728.This section provides the Treasury with the general power to direct a number of bodies with powers under the Act to take, or refrain from taking, any action which is either required by, or is incompatible with, the United Kingdom’s international obligations.  For example, if the Authority’s rules on capital requirements were such that the UK’s obligations under EC law were not being met, this section would allow the Treasury to direct the Authority to change their rules so as to ensure compliance.
Commentary on Sections Part Xxviii: Miscellaneous Section 410: International obligations