§ '(1) Where a UK employer makes (or proposes to make) contributions to a European pensions institution, any function which Article 20 of the Directive requires or authorises to be exercised by the competent authorities of the host member State is exercisable by the Regulator.
§ (2) If the Regulator receives a notification in pursuance of Article 20(4) of the Directive from the competent authority in another member State, the Regulator must within 2 months inform that authority of any relevant legal requirements.897
§ (3) Where there is a significant change in any relevant legal requirements, the Regulator must as soon as reasonably practicable inform any competent authority in relation to which it has provided information under subsection (2) of that change.
§ (4) Where a UK employer makes contributions to a European pensions institution, the Regulator must—
- (a) monitor the compliance of that institution with the relevant legal requirements, and
- (b) if the Regulator becomes aware of any contravention by the institution of any relevant legal requirements, inform the competent authority of that member State of the failure.
§ (5) If the Regulator is satisfied that a European pensions institution which receives contributions from a UK employer is contravening any relevant legal requirements, the Regulator may issue a notice to the UK employer directing him—
- (a) to take or refrain from taking such steps as are specified in the notice in order to remedy the failure by the institution, or to cease to make further contributions to the institution.
§ (6) Regulations may make further provision about the effect of a notice under subsection (5)(b), including provision conferring functions on the Regulator.
(8) In this section—
European pensions institution" means an institution for occupational retirement provision, as defined by Article 6(a) of the Directive, that has its main administration in a member State other than the United Kingdom;
relevant legal requirements" means such requirements of the law relating to occupational pensions, as it applies in any part of the United Kingdom, as may be prescribed;
UK employer" means an employer who—
§ Brought up, read the First and Second time, and added to the Bill.