SCHEDULE 8Investors in licensed providers
Initial notification requirements
I1I31
1
An applicant for a licence (issuable in accordance with an approved regulator's licensing rules) must give the approved regulator the standard information about non-solicitor investors when applying for the licence.
2
The applicant must also—
a
give (as soon as practicable) the approved regulator any standard information subsequently coming to light,
b
notify (as soon as practicable) the approved regulator of any other change in the standard information.
3
The standard information is—
a
the name and other details of—
i
every non-solicitor investor in the applicant,
ii
any other person whom the applicant expects to be a non-solicitor investor in the applicant at such time as the licence may be issued,
b
in each case, a description of the nature of the person's interest.
I2I42
1
It is an offence for a person to fail to comply with a requirement imposed on the person by paragraph 1.
2
A person who commits an offence under sub-paragraph (1) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
3
It is a defence for a person prosecuted for an offence under sub-paragraph (1) to show that at the relevant time the person had no knowledge, and could not reasonably be expected to have knowledge, of the information in question.