Part 5Regulatory intervention
Registered social landlords: asset protection
66Restrictions on dealings during or following inquiries
1
This section applies if the Regulator, when making or having made inquiries, considers—
a
that there has been misconduct or mismanagement in a registered social landlord’s financial or other affairs,
b
that the interests of a registered social landlord’s tenants need protection,
c
that a registered social landlord’s assets need protection, or
d
that a registered social landlord’s financial viability is in jeopardy.
2
The Regulator may—
a
direct the registered social landlord not to—
i
undertake particular transactions, or
ii
make payments of a particular nature or amount,
without the Regulator’s consent, or
b
direct a bank or other person not to dispose of any money, securities or other assets it holds for the registered social landlord without the Regulator’s consent.
3
It is an offence for a person to fail to comply with a direction.
4
A person guilty of such an offence is liable on summary conviction to—
a
imprisonment for a term not exceeding 3 months,
b
a fine not exceeding level 5 on the standard scale, or
c
both.