Article 30 (powers of the competent authorities)U.K.
27. In Article 30—
(a)omit paragraph 1;
(b)in paragraph 2 for “The competent authority” substitute “ Competent authorities ”;
(c)in paragraph 4—
(i)in the first subparagraph for “The competent authority” substitute “ Competent authorities ”;
(ii)for the second subparagraph substitute—
“Where a competent authority identifies a material risk to the financial stability of a financial institution or to the financial system as a whole, it must take action to mitigate those risks and, unless it is the PRA, report its findings to the Bank of England.”; and
(d)for paragraph 5 substitute—
“5. Competent authorities shall monitor any suspected circumvention of the obligations set out in Article 6(2) and ensure that sanctions are applied for a circumvention.”.
Commencement Information
I1Reg. 27 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)