[F1165BSafeguards etc in relation to exercise of power under section 165AU.K.
(1)If the [F2PRA] proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the [F2PRA] is proposing to impose the requirement.
(2)The notice under subsection (1) must—
(a)give the [F3PRA's] reasons for proposing to impose the requirement; and
(b)specify a reasonable period within which the person may make representations to the [F2PRA].
(3)The [F2PRA] must then decide, within a reasonable period, whether to impose the requirement.
(4)Subsections (1) to (3) do not apply in any case where the [F2PRA] is satisfied that it is necessary for the information or documents to be provided or produced without delay.
(5)If the [F2PRA] imposes a requirement on a person under section 165A, the notice under that section must give the [F3PRA's] reasons for imposing the requirement.
(6)The [F2PRA] must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A.
(7)The statement requires the approval of the Treasury.
(8)If the Treasury approve the statement, the [F2PRA] must publish it.
(9)The power conferred by section 165A may not be exercised before the statement has been published.]
Textual Amendments
F1S. 165A-165C inserted (8.6.2010) by Financial Services Act (c. 28), {ss. 18(2)}, 26(2)
F2Word in s. 165B substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 3(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Word in s. 165B substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 3(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.