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

Notice of intention to terminate or suspend authorisation under section 33 of the Financial Services Act: time for reference not expired U.K.

12.—(1) Where, before commencement—

(a) the Authority has given notice under section 34 of the Financial Services Act that it intends to give a direction (pursuant to section 33(1)(a) or (b) of that Act) that a person cease to be an authorised person under section 31 of that Act or that a person’s authorisation under that section be suspended;

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

(c) no such reference has been required,

the notice has effect after commencement as if it were a notice given under 197(3).

(2) Such a notice has effect—

(a) as if it stated that the Authority proposes to impose a requirement that the authorised person refrain from carrying on the regulated activity or activities covered by the notice;

(b) as if it informed the recipient that he may make representations to the Authority (whether or not he refers the matter to the Tribunal) within—

(i) the new period (if any) specified for this purpose under article 90; or

(ii) if there is no new period so specified, 28 days from the date of service of the notice;

(c) as if it informed the recipient that the requirement takes effect—

(i) on the new date specified for this purpose under article 90; or

(ii) if there is no new date so specified, on the date when (but for the repeal of the Financial Services Act) authorisation would have been terminated or suspended;

(d) (in the case of a notice proposing suspension) as if it informed the recipient that the requirement takes effect—

(i) for the new period (if any) specified for this purpose under article 90; or

(ii) if there is no new period so specified, then for the period for which (but for the repeal of the Financial Services Act) the authorisation would have been suspended;

(e) as if it informed the recipient that he has a right to refer the matter to the Tribunal within—

(i) the new period (if any) specified for this purpose under article 90; or

(ii) if there is no new period so specified, 28 days beginning with the date of service of the notice.

(3) Where a notice has effect under paragraph (1)—

(a) the Authority must decide whether to issue a notice under section 197(6) or (7),

(b) in taking that decision, section 194 applies to the Authority; and

(c) the Authority must have regard to any representations made before commencement in respect of the notice given under section 34 of the Financial Services Act.

Commencement Information

I1 Art. 12 in force at 1.12.2001, see art. 1(2)