Banking Act 1987 (repealed)
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Change 1
12A Revocation or restriction on information from supervisory authority.
(1) This section applies where, in the case of an authorised institution which is a credit institution incorporated in or formed under the law of any part of the United Kingdom, the Authority is informed by a supervisory authority in another member State that the institution is failing to comply with an obligation imposed by or under any rule of law in force in that State for purposes connected with the implementation of those provisions of the Banking Consolidation Directive which were previously comprised in Directive 89/646/EEC. (2) The Authority shall as soon as practicable send a copy of the information received by it to every other authority which it knows is a connected UK authority. (3) The Authority shall also— (a) consider whether to exercise its powers under section 11 or 12 above; and (b) notify its decision, and any action which it has taken or intends to take, to the supervisory authority and to every other authority which it knows is a connected UK authority.
12A Revocation or restriction on information from supervisory authority.
(1) This section applies where, in the case of an authorised institution which is a credit institution incorporated in or formed under the law of any part of the United Kingdom, the Authority is informed by a supervisory authority in another member State that the institution is failing to comply with an obligation imposed by or under any rule of law in force in that State for purposes connected with the implementation of those provisions of the Banking Consolidation Directive which were previously comprised in Directive 89/646/EEC. (2) The Authority shall as soon as practicable send a copy of the information received by it to every other authority which it knows is a connected UK authority. (3) The Authority shall also— (a) consider whether to exercise its powers under section 11 or 12 above; and (b) notify its decision, and any action which it has taken or intends to take, to the supervisory authority and to every other authority which it knows is a connected UK authority.
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