SCHEDULES
SCHEDULE 2Minor and consequential amendments
Part 1Amendments of Financial Services and Markets Act 2000
9
1
Section 67 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows.
2
In subsection (1), at the end insert “
; and if it proposes to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a warning notice.
”
3
After subsection (2) insert—
2A
A warning notice about a proposal—
a
to suspend an approval, or
b
to impose a restriction in relation to the performance of a function,
must state the period for which the suspension or restriction is to have effect.
4
In subsection (4), at the end insert “
; and if it decides to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a decision notice.
”
5
After subsection (5) insert—
5A
A decision notice about—
a
the suspension of an approval, or
b
the imposition of a restriction in relation to the performance of a function,
must state the period for which the suspension or restriction is to have effect.
6
In subsection (7), at the end insert “
; and if the Authority decides to take action under section 66(3)(aa) or (ab), each of the other interested parties may also refer the matter to the Tribunal.
”
7
After that subsection insert—
8
Approval” means an approval given under section 59.
9
“Other interested parties”, in relation to an approved person (“A”), are—
a
the person on whose application the approval was given (“B”); and
b
the person by whom A's services are retained, if not B.
The reference in this subsection to an approved person has the same meaning as in section 64.