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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 29 August 2023 - onwards
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3I. Power of PRA to require FCA to refrain from specified action

(1) Where the first, second and third conditions are met, the PRA may give a direction under this section to the FCA.

(2) The first condition is that the FCA is proposing -

(a) to exercise any of its regulatory powers in relation to PRA-authorised persons generally, a class of PRA-authorised persons or a particular PRA-authorised person, or

(b) to exercise any of its insolvency powers in relation to -

(i) a PRA-authorised person,

(ii) an appointed representative whose principal, or one of whose principals, is a PRA-authorised person, or

(iii) a person who is carrying on a PRA-regulated activity in contravention of the general prohibition.

(3) In subsection (2) -

(a) "regulatory powers", in relation to the FCA, means -

(i) its powers in relation to the regulation of authorised persons, other than its powers in relation to consent for the purposes of section 55F or 55I, a power conferred on it by sections 234I to 234M or its powers under Part 24, or

(ii) its powers in relation

Comparing proposed amendment...