Exercise of functions under [F1section 138A] of the Act for the purpose of applying a decision or a joint decisionU.K.
8.—(1) [F2An appropriate regulator] may exercise the powers conferred by [F3section 138A] of the Act (modification or waiver of rules) if it appears desirable to do so for the purpose of applying a decision or a joint decision.
(2) In such a case the requirements contained in—
(a)[F4subsections (1) and (7)(b) of section 138A for that appropriate regulator’s] powers to be exercisable only on the application or with the consent of an authorised person; and
(b)[F5section 138A(4)],
shall not apply.
Textual Amendments
F1Words in reg. 8 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(h)(i) (with Sch. 2 para. 119)
F2Words in reg. 8(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(h)(ii)(aa) (with Sch. 2 para. 119)
F3Words in reg. 8(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(h)(ii)(bb) (with Sch. 2 para. 119)
F4Words in reg. 8(2)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(h)(iii)(aa) (with Sch. 2 para. 119)
F5Words in reg. 8(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(h)(iii)(bb) (with Sch. 2 para. 119)