Sch 2A para 28
(1) For the purposes of this Schedule, “the own-initiative conditions” are— (a) in relation to the exercise of a power by the FCA, conditions A to C, and (b) in relation to the exercise of a power by the PRA, conditions A to D. (2) Condition A is that the UK regulator in question considers that— (a) it is desirable to exercise the power in order to advance one or more of its objectives, and (b) the Gibraltar regulator— (i) is aware, or ought reasonably to be aware, of the reasons why the UK regulator considers that to be the case, and (ii) has had time to take steps, or indicate what steps (if any) it is likely to take, in response. (3) Condition B is that the UK regulator in question considers that— (a) it is desirable to exercise the power in order to advance one or more of its objectives, and (b) a delay in exercising the power would be materially detrimental to— (i) the interests of consumers (as defined in section 1G), or (ii) the soundness, stability and resilience of the UK financial system or a part of that system. (4) Condition C is that the UK regulator in question considers that— (a) the Gibraltar-based person is contravening, or has contravened, a rule made by the UK regulator or a requirement imposed on it by the UK regulator under Part 6 of this Schedule, and (b) the contravention is not minor, having regard to the nature of the contravention or its consequences (or both). (5) Condition D is that the PRA considers that— (a) it is desirable to exercise the power in order to advance one or more of the PRA's objectives, and (b) the Gibraltar-based person poses, or may pose, a risk to the soundness, stability and resilience of the UK financial system, or a part of that system, of a type specified for the purposes of this condition in the policy statement produced by the PRA under paragraph 71. (6) In the case of the FCA, references in this paragraph to its objectives are references only to its operational objectives.