Section 151

Where, in the Bank's assessment, there is a reasonable prospect that an alternative measure which is available and could feasibly be taken would, within a reasonable time, avoid the need for the determination referred to in a Case 2, 4 or 5 notice or a Case 3 notice— the Bank must notify the regulator of that fact; and except where the measure is a transfer of funds from a parent undertaking, the regulator must take the alternative measure in exercise of its powers under FSMA. In this article “the regulator”— where there is a PRA-authorised person and any other UK authorised person in the relevant group, means the PRA and the FCA; where there is a PRA-authorised person and no other UK authorised person in the relevant group, means the PRA; where there is no PRA-authorised person in the relevant group, means the FCA.

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