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Financial Services and Markets Act 2000, Section 142R is up to date with all changes known to be in force on or before 23 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Subsection (2) applies in relation to—
(a)a ring-fenced body which is a member of a mixed group, and
(b)a parent undertaking of such a ring-fenced body.
(2)A regulator may not exercise its general powers in relation to the ring-fenced body or parent undertaking so as to achieve either of the results in subsection (3).
(3)Those results are—
(a)that no existing group member is a parent undertaking of the ring-fenced body;
(b)that the ring-fenced body is not a member of a mixed group.
(4)In subsection (3)(a) “existing group member” means a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given.
(5)Except as provided by subsections (1) to (4), the provisions of sections 142K to 142Q do not limit the general powers of either regulator.
(6)For the purposes of this section, a regulator's “general powers” are its powers under the following provisions—
(a)section 55L or 55M (imposition of requirements in connection with Part 4A permission);
(b)section 192C (power to direct qualifying parent undertaking).
(7)For the purposes of this section, a ring-fenced body is a member of a mixed group if a member of the ring-fenced body's group carries on an excluded activity.]
Textual Amendments
F1Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
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