The Securitisation Regulations 2018

Decision notice

20.—(1) If, having considered any representations made in response to the warning notice, the appropriate regulator decides to—

(a) impose a temporary prohibition relating to management functions under regulation 5 (temporary prohibition relating to management functions) (whether or not in the terms proposed);

(b) publish a statement under regulation 7 (public censure) (whether or not in the terms proposed);

(c) impose a penalty under regulation 8 (financial penalties) (whether or not of the amount proposed);

(d) refuse an application for authorisation to provide a third party verification service under regulation 13 (determination of application for authorisation to provide a third party verification service);

(e) cancel a person’s authorisation to provide a third party verification service under regulation 16 (cancellation of authorisation to provide a third party verification service on the initiative of the FCA);

(f) refuse an application to cancel a person’s authorisation to provide a third party verification service under regulation 17 (cancellation of authorisation to provide a third party verification service at request of third party verifier);

it must without delay give the person concerned a decision notice.

(2) A decision notice about a decision to impose a temporary prohibition relating to management functions under regulation 5 must set out the terms of the prohibition.

(3) A decision notice about a decision to publish a statement under regulation 7 must set out the terms of the statement.

(4) A decision notice about a decision to impose a penalty under regulation 8 must state the amount of the penalty.

(5) After a statement under regulation 7 (public censure) is published, the appropriate regulator must send a copy of it to the person concerned and to any person to whom a copy of the decision notice is given under section 393(4)(1) of the Act (third party rights) (as applied by Schedule 1 (application of Part 26 of the Act)).

(1)

Section 393 was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012 (c.21).