The Capital Requirements Regulations 2006

Exercise of functions under section 148 of the Act for the purpose of applying a decision or a joint decision

This section has no associated Explanatory Memorandum

8.—(1) The Authority may exercise the powers conferred by section 148 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)subsections (2) and (9)(b) of section 148 for the Authority’s powers to be exercisable only on the application or with the consent of an authorised person; and

(b)section 148(4),

shall not apply.