(1) The Bank of England may give directions in writing to a recognised person.
(2) A direction may -
(a) require or prohibit the taking of specified action in relation to the performance of a specified relevant function in relation to a specified wholesale cash distribution activity;
(b) set standards to be met in the performance of a specified relevant function in relation to a specified wholesale cash distribution activity.
(3) Subsection (4) applies if a direction is given to a recognised person for the purpose of resolving or reducing a threat to the stability of the UK financial system.
(4) The recognised person (including the recognised person's officers and staff) has immunity from liability in damages in respect of action or inaction in accordance with the direction.
(5) A direction given for the purpose mentioned in subsection (3) must -
(a) include a statement that it is given for that purpose, and
(b) inform the recognised person of the effect of subsection (4).
(6) The Trea
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