SCHEDULES

SCHEDULE 13Ownership of licensed bodies

Part 2Approval of restricted interests on application for licence

Objection to notified interest

I119

I31

If the licensing authority is not satisfied that the approval requirements are met in relation to the investor's holding of the notified interest, it may object to the investor's holding of that interest.

I32

If the licensing authority proposes to object to the investor's holding of the notified interest, it must give the investor and the applicant a warning notice.

3

The warning notice must—

I3a

specify the reasons for the proposed objection, and

I2b

state that representations may be made to the licensing authority within the prescribed period.

I24

The licensing authority must consider any representations made within the prescribed period.

I35

If the licensing authority objects to the investor's holding of the notified interest, it must notify the investor and the applicant of its objection as soon as reasonably practicable.

I36

The notice must—

a

specify the reasons for the objection, and

b

explain the effect of Part 5 of this Schedule.