[195B Contravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance]
[195B Contravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance]

[(1)     In this section “relevant EEA firm” means an EEA firm falling within paragraph 5(i) of Schedule 3 which is exercising in the United Kingdom an EEA right deriving from the mortgages directive.

(2)     This section applies if—

(a)     a relevant EEA firm has a branch, or is providing services, in the United Kingdom; and

(b)     the appropriate regulator has clear and demonstrable grounds for concluding that the firm has contravened, or is contravening, a requirement to which Article 34(4) of the mortgages directive applies.

(3)     The appropriate regulator must notify the relevant EEA firm's home state regulator of the situation mentioned in subsection (2).

(4)     The notice under subsection (3) must—

(a)     request that the home state regulator take all appropriate measures for the purpose of ensuring that the relevant EEA firm puts an end to the contravention;

(b)     state that the appropriate regulator's powers of intervention are likely to become exercisable in relation to the relevant EEA firm if it continues the contravention; and

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203 . . .