C1C6C7C8C9C10C11 Part XXVI Notices

Annotations:
Modifications etc. (not altering text)
C1

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 58A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 75 (with art. 13(3), Sch.5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 85(4B) (as inserted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 95 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 36A(5C)(5D) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 142(c) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 46A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 93(6A) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 177(d) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2

C8

Pt. 26 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 5

C9

Pt. 26 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 30

C10

Pt. 26 applied (with modifications) (9.2.2011 for certain purposes and 30.4.2011 otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xiv)(b), 62, Sch. 3 para. 8 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(h))

The F25FCA's and PRA's procedures

Annotations:
Amendments (Textual)
F25

Words in s. 395 cross-heading substituted (24.1.2013 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. 9 para. 34(15) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

C2C4C5395 The F8FCA's and PRA's procedures.

C3F211

Each regulator must determine the procedure that it proposes to follow in relation to the following—

a

a decision which gives rise to an obligation to give a supervisory notice,

b

in the case of the FCA, a decision which—

i

gives rise to an obligation for it to give a warning notice or decision notice, or

ii

gives rise to an obligation for the PRA to include a statement under section 387(1A) in a warning notice or a statement under section 388(1A) in a decision notice,

c

in the case of the PRA, a decision which gives rise to an obligation for it to give a warning notice or decision notice, other than a decision which depends entirely on a decision of the FCA of the kind mentioned in paragraph (b)(ii), and

C12d

a decision under section 391(1)(c) to publish information about the matter to which a warning notice relates.

2

That procedure must be designed to secure, among other things F20that—

a

a decision falling within any of paragraphs (a) to (c) of subsection (1) is taken—

i

by a person not directly involved in establishing the evidence on which the decision is based, or

ii

by 2 or more persons who include a person not directly involved in establishing that evidence,

C13b

a decision falling within paragraph (d) of subsection (1) is taken—

i

by a person other than the person by whom the decision was first proposed, or

ii

by 2 or more persons not including the person by whom the decision was first proposed, and

C14c

a decision falling within paragraph (d) of subsection (1) is taken in accordance with a procedure which is, as far as possible, the same as that applicable to a decision which gives rise to an obligation to give a warning notice and which falls within paragraph (b) or (c) of subsection (1).

3

But the procedure may permit a decision which gives rise to an obligation to give a supervisory notice to be F15taken otherwise than as mentioned in subsection (2) if the person taking the decision is of a level of seniority laid down by the procedure and—

a

in the case of procedure proposed by the FCA, the FCA considers that, in the particular case, it is necessary in order to advance one or more of its operational objectives, or

b

in the case of procedure proposed by the PRA, the PRA considers that, in the particular case, it is necessary in order to advance any of its objectives.

4

A level of seniority laid down by the procedure for the purposes of subsection (3)(b) must be appropriate to the importance of the decision.

5

F12Each regulator must issue a statement of F24its procedure.

6

The statement must be published in the way appearing to F18the regulator issuing it to be best calculated to bring F29the statement to the attention of the public.

7

F22The regulator issuing the statement may charge a reasonable fee for providing a person with a copy of the statement.

8

F13The regulator issuing a statement under this section must, without delay, give the Treasury a copy of F10the statement.

C39

When F28a regulator gives a supervisory notice, or a warning notice or decision notice, F26other than a warning notice or decision notice relating to a decision of the PRA that is required by a a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)F11the regulator must follow its stated procedure.

F199A

When the FCA takes a decision falling within subsection (1)(b)(ii), it must follow its stated procedure.

10

If F16a regulator changes F14its procedure in a material way, it must publish a revised statement.

11

F7A regulator's failure in a particular case to follow its procedure as set out in the latest published statement does not affect the validity of a notice given in that case.

12

But subsection (11) does not prevent the Tribunal from taking into account any such failure in considering a matter referred to it.

13

“Supervisory notice” means a notice F23or notification given in accordance with section—

F17a

55Y(4), (7) or (8)(b);

b

78(2) or (5);

F3bza

78A(2) or (8)(b);

F27bzb

section 88F(2), (5) or (6)(b);

F9bzc

section 89V(2), (5) or (6)(b);

F1ba

96C;

F2bb

87O(2) or (5);

F6bba

section 137S(5) or (8)(a);

F4bc

191B(1);

c

197(3), (6) or (7)(b);

d

259(3), (8) or (9)(b);

e

268(3), (7)(a) or (9)(a) (as a result of subsection (8)(b));

f

282(3), (6) or (7)(b);

F5fa

301J(1);

g

321(2) or (5).