C5C6C7C8C9C10C11C15C16C17C18C19C22C21C20C23C24C26 Part XXVI Notices

Annotations:
Modifications etc. (not altering text)
C5

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))

C17

Pt. 26 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(11)

C18

Pt. 26 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 29

C22

Pt. 26 applied (20.4.2015 for specified purposes, 21.12.2015 for specified purposes, 21.3.2016 in so far as not already in force) by The Mortgage Credit Directive Order 2015 (S.I. 2015/910), arts. 1(5), 24(2) (with Pt. 4)

C24

Pt. 26 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 4

C26

Pt. 26 modified (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 22 (with reg. 7)

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.

C1C2C3C25395 The F24FCA's and PRA's procedures.

C4F61

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 F7that—

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 F8taken 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

F9Each regulator must issue a statement of F10its procedure.

6

The statement must be published in the way appearing to F11the regulator issuing it to be best calculated to bring F12the statement to the attention of the public.

7

F13The regulator issuing the statement may charge a reasonable fee for providing a person with a copy of the statement.

8

F14The regulator issuing a statement under this section must, without delay, give the Treasury a copy of F15the statement.

C49

When F16a regulator gives a supervisory notice, or a warning notice or decision notice, F17other 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)F18the 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 F20a regulator changes F21its procedure in a material way, it must publish a revised statement.

11

F22A 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 F26or notification given in accordance with section—

F23a

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

F30aa

63ZC(4), (8) or (9)(b);

F33ab

71H(2), (3), (4), (9) or (11)(a);

b

78(2) or (5);

F1bza

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

F27bzb

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

F28bzc

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

F32ba

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2bb

87O(2) or (5);

F31bbza

122I;

F34bbzb

section 122IA;

F5bba

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

F3bc

191B(1);

c

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

d

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

F29da

261Z1(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);

F4fa

301J(1);

g

321(2) or (5).