[(1) This section applies if the appropriate regulator has reason to believe that a relevant EEA firm has contravened, or is contravening, a requirement to which Article 5.1 or 8.2 of the insurance distribution directive applies, unless that firm is the subject of an agreement under section 203A (in which case, the provisions in that agreement apply).
(2) The appropriate regulator must notify the relevant EEA firm's home state regulator of the situation mentioned in subsection (1).
(3) The notice under subsection (2) 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 power of intervention is likely to become exercisable in relation to the relevant EEA firm if it continues the contravention; and
(c) indicate any requirements that the appropriate regulator proposes to impose on the relevant EEA firm in exercise of its power of intervention in the event of the power becoming exercisable.
(4) The appropriate regulator may exercise its power of intervention in respect of the relevant EEA firm if—
(a) a reasonable period of time has elapsed since the giving of the notice under subsection (2), and
(b) conditions A to C are satisfied.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234