[142R Relationship with regulators' powers under Parts 4A and 12A]
[142R Relationship with regulators' powers under Parts 4A and 12A]

[(1)     Subsection (2) applies in relation to—

(a)     a ring-fenced body which is a member of a mixed group, and

(b)     a parent undertaking of such a ring-fenced body.

(2)     A regulator may not exercise its general powers in relation to the ring-fenced body or parent undertaking so as to achieve either of the results in subsection (3).

(3)     Those results are—

(a)     that no existing group member is a parent undertaking of the ring-fenced body;

(b)     that the ring-fenced body is not a member of a mixed group.

(4)     In subsection (3)(a) “existing group member” means a person who is a member of the ring-fenced body's group at the time when the requirement is imposed or the direction given.