SCHEDULES

C3C4SCHEDULE 16 Prohibitions and Restrictions imposed by F4OFFICE OF FAIR TRADING

Annotations:
Amendments (Textual)
F4

Sch. 16: words in heading substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(a); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)
C3

Sch. 16 applied (with modifications) (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 26(1) (with reg. 3)

C4

Sch. 16 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 31(1) (with reg. 3)

Notice of prohibition or restriction

2

1

This paragraph applies if the F1OFT proposes, in relation to a firm—

a

to impose a prohibition;

b

to impose a restriction; or

c

to vary a restriction otherwise than with the agreement of the firm.

C12

The F1OFT must by notice—

a

inform the firm of F2its proposal, stating F2its reasons; and

b

invite the firm to submit representations in accordance with paragraph 4.

C23

If F3the OFT imposes the prohibition or restriction or varies the restriction, the F1OFT may give directions authorising the firm to carry into effect agreements made before the coming into force of the prohibition, restriction or variation.

4

A prohibition, restriction or variation is not to come into force before the end of the appeal period.

5

If the F1OFT imposes a prohibition or restriction or varies a restriction, F3the OFT must serve a copy of the prohibition, restriction or variation—

a

on the Authority; and

b

on the firm’s home state regulator.