Part 4 Amendments of Part 13 of FSMA 2000: Powers of Intervention
Financial Services Act 2012 (2012 c 21) | Legislation

Part 4 Amendments of Part 13 of FSMA 2000: Powers of Intervention

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Part 13 of FSMA 2000 (incoming firms: intervention by Authority) is amended as follows.

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In the heading to Part 13, for “Authority†substitute “FCA or PRAâ€.

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In section 193 (interpretation of Part 13), in subsection (1), in the definition of “power of interventionâ€, for “the Authority†substitute “the FCA or the PRAâ€.

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(1)     Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.

(2)     In subsection (1)—

(a)     for “Authorityâ€, in each place, substitute “appropriate regulatorâ€,

(b)     in paragraph (c), for the words from “meet†to the end substitute

“a»å±¹²¹²Ô³¦±ð—

(i)     in the case of the FCA, one or more of its operational objectives, and

(ii)     in the case of the PRA, any of its objectives.â€

(3)     After subsection (1A) insert—

“(1B)     The appropriate regulator†means—

(a)     where the incoming firm is a PRA-authorised person, the FCA or the PRA;

(b)     in any other case, the FCA.â€

(4)     In subsection (3), for “Authorityâ€, in each place, substitute “FCAâ€.

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(1)     Section 194A (contravention by relevant EEA firm with UK branch of

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