The Capital Requirements Regulations 2006

The Authority’s duties as EEA consolidated supervisor or national consolidated supervisor

16.—(1) Where the Authority is considering, in relation to a credit institution, an investment firm or a financial institution, whether to take action against that person which it considers will impose a major sanction or exceptional measure it must, before making a decision, consult the EEA consolidated supervisor, and where its decision would be of importance to a competent authority’s supervisory tasks, that authority.

(2) Paragraph (1) does not apply where the Authority considers that—

(a) there is an urgent need to act; or

(b) such consultation may jeopardise the effectiveness of the decision referred to in paragraph (1).

(3) Where paragraph (1) does not apply by virtue of paragraph (2), the Authority must, without delay, inform the EEA consolidated supervisor and the other competent authorities referred to in paragraph (1) of the action that it has taken.

(4) In this regulation, the Authority may impose a major sanction or exceptional measure by—

(i) varying a Part IV permission;

(ii) exercising any of the powers conferred on it by section 148 of the Act;

(iii) publishing a statement under section 205 of the Act (public censure);

(iv) imposing a penalty in respect of a contravention under section 206 of the Act (financial penalties);

(v) exercising any of its powers (other than its powers under section 381, 383 or 384(2)) under Part XXV of the Act (injunctions and restitution).