Financial Services and Markets Act 2000

Valid from 01/12/2001

X1187 Objection to existing control.U.K.

This section has no associated Explanatory Notes

(1)If the Authority is not satisfied that the approval requirements are met, it may give a decision notice under this section to a person if he has failed to comply with a duty to notify imposed by section 178.

(2)If the failure relates to subsection (1) or (2) of that section, the Authority may (instead of giving a notice under subsection (1)) approve the acquisition of the control in question by the person concerned as if he had given it a notice of control.

(3)The Authority may also give a decision notice under this section to a person who is a controller of a UK authorised person if the Authority becomes aware of matters as a result of which it is satisfied that—

(a)the approval requirements are not met with respect to the controller; or

(b)a condition imposed under section 185 required that person to do (or refrain from doing) a particular thing and the condition has been breached as a result of his failing to do (or doing) that thing.

(4)A person to whom a notice under this section is given may refer the matter to the Tribunal.

(5)Approval requirements” has the same meaning as in section 186.

Editorial Information

X1The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.

Modifications etc. (not altering text)

C2S. 187(3) explained and modified (1.12.2001) by S.I. 2001/2637, arts. 1, 12; S.I. 2001/3538, art. 2(1)