SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority where no change of interests
Objection to existing restricted interest
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I41
The relevant licensing authority may object to a person's holding of a restricted interest in a licensed body (or a restricted interest of a particular kind) if—
a
it is not satisfied that the approval requirements are met in relation to the person's holding of that interest, or
b
it is satisfied that a condition imposed under paragraph 17, 28 or 33 on the person's holding of the interest has not been, or is not being, complied with.
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The licensing authority may act under sub-paragraph (1) only before the end of such period (beginning with the time when the licensing authority becomes aware of the matters in question) as may be prescribed.
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If the licensing authority proposes to object to a person's holding of the restricted interest, it must give the person and the licensed body a warning notice.
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But the licensing authority may object to the person's holding of the restricted interest without giving a warning notice if it considers it necessary or desirable to do so for the purpose of protecting any of the regulatory objectives.
5
The warning notice must—
I4a
specify the reasons for the proposed objection, and
I3b
state that representations may be made to the licensing authority within the prescribed period.
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The licensing authority must consider any representations made within the prescribed period.
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If the licensing authority objects to the person's holding of the restricted interest, it must notify the person and the licensed body of its objection as soon as reasonably practicable.
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The notice must—
a
specify the reasons for the objection, and
b
explain the effect of Part 5 of this Schedule.
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The person and the licensed body may before the end of the prescribed period appeal to the relevant appellate body against the objection.
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The relevant appellate body may dismiss or allow the appeal.
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If the relevant appellate body allows the appeal it may also—
a
order the licensing authority to impose under paragraph 33 such conditions on the person's holding of the restricted interest as may be specified in the order, or
b
remit the matter to the licensing authority.
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A party to the appeal may before the end of the prescribed period appeal to the High Court on a point of law arising from the decision of the relevant appellant body, but only with the permission of the High Court.
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The High Court may make such order as it thinks fit.
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If the person's holding of the restricted interest is subject to conditions as a result of an order made on an appeal under this paragraph, for the purposes of this Schedule the conditions are to be treated as having been imposed under paragraph 33.