PART 12A

Powers exercisable in relation to parent undertakings

Failure to comply with direction or breach of rules

Procedure and right to refer to Tribunal
192L
1
If a regulator proposes to take action against a person under section 192K, it must give the person a warning notice.
2
A warning notice about a proposal to impose a penalty must state the amount of the penalty.
3
A warning notice about a proposal to publish a statement must set out the terms of the statement.
3A
A warning notice about a proposal to impose a restriction under section 192K(3A) must state—
a
the terms of the restriction, and
b
the period for which the restriction is to have effect.
4
If the regulator decides to take action against a person under section 192K, it must give the person a decision notice.
5
A decision notice about the imposition of a penalty must state the amount of the penalty.
6
A decision notice about the publication of a statement must set out the terms of the statement.
6B
A decision notice about the imposition of a restriction under section 192K(3A) must state—
a
the terms of the restriction, and
b
the period for which the restriction is to have effect.
7
If the regulator decides to take action against a person under section 192K, the person may refer the matter to the Tribunal.
S. 192L(6B) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 122(3)
Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
S. 192L(3A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 122(2)