Section 3A(3)

The power conferred by subsection (2) includes a power to direct a relevant person— to amend a group financial support agreement; where there is no such agreement, to review the need to enter into one; to enter into an agreement for the provision of services relating to the provision of critical functions; to limit that person’s maximum individual and aggregate exposures (with “exposure” for this purpose having the meaning given in the capital requirements regulation); to produce information which is relevant to the exercise of the stabilisation powers, and to provide that information to the Bank of England; to dispose of specified assets; to cease carrying out specified activities, or observe restrictions in relation to the carrying out of specified activities; to cease the development of new or existing business operations, or observe restrictions in relation to the development of such operations; in order to ensure that it is possible for the performance of critical functions to be legally or operationally separated from the performance of other functions— to change its legal or operational structure, or so far as it is able to do so, to change the legal or operational structure of a subsidiary; to establish a financial holding company which is not a subsidiary of an institution, another financial holding company or a mixed financial holding company.

← 2 · All articles · 4 →

Source: legislation.gov.uk · retrieved 2026-09-04