C32C33C34C35C36C37C38C50C51C52C65C71C72C74C73 Part XXVI Notices

Annotations:
Modifications etc. (not altering text)
C32

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 58A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 75 (with art. 13(3), Sch.5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 85(4B) (as inserted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 95 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 36A(5C)(5D) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 142(c) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 46A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 93(6A) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 177(d) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2

C35

Pt. 26 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 5

C36

Pt. 26 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 30

C37

Pt. 26 applied (with modifications) (9.2.2011 for certain purposes and 30.4.2011 otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xiv)(b), 62, Sch. 3 para. 8 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(h))

C52

Pt. 26 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(11)

C65

Pt. 26 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 29

C72

Pt. 26 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 24(2) (with Pt. 4)

Warning notices

C1C2C39C52C53C66387 Warning notices.

C631

A warning notice must—

a

state the action which the F60regulator giving the notice (“the regulator concerned”) proposes to take;

b

be in writing;

c

give reasons for the proposed action;

d

state whether section 394 applies; and

e

if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.

F581A

Where the PRA is the regulator concerned and the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) or 55I(8), the warning notice given by the PRA must—

a

state that fact, and

b

give the reasons for the FCA's proposal.

2

F61A warning notice must specify a reasonable period (which may not be less than F6214 days) within which the person to whom it is given may make representations to the F63regulator concerned.

3

F64The regulator concerned may extend the period specified in the notice.

F593A

Where the PRA receives any representations in response to a warning notice given by it under section 55X(1) or (2) or 62(2) in a case falling within subsection (1A) it must—

a

if the representations are in writing, give a copy to the FCA, or

b

if they are not in writing and have not been given directly to the FCA by the person making them, provide the FCA with a record of them.

4

F65The regulator concerned must then decide, within a reasonable period, whether to give the person concerned a decision notice.

Decision notices

C3C4C40C58C67388 Decision notices.

1

A decision notice must—

a

be in writing;

C54b

give F67the reasons of the regulator giving the notice (“the regulator concerned”) for the decision to take the action to which the notice relates;

C54c

state whether section 394 applies;

C54d

if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it; and

C54e

give an indication of—

i

any right to have the matter referred to the Tribunal which is given by this Act; and

ii

the procedure on such a reference.

F661A

Where the PRA is the regulator concerned and the FCA has decided to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) or 55I(8), the decision notice given by the PRA must—

a

state that fact, and

b

give the reasons for the FCA's decision.

2

If the decision notice was preceded by a warning notice, the action to which the decision notice relates must be action under the same Part as the action proposed in the warning notice.

3

F68The regulator concerned may, before it takes the action to which a decision notice (“the original notice”) relates, give the person concerned a further decision notice which relates to different action in respect of the same matter.

4

F69The regulator concerned may give a further decision notice as a result of subsection (3) only if the person to whom the original notice was given consents.

5

If the person to whom a decision notice is given under subsection (3) had the right to refer the matter to which the original decision notice related to the Tribunal, he has that right as respects the decision notice under subsection (3).

Conclusion of proceedings

C5C6C41C59C68389 Notices of discontinuance.

1

If F70a regulator decides not to take—

a

the action proposed in a warning notice F71given by it, or

b

the action to which a decision notice F72given by it relates,

it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given.

2

But subsection (1) does not apply if the discontinuance of the proceedings concerned results in the granting of an application made by the person to whom the warning or decision notice was given.

3

A notice of discontinuance must identify the proceedings which are being discontinued.

C7C8C60C69390 Final notices.

1

If F74a regulator has given a person a decision notice and the matter was not referred to the Tribunal within the F1time required by Tribunal Procedure Rules, F75the regulator must, on taking the action to which the decision notice relates, give the person concerned and any person to whom the decision notice was copied a final notice.

2

If F76a regulator has given a person a decision notice and the matter was referred to the Tribunal, F77the regulator must, on taking action in accordance with any directions given by—

a

the Tribunal, or

F2b

a court on an appeal against the decision of the Tribunal,

give that person and any person to whom the decision notice was copied F78the notice required by subsection (2A).

F732A

The notice required by this subsection is—

a

in a case where the regulator is acting in accordance with a direction given by the Tribunal under section 133(6)(b), or by the court on an appeal from a decision by the Tribunal under section 133(6), a further decision notice, and

b

in any other case, a final notice.

C9C10C113

A final notice about a statement must—

a

set out the terms of the statement;

b

give details of the manner in which, and the date on which, the statement will be published.

C9C114

A final notice about an order must—

a

set out the terms of the order;

b

state the date from which the order has effect.

C115

A final notice about a penalty must—

a

state the amount of the penalty;

b

state the manner in which, and the period within which, the penalty is to be paid;

c

give details of the way in which the penalty will be recovered if it is not paid by the date stated in the notice.

6

A final notice about a requirement to make a payment or distribution in accordance with section 384(5) must state—

a

the persons to whom,

b

the manner in which, and

c

the period within which,

it must be made.

C12C9C117

In any other case, the final notice must—

a

give details of the action being taken;

b

state the date on which the action is to be taken.

C10C118

The period stated under subsection (5)(b) or (6)(c) may not be less than 14 days beginning with the date on which the final notice is given.

C10C119

If all or any of the amount of a penalty payable under a final notice is outstanding at the end of the period stated under subsection (5)(b), F79the regulator giving the notice may recover the outstanding amount as a debt due to it.

10

If all or any of a required payment or distribution has not been made at the end of a period stated in a final notice under subsection (6)(c), the obligation to make the payment is enforceable, on the application of F80the regulator giving the notice, by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.

Publication

C13C14C45C42C64391 Publication.

F831

In the case of a warning notice falling within subsection (1ZB)—

a

neither the regulator giving the notice nor a person to whom it is given or copied may publish the notice,

b

a person to whom the notice is given or copied may not publish any details concerning the notice unless the regulator giving the notice has published those details, and

C49c

after consulting the persons to whom the notice is given or copied, the regulator giving the notice may publish such information about the matter to which the notice relates as it considers appropriate.

1ZA

In the case of a warning notice not falling within subsection (1ZB), neither the regulator giving the notice nor a person to whom it is given or copied may publish the notice or any details concerning it.

1ZB

A warning notice falls within this subsection if it is given under—

a

section 63B;

b

section 67;

c

section 87M;

d

section 88B;

e

section 89K;

f

section 89R;

g

section 92;

h

section 126;

i

section 131H;

j

section 192L;

k

section 207;

l

section 312G;

m

section 345B (whether as a result of section 345(2) or 345A(3) or section 249(1) F118or 261K(1)).

F31A

A person to whom a decision notice is given or copied may not publish the notice or any details concerning it unless the F91regulator giving the notice has published the notice or those details.

2

A notice of discontinuance must state that, if the person to whom the notice is given consents, the F88regulator giving the notice may publish such information as it considers appropriate about the matter to which the discontinued proceedings related.

3

A copy of a notice of discontinuance must be accompanied by a statement that, if the person to whom the notice is copied consents, the F89regulator giving the notice may publish such information as it considers appropriate about the matter to which the discontinued proceedings related, so far as relevant to that person.

C15C164

F84The regulator giving a decision or final notice must publish such information about the matter to which F85the notice relates as it considers appropriate.

F1254A

Subsection (4) is subject to F129sections 391A and 391B.

5

When a supervisory notice takes effect, the F90regulator giving the notice must publish such information about the matter to which the notice relates as it considers appropriate.

F815A

Subsection (5) does not apply in relation to a notice given in accordance with section 137S(5) or (8)(a) (but see section 137S(11)).

F826

The FCA may not publish information under this section if, in its opinion, publication of the information would be—

a

unfair to the person with respect to whom the action was taken (or was proposed to be taken),

C55b

prejudicial to the interests of consumers, or

c

detrimental to the stability of the UK financial system.

6A

The PRA may not publish information under this section if, in its opinion, publication of the information would be—

a

unfair to the person with respect to whom the action was taken (or was proposed to be taken),

b

prejudicial to the safety and soundness of PRA-authorised persons, or

c

in a case where section 2C applies, prejudicial to securing the appropriate degree of protection for policyholders.

C157

Information is to be published under this section in such manner as the F86regulator considers appropriate.

F177A

Where F87a regulator publishes information under subsection (4) or (5) in respect of a final notice or a supervisory notice which relates to a contravention of a requirement falling within subsection (7B) at the same time as it publishes the information it must notify ESMA that it has done so.

7B

A requirement falls within this subsection if it is imposed—

a

by or under any provision made by or under this Act which implements Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse),

b

by any directly applicable EU regulation made under that directive,

c

by or under any provision made by or under this Act which implements the markets in financial instruments directive, or

d

by any directly applicable EU regulation made under the markets in financial instruments directive.

C17C57C568

For the purposes of determining when a supervisory notice takes effect, a matter to which the notice relates is open to review if—

C18a

the period during which any person may refer the matter to the Tribunal is still running;

C18b

the matter has been referred to the Tribunal but has not been dealt with;

C18c

the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal’s decision is still running; or

C18d

such an appeal has been brought but has not been determined.

F1268A

Where a decision notice or final notice relates to any decision or action under a provision of this Act in relation to the contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation, this section has effect subject to Article 62 of the CSD regulation (publication of decisions).

9

“Notice of discontinuance” means a notice given under section 389.

10

“Supervisory notice” has the same meaning as in section 395.

C19F411

Section 425A (meaning of “consumers”) applies for the purposes of this section.

391AF124F127Publication: special provisions relating to the capital requirements directive

1

This section applies where a decision notice or final notice relates to the imposition of a penalty to which Article 68(1) of the capital requirements directive applies.

2

Where a regulator publishes information under section 391(4) about a matter to which a decision notice relates and the person to whom the notice is given refers the matter to the Tribunal, the regulator must, without undue delay, publish on its official website information about the status of the appeal and its outcome.

3

Subject to subsection (4), where a regulator gives a final notice, the regulator must publish information on the type and nature of the breach and the identity of the person on whom the penalty is imposed.

4

Information about a matter to which a final notice relates must be published anonymously where—

a

the penalty is imposed on an individual and, following an obligatory prior assessment, publication of personal data is found to be disproportionate;

b

publication would jeopardise the stability of financial markets or an ongoing criminal investigation; or

c

publication would cause, insofar as it can be determined, disproportionate damage to the persons involved.

5

Where subsection (4) applies, the regulator may make such arrangements as to the publication of information (including as to the timing of publication) as are necessary to preserve the anonymity of the person on whom the penalty is imposed.

6

Where a regulator publishes information in accordance with subsections (2) to (5), the regulator must—

a

publish the information on its official website;

b

ensure the information remains on its official website for at least five years, unless the information is personal data and the Data Protection Act 1998 requires the information to be retained for a different period; and

c

disclose to EBA any penalty imposed, any appeal against such a penalty and the outcome of the appeal, unless such a disclosure is not permitted by section 348.

391BF128Publication: special provisions relating to the transparency obligations directive

1

This section applies where a decision notice, final notice or notice under section 89M relates to the imposition of a sanction or measure to which Article 29(1) of the transparency obligations directive applies.

2

Where the FCA publishes information under section 391(4) or subsection (3) about a matter to which a decision notice or a notice under section 89M relates and the person to whom the notice is given refers the matter to the Tribunal—

a

the FCA must include information to that effect in the publication at the time of the publication, or,

b

if the matter is referred to the Tribunal after the publication, the FCA must update the publication or publish that information separately.

3

Subject to subsection (4), where the FCA gives a final notice or a notice under section 89M, it must publish information on the type and nature of the breach and the identity of the person on whom the sanction or measure is imposed.

4

Information about a matter to which a final notice or a notice under section 89M relates may be published anonymously where—

a

the sanction is imposed on an individual and, following an obligatory prior assessment, publication of personal data is found to be disproportionate;

b

failing to publish anonymously would seriously jeopardise the stability of the financial system or an ongoing official investigation; or

c

failing to publish anonymously would cause, insofar as it can be determined, disproportionate and serious damage to the persons involved.

5

Where subsection (4) applies, the FCA may make such arrangements as to the publication of information (including as to the timing of publication) as are necessary to preserve the anonymity of the person on whom the sanction or measure is imposed.

6

In this section, the “transparency obligations directive” has the same meaning as in section 103(1).

Third party rights and access to evidence

C70392 Application of sections 393 and 394.

Sections 393 and 394 apply to—

C20a

a warning notice given in accordance with section F9255Z(1), 57(1), 63(3), F563B(1), 67(1), 88(4)(b), F54section 88B(1), 92(1), 126(1), F6131H(1),F93192L(1), 207(1), 255(1), F119261V(1), 280(1), F19section 312G(1), 331(1), F94345B(1) (whether as a result of section 345(2), 345A(3) or section 249(1) F120or 261K(1)) F7, 385(1) or 412B(4) or (8);

b

a decision notice given in accordance with section F9555Z(2), 57(3), 63(4), F863B(3), 67(4), 88(6)(b), F55section 88B(5), 92(4), 127(1), F9131H(4),F96192L(4), 208(1), 255(2), F121261V(2), 280(2), F20section 312H(1), 331(3), F97345B(4) (whether as a result of section 345(2), 345A(3) or section 249(1) F122or 261K(1)) F10, 386(1) or 412B(5) or (9).

C21C22C23C43C61C70393 Third party rights.

C241

If any of the reasons contained in a warning notice to which this section applies relates to a matter which—

a

identifies a person (“the third party”) other than the person to whom the notice is given, and

b

in the opinion of the F98regulator giving the notice, is prejudicial to the third party,

a copy of the notice must be given to the third party.

2

Subsection (1) does not require a copy to be given to the third party if the F99regulator giving the notice —

a

has given him a separate warning notice in relation to the same matter; or

b

gives him such a notice at the same time as it gives the warning notice which identifies him.

3

The notice copied to a third party under subsection (1) must specify a reasonable period (which may not be less than F10014 days) within which he may make representations to F101the regulator giving the notice.

4

If any of the reasons contained in a decision notice to which this section applies relates to a matter which—

a

identifies a person (“the third party”) other than the person to whom the decision notice is given, and

b

in the opinion of F102the regulator giving the notice, is prejudicial to the third party,

a copy of the notice must be given to the third party.

5

If the decision notice was preceded by a warning notice, a copy of the decision notice must (unless it has been given under subsection (4)) be given to each person to whom the warning notice was copied.

6

Subsection (4) does not require a copy to be given to the third party if F103the regulator giving the notice—

a

has given him a separate decision notice in relation to the same matter; or

b

gives him such a notice at the same time as it gives the decision notice which identifies him.

7

Neither subsection (1) nor subsection (4) requires a copy of a notice to be given to a third party if F104the regulator giving the notice considers it impracticable to do so.

8

Subsections (9) to (11) apply if the person to whom a decision notice is given has a right to refer the matter to the Tribunal.

9

A person to whom a copy of the notice is given under this section may refer to the Tribunal—

a

the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or

b

any opinion expressed by F105the regulator giving the notice in relation to him.

10

The copy must be accompanied by an indication of the third party’s right to make a reference under subsection (9) and of the procedure on such a reference.

11

A person who alleges that a copy of the notice should have been given to him, but was not, may refer to the Tribunal the alleged failure and—

a

the decision in question, so far as it is based on a reason of the kind mentioned in subsection (4); or

b

any opinion expressed by F106the regulator giving the notice in relation to him.

12

Section 394 applies to a third party as it applies to the person to whom the notice to which this section applies was given, in so far as the material F107to which access must be given under that section relates to the matter which identifies the third party.

13

A copy of a notice given to a third party under this section must be accompanied by a description of the effect of section 394 as it applies to him.

14

Any person to whom a warning notice or decision notice was copied under this section must be given a copy of a notice of discontinuance applicable to the proceedings to which the warning notice or decision notice related.

C25C26C27C44C62C70394 Access to F57FCA or PRA material.

1

If F108a regulator gives a person (“A”) a notice to which this section applies, it must—

a

allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;

b

allow him access to any secondary material which F109, in the regulator's opinion, might undermine that decision.

2

But F110the regulator giving the notice does not have to allow A access to material under subsection (1) if the material is excluded material or it—

a

relates to a case involving a person other than A; and

b

was taken into account by F110the regulator giving the notice in A’s case only for purposes of comparison with other cases.

3

F111The regulator giving the notice may refuse access A to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material—

a

would not be in the public interest; or

b

would not be fair, having regard to—

i

the likely significance of the material to A in relation to the matter in respect of which he has been given a notice to which this section applies; and

ii

the potential prejudice to the commercial interests of a person other than A which would be caused by the material’s disclosure.

4

If F112the regulator giving the notice does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of—

a

the existence of the protected item; and

b

F113the regulator's decision not to allow him access to it.

5

If F114the regulator giving the notice refuses under subsection (3) to allow A access to material, it must give him written notice of—

a

the refusal; and

b

the reasons for it.

6

“Secondary material” means material, other than material falling within paragraph (a) of subsection (1) which—

a

was considered by F115the regulator giving the notice in reaching the decision mentioned in that paragraph; or

b

was obtained by F116the regulator giving the notice in connection with the matter to which that notice relates but which was not considered by it in reaching that decision.

7

“Excluded material” means material which—

F11a

is material the disclosure of which for the purposes of or in connection with any legal proceedings is prohibited by section 17 of the Regulation of Investigatory Powers Act 2000; or

c

is a protected item (as defined in section 413).

The F40FCA's and PRA's procedures

Annotations:
Amendments (Textual)
F40

Words in s. 395 cross-heading substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 34(15) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

C28C29C30395 The F39FCA's and PRA's procedures.

C31F211

Each regulator must determine the procedure that it proposes to follow in relation to the following—

a

a decision which gives rise to an obligation to give a supervisory notice,

b

in the case of the FCA, a decision which—

i

gives rise to an obligation for it to give a warning notice or decision notice, or

ii

gives rise to an obligation for the PRA to include a statement under section 387(1A) in a warning notice or a statement under section 388(1A) in a decision notice,

c

in the case of the PRA, a decision which gives rise to an obligation for it to give a warning notice or decision notice, other than a decision which depends entirely on a decision of the FCA of the kind mentioned in paragraph (b)(ii), and

C46d

a decision under section 391(1)(c) to publish information about the matter to which a warning notice relates.

2

That procedure must be designed to secure, among other things F22that—

a

a decision falling within any of paragraphs (a) to (c) of subsection (1) is taken—

i

by a person not directly involved in establishing the evidence on which the decision is based, or

ii

by 2 or more persons who include a person not directly involved in establishing that evidence,

C47b

a decision falling within paragraph (d) of subsection (1) is taken—

i

by a person other than the person by whom the decision was first proposed, or

ii

by 2 or more persons not including the person by whom the decision was first proposed, and

C48c

a decision falling within paragraph (d) of subsection (1) is taken in accordance with a procedure which is, as far as possible, the same as that applicable to a decision which gives rise to an obligation to give a warning notice and which falls within paragraph (b) or (c) of subsection (1).

3

But the procedure may permit a decision which gives rise to an obligation to give a supervisory notice to be F23taken otherwise than as mentioned in subsection (2) if the person taking the decision is of a level of seniority laid down by the procedure and—

a

in the case of procedure proposed by the FCA, the FCA considers that, in the particular case, it is necessary in order to advance one or more of its operational objectives, or

b

in the case of procedure proposed by the PRA, the PRA considers that, in the particular case, it is necessary in order to advance any of its objectives.

4

A level of seniority laid down by the procedure for the purposes of subsection (3)(b) must be appropriate to the importance of the decision.

5

F24Each regulator must issue a statement of F25its procedure.

6

The statement must be published in the way appearing to F26the regulator issuing it to be best calculated to bring F27the statement to the attention of the public.

7

F28The regulator issuing the statement may charge a reasonable fee for providing a person with a copy of the statement.

8

F29The regulator issuing a statement under this section must, without delay, give the Treasury a copy of F30the statement.

C319

When F31a regulator gives a supervisory notice, or a warning notice or decision notice, F32other than a warning notice or decision notice relating to a decision of the PRA that is required by a a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)F33the regulator must follow its stated procedure.

F349A

When the FCA takes a decision falling within subsection (1)(b)(ii), it must follow its stated procedure.

10

If F35a regulator changes F36its procedure in a material way, it must publish a revised statement.

11

F37A regulator's failure in a particular case to follow its procedure as set out in the latest published statement does not affect the validity of a notice given in that case.

12

But subsection (11) does not prevent the Tribunal from taking into account any such failure in considering a matter referred to it.

13

“Supervisory notice” means a notice F53or notification given in accordance with section—

F38a

55Y(4), (7) or (8)(b);

b

78(2) or (5);

F12bza

78A(2) or (8)(b);

F56bzb

section 88F(2), (5) or (6)(b);

F117bzc

section 89V(2), (5) or (6)(b);

F13ba

96C;

F14bb

87O(2) or (5);

F18bba

section 137S(5) or (8)(a);

F15bc

191B(1);

c

197(3), (6) or (7)(b);

d

259(3), (8) or (9)(b);

F123da

261Z1(3), (8) or (9)(b);

e

268(3), (7)(a) or (9)(a) (as a result of subsection (8)(b));

f

282(3), (6) or (7)(b);

F16fa

301J(1);

g

321(2) or (5).

396 Statements under section 395: consultation.

1

Before issuing a statement of F41its procedure under section 395, F42the regulator must publish a draft of the proposed statement in the way appearing to F43it to be best calculated to bring F44the draft to the attention of the public.

2

The draft must be accompanied by notice that representations about the proposal may be made to the F45regulator publishing the draft within a specified time.

3

F46Before a regulator issues the proposed statement of its procedure, it must have regard to any representations made to it in accordance with subsection (2).

4

If the F47regulator issues the proposed statement of its procedure, it must publish an account, in general terms, of—

a

the representations made to it in accordance with subsection (2); and

b

its response to them.

5

If the F48statement of the regulator's procedure differs from the draft published by it under subsection (1) in a way which is F49, in its opinion, significant, F50it must (in addition to complying with subsection (4)) publish details of the difference.

6

F51The regulator publishing a draft under subsection (1) may charge a reasonable fee for providing a person with a copy of F52the draft.

7

This section also applies to a proposal to revise a statement of policy.