Financial Services Act 2012

22(1)Section 407 (consequences of a direction under section 405) is amended as follows.U.K.

(2)In subsection (1)—

(a)for “the Authority”, in the first place, substitute “ a regulator ”,

(b)in paragraph (a), for “subsections (7) to (9) of section 52 do” substitute “ section 55X does ”, and

(c)in paragraph (b), for “Authority” substitute “ regulator ”.

(3)In subsection (2)—

(a)for “the Authority”, in the first place, substitute “ a regulator ”,

(b)in paragraph (a), for “section 52(1) and (2)” substitute “ subsections (1) to (3) of section 55V ”, and

(c)in paragraph (b), for “Authority” substitute “ regulator ”.

(4)In subsection (3)—

(a)for “the Authority”, in the first place, substitute “ a regulator ”, and

(b)in paragraph (b), for “Authority” substitute “ regulator ”.