Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
    Version 1 of 1    

55P. Prohibitions and restrictions

(1) This section applies if -

(a) on a person being given a Part 4A permission, either regulator imposes an assets requirement on that person,

(b) an assets requirement is imposed on an authorised person, or

(c) an assets requirement previously imposed on such a person is varied.

(2) A person on whom an assets requirement is imposed is referred to in this section as "A".

(3) The "appropriate regulator" is the regulator which imposed the requirement.

(4) "Assets requirement" means a requirement under section 55L or 55M -

(a) prohibiting the disposal of, or other dealing with, any of A's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings, or

(b) that all or any of A's assets, or all or any assets belonging to consumers but held by A or to A's order, must be transferred to and held by a trustee approved by the appropriate regulator.

(5) If the appropriate regulator -

(a) imposes a requirement of the kind mentioned in subsection (4)(a), and

(b) gi

Comparing proposed amendment...