[55Q Exercise of power in support of overseas regulator]
[55Q Exercise of power in support of overseas regulator]

[(1)     Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind.

(2)     Subsection (1) applies whether or not the UK regulator has powers which are exercisable in relation to the authorised person by virtue of any provision of Part 13.

(3)     Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers.

(4)     If a request to a UK regulator for the exercise of its own-initiative powers has been made by an overseas regulator who is—

(a)     of a prescribed kind, and