The Financial Services and Markets Act 2000 (Transitional Provisions) (Controllers) Order 2001

Preliminary notice of objection to notice of control

6.—(1) Where, before commencement, a preliminary notice was served on a person in relation to a notice to which article 3 applies, but no notice of objection was served by the Regulator in respect of that preliminary notice, then the preliminary notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify any recipient of the notice of that fact.

(2) For the purposes of paragraph (1), a “preliminary notice” is a notice served under—

(a) regulation 42(3) of the ISD Regulations;

(b) section 22(2) of the Banking Act;

(c) section 61(2) of the Insurance Companies Act (including as applied by section 61A(3) of that Act);

(d) paragraph 1(3) of Schedule 13A.

(3) Paragraph (1) does not affect the power of the Authority to serve a notice under section 183(3) or 185(3) in respect of the notice of control having effect under article 3 and for the purposes of section 183, there is added to the period of consideration any time between the service of the preliminary notice and commencement.