The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001

Public statements under section 60 of the Financial Services Act

54.—(1) Where, before commencement—

(a) the Authority has given a written notice under section 60(2) of the Financial Services Act;

(b) the period within which the case could be required to be referred to the Financial Services Tribunal under that Act has not expired;

(c) no such reference has been required,

the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the authorised person (and any person to whom a copy of the notice was given under section 60(3) of the Financial Services Act) of that fact.

(2) Where, before commencement—

(a) the Authority has given a written notice under section 60(2) of the Financial Services Act;

(b) the period within which the case could be required to be referred to the Financial Services Tribunal under that Act has expired;

(c) no such reference has been required in respect of the matter;

(d) the Authority has not published the statement (whether or not notice pursuant to section 60(5) of the Financial Services Act has been given),

the Authority must proceed in the manner described in paragraph (3).

(3) Where paragraph (2) applies, the Authority must either—

(a) give a final notice (to which section 390(3) applies) and publish the statement in accordance with that notice; or

(b) give a notice of discontinuance (to which section 389 applies).