Part 5

Operating Licences

Maintenance

Section 102: supplemental
103
1
The Secretary of State may by regulations provide for section 102 not to apply to the holder of a specified description of operating licence.
2
An application under section 102(2)(b) must be accompanied by the prescribed fee.
3
An application may be made under section 102(2)(b) in respect of a person who is expected to become a controller of a company.
4
The Commission shall as soon as is reasonably practicable inform an applicant under section 102(2)(b) of—
a
the Commission’s decision, and
b
the reasons for it.
5
In giving a direction under section 102(3) the Commission shall have regard to normal commercial practices in relation to the confidentiality of information.
6
Regulations under subsection (2) above may, in particular, provide for a reduction of fee where the application is a result of—
a
the merger of more than one company, or
b
the division of a company.
7
Revocation of an operating licence under section 102 shall be treated for all purposes (including the application of section 119) as revocation under section 119.