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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
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142R. Relationship with regulators' powers under Parts 4A and 12A

(1) Subsection (2) applies in relation to -

(a) a ring-fenced body which is a member of a mixed group, and

(b) a parent undertaking of such a ring-fenced body.

(2) A regulator may not exercise its general powers in relation to the ringfenced body or parent undertaking so as to achieve either of the results in subsection (3).

(3) Those results are -

(a) that no existing group member is a parent undertaking of the ring-fenced body;

(b) that the ring-fenced body is not a member of a mixed group.

(4) In subsection (3)(a) "existing group member" means a person who is a member of the ring-fenced body’s group at the time when the requirement is imposed or the direction given.

(5) Except as provided by subsections (1) to (4), the provisions of sections 142K to 142Q do not limit the general powers of either regulator.

(6) For the purposes of this section, a regulator’s "general powers" are its powers under the following provisions -

(a) section 55L or 55M (imposition of requirements in conn

Comparing proposed amendment...