The Investment Services Regulations 1995

7.—(1) The Board or, as the case may be, the Bank shall, within the period of one month beginning with the date on which the notice under paragraph 6(1) above was received—

(a) give a notice to the relevant supervisory authority informing it of the details of the proposed change; or

(b) refuse to give such a notice.

(2) The Board or, as the case may be, the Bank may not refuse to give a notice under sub-paragraph (1) above unless, having regard to the changes and to the listed services proposed to be provided, it doubts the adequacy of the administrative structure or the financial situation of the firm.

(3) Before determining to give or to refuse to give such a notice, the Board or, as the case may be, the Bank—

(a) shall seek and take into account the views of any UK authority which it knows is a connected UK authority in relation to any changes to the listed services proposed to be provided; and

(b) may regard itself as satisfied in relation to any matter relating to those services which is relevant to the decision if any such authority informs the Board or, as the case may be, the Bank that it is so satisfied.

(4) In reaching a determination as to the adequacy of the administrative structure, the Board or, as the case may be, the Bank may have regard to the adequacy of management, systems and controls and the presence of relevant skills needed for the services proposed to be provided.

(5) The Board or, as the case may be, the Bank shall, within the period of one month referred to in sub-paragraph (1) above, notify the firm—

(a) that it has given the notice referred to in that sub-paragraph, stating the date on which it did so; or

(b) that it refused to give the notice, stating the reasons for the refusal and giving particulars of the right to refer the case to the Financial Services Tribunal under section 97 of the Financial Services Act or, as the case may be, of any relevant arrangements made by the Bank for a review of its decision.