SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority where no change of interests
36Objection to existing restricted interest
1
The relevant licensing authority may object to a person’s holding of a restricted interest in a licensed body (or a restricted interest of a particular kind) if—
a
it is not satisfied that the approval requirements are met in relation to the person’s holding of that interest, or
b
it is satisfied that a condition imposed under paragraph 17, 28 or 33 on the person’s holding of the interest has not been, or is not being, complied with.
2
The licensing authority may act under sub-paragraph (1) only before the end of such period (beginning with the time when the licensing authority becomes aware of the matters in question) as may be prescribed.
3
If the licensing authority proposes to object to a person’s holding of the restricted interest, it must give the person and the licensed body a warning notice.
4
But the licensing authority may object to the person’s holding of the restricted interest without giving a warning notice if it considers it necessary or desirable to do so for the purpose of protecting any of the regulatory objectives.
5
The warning notice must—
a
specify the reasons for the proposed objection, and
b
state that representations may be made to the licensing authority within the prescribed period.
6
The licensing authority must consider any representations made within the prescribed period.
7
If the licensing authority objects to the person’s holding of the restricted interest, it must notify the person and the licensed body of its objection as soon as reasonably practicable.
8
The notice must—
a
specify the reasons for the objection, and
b
explain the effect of Part 5 of this Schedule.