SCHEDULES

SCHEDULE 13Ownership of licensed bodies

Part 2Approval of restricted interests on application for licence

Objection to notified interest

I119

I41

If the licensing authority is not satisfied that the approval requirements are met in relation to the investor's holding of the notified interest, it may object to the investor's holding of that interest.

I42

If the licensing authority proposes to object to the investor's holding of the notified interest, it must give the investor and the applicant a warning notice.

3

The warning notice must—

I4a

specify the reasons for the proposed objection, and

I3b

state that representations may be made to the licensing authority within the prescribed period.

I34

The licensing authority must consider any representations made within the prescribed period.

I45

If the licensing authority objects to the investor's holding of the notified interest, it must notify the investor and the applicant of its objection as soon as reasonably practicable.

I46

The notice must—

a

specify the reasons for the objection, and

b

explain the effect of Part 5 of this Schedule.

Annotations:
Commencement Information
I1

Sch. 13 para. 19 partly in force; Sch. 13 para. 19 not in force at Royal Assent see s. 211; Sch. 13 para. 19(3)(b)(4) in force for certain purposes at 1.1.2009 by S.I. 2008/3149, art. 2(d)(iv)

I4

Sch. 13 para. 19(1)(2)(3)(a)(5)(6) in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)

I3

Sch. 13 para. 19(3)(b)(4) in force at 1.10.2011 in so far as not already in force by S.I. 2011/2196, art. 2(1)(d)

I2C1C3C2C420

I51

The investor and the applicant may before the end of the prescribed period appeal to the relevant appellate body against the objection.

I62

The relevant appellate body may dismiss the appeal, or allow the appeal and—

a

order the licensing authority to approve the investor's holding of the notified interest without conditions, or subject to such conditions as may be specified in the order, or

b

remit the matter to the licensing authority.

I5C53

A party to the appeal may before the end of the prescribed period appeal to the High Court on a point of law arising from the decision of the relevant appellate body, but only with the permission of the High Court.

I64

The High Court may make such order as it thinks fit.

I65

If the investor's holding of the notified interest is subject to conditions as a result of an order made on an appeal under this paragraph, for the purposes of this Schedule the conditions are to be treated as having been imposed under paragraph 17.