Financial Services and Markets Act 2000 (c. 8)

[F1PART 12AU.K.Powers exercisable in relation to parent undertakings

Textual Amendments

F1Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

(1)If a regulator proposes to take action against a person under section 192K, it must give the person a warning notice.

(2)A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3)A warning notice about a proposal to publish a statement must set out the terms of the statement.

[F2(3A)A warning notice about a proposal to impose a restriction under section 192K(3A) must state—

(a)the terms of the restriction, and

(b)the period for which the restriction is to have effect.]

(4)If the regulator decides to take action against a person under section 192K, it must give the person a decision notice.

(5)A decision notice about the imposition of a penalty must state the amount of the penalty.

(6)A decision notice about the publication of a statement must set out the terms of the statement.

[F3(6B)A decision notice about the imposition of a restriction under section 192K(3A) must state—

(a)the terms of the restriction, and

(b)the period for which the restriction is to have effect.]

(7)If the regulator decides to take action against a person under section 192K, the person may refer the matter to the Tribunal.]

Textual Amendments