Schedule 2, Part 1, paragraph 16

In section 199 — for subsection (7) substitute— In such case, the regulator must at the earliest opportunity— where the single market directive or directly applicable Community regulation in question is the capital requirements directive or the capital requirements regulation, inform the firm's home state regulator, the Commission, EBA and any other affected regulators of other EEA States; in the case of any other single market directive or directly applicable Community regulation, inform the firm's home state regulator, ESMA and the Commission. Where the single market directive or directly applicable Community regulation in question is the capital requirements directive or the capital requirements regulation the regulator must rescind any requirement imposed on the firm where the home state regulator has taken appropriate measures in accordance with section 199B(4).

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