C5C6 Part XIII Incoming Firms: Intervention by F1FCA or PRA
Pt. 13 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))
Pt. 13 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 32; S.I. 2001/3538, art. 2(1)
Pt. 13 extended (5.10.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/3084, art. 2(7); S.I. 2001/3538, art. 2(1)
Pt 13 excluded (1.12.2001) by S.I. 2001/3592, art. 107(2) (with art. 23(2))
Pt. 13 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(6)
Exercise of power of intervention
C1I1197 Procedure on exercise of power of intervention.
1
A requirement takes effect—
a
immediately, if the notice given under subsection (3) states that that is the case;
b
on such date as may be specified in the notice; or
C2c
if no date is specified in the notice, when the matter to which it relates is no longer open to review.
2
A requirement may be expressed to take effect immediately (or on a specified date) only if the F2regulator, having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).
C33
If F3a regulator proposes to impose a requirement under section 196 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.
4
The notice must—
a
give details of the requirement;
b
inform the firm of when the requirement takes effect;
c
state the F4regulator's reasons for imposing the requirement and for its determination as to when the requirement takes effect;
d
inform the firm that it may make representations to the F5regulator within such period as may be specified in the notice (whether or not it has referred the matter to the Tribunal); and
e
inform it of its right to refer the matter to the Tribunal.
5
The F6regulator may extend the period allowed under the notice for making representations.
6
If, having considered any representations made by the firm, the F6regulator decides—
a
to impose the requirement proposed, or
b
if it has been imposed, not to rescind the requirement,
it must give it written notice.
C47
If, having considered any representations made by the firm, the F6regulator decides—
a
not to impose the requirement proposed,
b
to impose a different requirement from that proposed, or
c
to rescind a requirement which has effect,
it must give it written notice.
8
A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.
9
A notice under subsection (7)(b) must comply with subsection (4).
10
If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
Words in Pt. 13 heading substituted (27.2.2013 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. 4 para. 30 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.