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Modifications etc. (not altering text)
C1Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))
C2Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(d)(e))
Textual Amendments
F1Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
(1) The Authority may give notice in writing (a “restriction notice”) to a person in the following circumstances.
(2)The circumstances are that—
(a)the person has control over a UK authorised person by virtue of holding shares or voting power; and
(b)in relation to the shares or voting power, the Authority has given the person a warning notice or a decision notice under section 189 or 191A or a final notice which confirms a decision notice given under section 189 or 191A.
(3)In a restriction notice, the Authority may direct that shares or voting power to which the notice relates are, until further notice, subject to one or more of the following restrictions—
(a)except by court order, an agreement to transfer or a transfer of any such shares or voting power or, in the case of unissued shares, any agreement to transfer or transfer of the right to be issued with them, is void;
(b)no voting power is to be exercisable;
(c)no further shares are to be issued in pursuance of any right of the holder of any such shares or voting power or in pursuance of any offer made to their holder;
(d)except in a liquidation, no payment is to be made of any sums due from the body corporate on any such shares, whether in respect of capital or otherwise.
(4)A restriction notice takes effect—
(a)immediately; or
(b)on such date as may be specified in the notice.
(5)A restriction notice does not extinguish rights which would be enjoyable but for the notice.
(6)A copy of the restriction notice must be served on—
(a)the UK authorised person in question; and
(b)in the case of shares or voting power held in a parent undertaking of a UK authorised person, the parent undertaking.
(7)A person to whom the Authority gives a restriction notice may refer the matter to the Tribunal.]