C1C6C7C8C9C10C11C33C15C32C18C12C38C16C21C13C14C39C29C28C27C31C37C30C34C22C23C26C25C36C20 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))

C32

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

C38

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)

C14

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

C39

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)

C29

Pt. 26 applied (with modifications) (3.7.2017 for specified purposes, 3.1.2018 in so far as not already in force, 3.1.2018 in so far as not already in force) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(a)(b), 37

C28

Pt. 26 applied (with modifications) (13.10.2017) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(3)(c), Sch. 6 para. 10 (with reg. 3)

C37

Pt. 26 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 7 (with Sch. 1 paras. 13, 14)

C23

Pt. 26 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 26 (as amended by S.I. 2020/628, regs. 1(4), 15(6))

The F31FCA's and PRA's procedures

Annotations:
Amendments (Textual)
F31

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.

C2C4C5C19395 The F9FCA's and PRA's procedures.

C3F261

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

C17d

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 F25that—

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,

C24b

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

C35c

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 F19taken 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

F15Each regulator must issue a statement of F30its procedure.

6

The statement must be published in the way appearing to F23the regulator issuing it to be best calculated to bring F37the statement to the attention of the public.

7

F27The regulator issuing the statement may charge a reasonable fee for providing a person with a copy of the statement.

8

F17The regulator issuing a statement under this section must, without delay, give the Treasury a copy of F12the statement.

C39

When F35a regulator gives a supervisory notice, or a warning notice or decision notice, F32other 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)F13the regulator must follow its stated procedure.

F249A

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

10

If F21a regulator changes F18its 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 F28or notification given in accordance with section—

F10za

55XA(1) or (5) (where subsection (6) applies);

F22a

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

F20aa

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

F8ab

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

b

78(2) or (5);

F2bza

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

F34bzb

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

F11bzc

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

F33ba

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

F1bb

87O(2) or (5);

F5bbza

122I;

F14bbzb

section 122IA;

F6bba

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

F3bc

191B(1);

F36bd

section 192U(1), (7) or (8);

c

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

d

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

F16da

261Z1(3), (8) or (9)(b);

F29e

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

f

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

F4fa

301J(1);

g

321(2) or (5).