2(1)This paragraph applies if the [F1OFT] 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 [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.
(3)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.
Textual Amendments
F1Sch. 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)
F2Sch. 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)
F3Sch. 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)
C1Sch. 16 para. 2(2) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 24 (with art. 23(2))
C2Sch. 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)