PART IIAUTHORISATIONS AND RESTRICTIONS UNDER OLD LAW
CHAPTER IINOTICES TO WITHDRAW, SUSPEND OR RESTRICT AUTHORISATION
Notices under the Banking Act
Notices under the Banking ActI114
1
Where, before commencement—
a
a notice has been given under section 13(1) of the Banking Act of intention to revoke an authorisation;
b
the Authority has not given a notice under section 13(7) of the Banking Act (and is not treated as having given such a notice by reason of subsection (10) of that section),
the notice has effect after commencement as if it were a notice given under section 53(4) that the Authority proposes to vary the authorised person’s permission by imposing a requirement that he refrain from carrying on the regulated activity or activities covered by the notice.
2
Where, before commencement—
a
a notice was given under section 13(1) of the Banking Act of intention to impose a restriction or to vary a restriction;
b
the Authority has not given a notice under section 13(7) of the Banking Act (and is not treated as having given such a notice by reason of subsection (10) of that section),
the notice has effect after commencement as if it were a notice given under section 53(4) that the Authority proposes to vary the authorised person’s permission by imposing or varying a requirement having the same effect as the restriction or variation described in the notice.
3
Where, before commencement—
a
a notice had been given under section 14(2) of the Banking Act imposing or varying a restriction as a matter of urgency pursuant to section 14(1)(b) of that Act;
b
no notice under subsection (7) of section 14 of the Banking Act has been given,
that notice has effect after commencement as if it were a notice given under section 53(4) that the Authority has varied the authorised person’s permission with immediate effect by imposing a restriction or varying the restriction in the manner set out in the notice.