[F1236JDisclosure to clients and intermediariesU.K.
(1)A person (“P”) subject to a stop notice who (at any time) has promoted arrangements falling within the description specified in that notice, or has promoted a proposal for such arrangements, must give a notice to—
(a)each of P's clients in relation to those arrangements or that proposal, and
(b)each person who P could reasonably be expected to know is an intermediary in relation to any such proposal.
(2)The notice must—
(a)set out the fact that a person is subject to a stop notice,
(b)set out the fact that the arrangements or proposed arrangements the recipient of the notice is a client or intermediary in relation to meets the description of arrangements specified in the notice, and
(c)be accompanied with a copy of the stop notice.
(3)A person (“C”) is a client of P if—
(a)P has made a firm approach to C in relation to a proposal for arrangements that fall within the description specified in the stop notice,
(b)P has made the proposal available for implementation by C, or
(c)P has provided services to C in relation to arrangements falling within the description specified in the stop notice, or in relation to a proposal for such arrangements.
(4)A notice under this section must be given—
(a)to each person who was a client of P on or before the day on which P became aware that P was subject to the notice, within 5 days of that day;
(b)to each person that P could reasonably be expected to know was an intermediary in relation to the proposal in question on or before the day on which P became aware that P was subject to the notice, within 5 days of that day;
(c)to each person that P subsequently becomes aware is an intermediary in relation to the proposal in question, within 5 days of P becoming so aware.]
Textual Amendments
F1Ss. 236A-236K and cross-heading inserted (with effect in accordance with s. 121(6) of the amending Act) by Finance Act 2021 (c. 26), Sch. 30 para. 1