Part XXVIII Miscellaneous

Third countries

I1405 Directions.

1

For the purpose of implementing a third country decision, the Treasury may direct the F5appropriate regulator to—

a

refuse an application for permission under F6Part 4A 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 F7section 178 notice 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 F8section 178 notice.

2

A direction may also be given in relation to—

a

any person falling within a class specified in the direction;

b

future applications, F9section 178 notices 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But revocation does not affect anything done in accordance with the direction before it was revoked.

F44A

“The appropriate regulator”—

a

for the purposes of subsection (1)(a) and (b), is the regulator to which the application for permission under Part 4A is made;

b

for the purposes of subsection (1)(c) and (d), is the appropriate regulator as defined in section 178(2A).

4B

“Section 178 notice” means a notice given under section 178.

5

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

F1a

Article 15(3) of the markets in financial instruments directive;

b

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c

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

F3d

Article 59(4) of the life assurance consolidation directive.