirement may be imposed by reference to the parent undertaking's relationship with—
a
its group, or
b
other members of its group.
3
A requirement may refer to the past conduct of the parent undertaking (for example, by requiring the parent undertaking to review or take remedial action in respect of past conduct).
4
A requirement imposed by the direction may be expressed to expire at the end of a specified period, but the imposition of a requirement that expires at the end of a specified period does not affect the power to give a further direction imposing a new requirement.
5
The direction—
a
may be revoked by the regulator which gave it by written notice to the body to which it is given, and
b
ceases to be in force if the body to which it is given ceases to be a qualifying parent undertaking.
Pt. 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.