321 Requirements imposed under section 320.U.K.
(1)A requirement imposed under section 320 takes effect—
(a)immediately, if the notice given under subsection (2) states that that is the case;
(b)in any other case, on such date as may be specified in that notice.
(2)If [F1the PRA] proposes to impose a requirement on a former underwriting member (“A”) under section 320, or imposes such a requirement on him which takes effect immediately, it must give him written notice.
(3)The notice must—
(a)give details of the requirement;
(b)state [F2the PRA's] reasons for imposing it;
(c)inform A that he may make representations to the [F3PRA] within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
(d)inform him of the date on which the requirement took effect or will take effect; and
(e)inform him of his right to refer the matter to the Tribunal.
(4) The [F4PRA] may extend the period allowed under the notice for making representations.
(5)If, having considered any representations made by A, the [F4PRA] decides—
(a)to impose the proposed requirement, or
(b)if it has been imposed, not to revoke it,
it must give him written notice.
(6)If the [F4PRA] decides—
(a)not to impose a proposed requirement, or
(b)to revoke a requirement that has been imposed,
it must give A written notice.
(7)If the [F4PRA] decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.
(8)If the [F4PRA] proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice.
(9)If the [F4PRA], having considered any representations made in response to the warning notice, decides to refuse the application, it must give A a decision notice.
(10)A notice given under—
(a)subsection (5), or
(b)subsection (9) in the case of a decision to refuse the application,
must inform A of his right to refer the matter to the Tribunal.
(11)If the [F5PRA] decides to refuse an application for a variation or revocation of the requirement, the applicant may refer the matter to the Tribunal.
(12)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
[F6(13)Before giving a notice under any provision of this section, the PRA must consult the FCA.]
Textual Amendments
F1Words in s. 321(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 321(3)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Word in s. 321(3)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Word in s. 321(4)-(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Word in s. 321(11) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 321(13) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 321 wholly in force at 1.12.2001; s. 321 not in force at Royal Assent see s. 431(2); s. 321 in force for certain purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 321 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)