16. In section 199 M1—U.K.
(a)for subsection (7) M2 substitute—
“(7) In such case, the regulator must at the earliest opportunity—
(a)where the single market directive or directly applicable Community regulation in question is the capital requirements directive or the capital requirements regulation, inform the firm's home state regulator, the Commission, EBA and any other affected regulators of other EEA States;
(b)in the case of any other single market directive or directly applicable Community regulation, inform the firm's home state regulator, ESMA and the Commission.
(7A) Where the single market directive or directly applicable Community regulation in question is the capital requirements directive or the capital requirements regulation the regulator must rescind any requirement imposed on the firm where the home state regulator has taken appropriate measures in accordance with section 199B(4).”.
Marginal Citations
M1Paragraph 16 comes into force on a date specified in a Commission delegated act. See Schedule 1.
M2Section 199(7) was amended by the Financial Services Act 2012, section 12 and Schedule 4 paragraphs 29 and 39 and amended by S.I. 2012/916. There are other amendments to section 199 not relevant to these Regulations.