Part XIX

Lloyd’s

Former underwriting members

Requirements imposed under section 320.
321
1
A requirement imposed under section 320 takes effect—
a
immediately, if the notice given under subsection (2) states that that is the case;
b
in any other case, on such date as may be specified in that notice.
2
If the PRA proposes to impose a requirement on a former underwriting member (“A”) under section 320, or imposes such a requirement on him which takes effect immediately, it must give him written notice.
3
The notice must—
a
give details of the requirement;
b
state the PRA's reasons for imposing it;
c
inform A that he may make representations to the PRA within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
d
inform him of the date on which the requirement took effect or will take effect; and
e
inform him of his right to refer the matter to the Tribunal.
4
The PRA may extend the period allowed under the notice for making representations.
5
If, having considered any representations made by A, the PRA decides—
a
to impose the proposed requirement, or
b
if it has been imposed, not to revoke it,
it must give him written notice.
6
If the PRA decides—
a
not to impose a proposed requirement, or
b
to revoke a requirement that has been imposed,
it must give A written notice.
7
If the PRA decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.
8
If the PRA proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice.
9
If the PRA, having considered any representations made in response to the warning notice, decides to refuse the application, it must give A a decision notice.
10
A notice given under—
a
subsection (5), or
b
subsection (9) in the case of a decision to refuse the application,
must inform A of his right to refer the matter to the Tribunal.
11
If the PRA decides to refuse an application for a variation or revocation of the requirement, the applicant may refer the matter to the Tribunal.
12
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.
13
Before giving a notice under any provision of this section, the PRA must consult the FCA.
S. 321 wholly in force at 1.12.2001; s. 321 not in force at Royal Assent see s. 431(2); s. 321 in force for certain purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 321 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
Words in s. 321(3)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
S. 321(13) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Word in s. 321(3)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Word in s. 321(11) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 321(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Word in s. 321(4)-(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.