Part 4Regulation of approved regulators
Intervention
I141Intervention directions
1
The Board may give an approved regulator an intervention direction in relation to any of the approved regulator's regulatory functions if the Board is satisfied—
a
that an act or omission of an approved regulator (or a series of such acts or omissions) has had, or is likely to have, an adverse impact on one or more of the regulatory objectives, and
b
that it is appropriate to give the intervention direction in all the circumstances of the case (including in particular the impact of giving the direction on the other regulatory objectives).
2
An intervention direction, in relation to a regulatory function of an approved regulator, is a direction—
a
that the regulatory function is to be exercised by the Board or a person nominated by it, and
b
that the approved regulator must comply with any instructions of the Board or its nominee in relation to the exercise of the function.
3
The Board may not determine that it is appropriate to give an intervention direction unless it is satisfied that the matter cannot be adequately addressed by the Board exercising the powers available to it under sections 31 to 40.
4
Part 1 of Schedule 8 makes provision about the procedure which must be complied with before an intervention direction is given and the manner in which such a direction is to be given.
5
The Board must make rules as to the persons it may nominate for the purposes of subsection (2)(a).