[F1Appropriate regulator] directionU.K.

16.—(1) The [F2appropriate regulator] may direct the administrator to prioritise one or more special administration objectives.

(2) A direction under paragraph (1) may only be given if [F3that regulator] is satisfied that the giving of the direction is necessary, having regard to the public interest in—

(a)the stability of the financial systems of the United Kingdom; or

(b)the maintenance of public confidence in the stability of the financial markets of the United Kingdom.

(3) A direction under paragraph (1) must be given in writing and should set out reasons for giving the direction.

(4) Before giving such a direction the [F4appropriate regulator] must consult the Treasury and the Bank of England.

[F5(4A) Where the investment bank concerned is a PRA-authorised person, the appropriate regulator must also consult the other regulator before giving such a direction.]

(5) If the [F4appropriate regulator] thinks that the circumstances that gave rise to the need for it to give a direction have passed, it shall withdraw its direction.

(6) Paragraphs 49(1) to (3), 51, 53, 54 and 55 of Schedule B1 (as applied by regulation 15) shall not apply where the [F4appropriate regulator] has given a direction under this regulation and the direction has not been withdrawn.

[F6(7) In this regulation, “appropriate regulator” means—

(a)in relation to an investment bank which is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.]