316 Direction by [a regulator]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

Power to apply Act to Lloyd's underwriting

316  Direction by [a regulator]

(1)     The general prohibition or (if the general prohibition is not applied under this section) a core provision applies to the carrying on of an insurance market activity by—

(a)     a member of the Society, or

(b)     the members of the Society taken together,

only if [a regulator] so directs.

[(1A)     A direction under subsection (1)—

(a)     may be given by the FCA only if it considers that giving the direction is necessary or expedient for the purpose of advancing one or more of its operational objectives, and

(b)     may be given

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Repudiation

RepudiationThis Practice Note concerns repudiation and sets out what a repudiatory breach of contract means. It explains how a repudiatory breach goes to the core of the contract and the options or remedies available to an innocent party as a result of the other party’s repudiation, which include

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of