Schedule 2, Part 1, paragraph 15(5)

The appropriate regulator may exercise its power of intervention in respect of the relevant EEA firm if— the requirement to be imposed under section 196 is necessary and appropriate to protect against financial instability that would seriously threaten the collective interests of consumers in the United Kingdom; the situation is an emergency; the home state regulator has not yet taken measures to ensure the contravention or risk of contravention is remedied; and reorganisation measures of the kind referred to in Article 3 have not been commenced.

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