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9.—(1) Section 47A of the Act(1) (statements of principle) shall have effect as if—
(a)the reference in subsection (1) to the conduct expected of persons authorised to carry on investment business included a reference to the conduct expected of European institutions carrying on home-regulated investment business in the United Kingdom; and
(b)the reference in subsection (4) to the withdrawal or suspension of authorisation under section 28 of the Act included a reference to the imposition of a prohibition under regulation 15 of these Regulations.
(2) That section shall also have effect as if it included provision that a statement of principle issued under that section shall not include, as respects any European institution—
(a)provision as to the fitness of the institution to carry on any home-regulated investment business; or
(b)provision as to any other matter for which, under the Second Council Directive, responsibility is reserved to the relevant supervisory authority in the institution’s home State.
Section 47A was inserted by section 192 of the Companies Act 1989 (c. 40).
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