Section 117
General provisions dealing with directions
of Financial Services Act 2013
ActIn forceProvision 117 of 124
Section 117
(1)
The direction issued under subsection 116(2) or (3) shall specify—
(a)
the grounds on which the Bank proposes to issue the direction; and
(b)
the time by which, or period during which, the direction is to be complied with.
(2)
The Bank may at any time—
(a)
amend or revoke a direction; or
(b)
replace a direction with another direction.
(3)
Any direction issued under subsection 116(2) or (3) shall not affect the enforcement by the parties of their rights under a qualified financial agreement.