PART 7Transitional Powers of the Financial Regulators
Variation of transitional directions201
1
A regulator’s power under regulation 198(1) includes power to give a direction varying (or further varying) a transitional direction already given by that regulator, subject to paragraph (2).
2
The way in which the power to vary is exercised must be such that the resulting—
a
varied direction, or
b
where the earlier direction was part of a set of transitional directions, set of directions as varied,
could be given by revoking existing, and giving new, transitional directions.
3
Where a transitional direction has been given to two or more particular persons, or to persons of a description specified in the direction, the power to vary it may be exercised in relation to all, some or any one of those persons.
4
Regulation 200(7) (meaning of “set”) applies also for the purposes of paragraph (2).