405 Directions.U.K.
(1)For the purpose of implementing a third country decision, the Treasury may direct the Authority to—
(a)refuse an application for permission under Part IV made by a body incorporated in, or formed under the law of, any part of the United Kingdom;
(b)defer its decision on such an application either indefinitely or for such period as may be specified in the direction;
(c)give a notice of objection to a person who has served a notice of control to the effect that he proposes to acquire a 50% stake in a UK authorised person; or
(d)give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required notice of control.
(2)A direction may also be given in relation to—
(a)any person falling within a class specified in the direction;
(b)future applications, notices of control or acquisitions.
(3)The Treasury may revoke a direction at any time.
(4)But revocation does not affect anything done in accordance with the direction before it was revoked.
(5)“Third country decision” means a decision of the Council or the Commission under—
[F1(a)Article 15(3) of the markets in financial instruments directive;]
(b)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)Article 29b(4) of the first non-life insurance directive; or
[F3(d)Article 59(4) of the life assurance consolidation directive.]
Textual Amendments
F1S. 405(5)(a) substituted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 17
F2S. 405(5)(b) repealed (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 29(1), Sch. 3 para. 1
F3S. 405(5)(d) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(4)
Commencement Information
I1S. 405 wholly in force at 1.12.2001; s. 405 not in force at Royal Assent see s. 431(2); s. 405 (except (1)(c)(d)) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 405 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)