Financial Services and Markets Act 2000 (c. 8)

SCHEDULES

SCHEDULE 16 U.K. Prohibitions and Restrictions imposed by [F1 OFFICE OF FAIR TRADING]

Textual Amendments

F1 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)

C1 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)

C2 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 U.K.

2 (1) This paragraph applies if the [F2 OFT] proposes, in relation to a firm— U.K.

(a) to impose a prohibition;

(b) to impose a restriction; or

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

(2) The [F2 OFT] must by notice—

(a) inform the firm of [F3 its] proposal, stating [F3 its] reasons; and

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

(3) If [F4 the OFT] imposes the prohibition or restriction or varies the restriction, the [F2 OFT] 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 [F2 OFT] imposes a prohibition or restriction or varies a restriction, [F4 the OFT] must serve a copy of the prohibition, restriction or variation—

(a) on the Authority; and

(b) on the firm’s home state regulator.

Textual Amendments

F2 Sch. 16: words substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F3 Sch. 16: word substituted (1.4.2003) in each place by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F4 Sch. 16: words substituted (1.4.2003) in both places by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(21)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

Modifications etc. (not altering text)

C3 Sch. 16 para. 2(2) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 24 (with art. 23(2))

C4 Sch. 16 para. 2(3) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 53(4); S.I. 2001/3538, art. 2(1)