Part XXVIII Miscellaneous

Third countries

I1405 Directions.

1

For the purpose of implementing a third country decision, the Treasury may direct the Authority to—

a

refuse an application for permission under Part IV made by a body incorporated in, or formed under the law of, any part of the United Kingdom;

b

defer its decision on such an application either indefinitely or for such period as may be specified in the direction;

c

give a notice of objection to a person who has served a notice of control to the effect that he proposes to acquire a 50% stake in a UK authorised person; or

d

give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required notice of control.

2

A direction may also be given in relation to—

a

any person falling within a class specified in the direction;

b

future applications, notices of control or acquisitions.

3

The Treasury may revoke a direction at any time.

4

But revocation does not affect anything done in accordance with the direction before it was revoked.

5

“Third country decision” means a decision of the Council or the Commission under—

a

Article 7(5) of the investment services directive;

b

F1Article 23(5) of the banking consolidation directive;

c

Article 29b(4) of the first non-life insurance directive; or

d

Article 32b(4) of the first life insurance directive.