The Investment Services Regulations 1995

Notice of prohibition

1.—(1) Where the Board proposes—

(a) to impose a prohibition on a European investment firm under regulation 9 of these Regulations; or

(b) to refuse an application made by a European investment firm under paragraph (3) of that regulation,

it shall give the firm on which it proposes to impose the prohibition, or whose application it proposes to refuse, written notice of its intention to do so, stating the reasons for which it proposes to act.

(2) In the case of a proposed prohibition the notice shall state the date on which it is proposed that the prohibition should take effect and, in the case of a limited prohibition, its proposed duration.

(3) Where the reasons stated in a notice under this paragraph relate specifically to matters which—

(a) refer to a person identified in the notice other than the firm concerned; and

(b) are in the opinion of the Board prejudicial to that person in relation to any office or employment,

the Board shall, unless it considers it impracticable to do so, serve a copy of the notice on that person.

(4) A notice under this paragraph shall give particulars of the right to require the case to be referred to the Financial Services Tribunal under section 97 of the Financial Services Act.

(5) Where a case is not required to be referred to that Tribunal by a person on whom a notice is served under this paragraph, the Board shall, at the expiration of the period within which such a requirement can be made—

(a) give that person written notice of the prohibition or refusal; or

(b) give that person written notice that the prohibition is not to be imposed or, as the case may be, written notice of the grant of the application;

and the Board may give public notice of any decision notified by it under paragraph (a) or (b) above and the reasons for the decision, except that it shall not do so in the case of a decision notified under paragraph (b) unless the person concerned consents to its doing so.

(6) Where the Board gives a notice under sub-paragraph (1) or (5)(a) or (b) above, it shall serve a copy of the notice on the relevant supervisory authority in the firm’s home State.