The Banking Coordination (Second Council Directive) Regulations 1992

Cancellation of compliance with certain requirements

5.—(1) The Bank may, on an application by a European subsidiary, direct that any compliance with the requirements of paragraph 1 above in relation to—

(a) its carrying on of any activity; or

(b) its establishment of a branch,

shall cease to have effect as from such date as may be specified in the direction.

(2) The Bank shall not give a direction under this paragraph unless—

(a) the applicant has given notice of the application to the relevant supervisory authority in its home State; and

(b) the Bank has agreed with that authority that the direction should be given.

(3) The date specified in a direction under this paragraph—

(a) shall not be earlier than the date requested in the application; but

(b) subject to that, shall be such date as may be agreed between the Bank and the relevant supervisory authority.

(4) The Bank shall as soon as practicable send a copy of any direction given under this paragraph to the applicant, to the relevant supervisory authority and to every other authority which it knows is a connected UK authority.