SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority where no change of interests
Imposition of conditions (or further conditions) on existing restricted interest
I133
I61
The relevant licensing authority may impose conditions (or further conditions) on 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 or 28 or this paragraph on the person's holding of that interest has not been, or is not being, complied with.
2
The licensing authority may act under sub-paragraph (1) only—
I6a
if it considers that, if the conditions are complied with, it will be appropriate for the investor to hold the restricted interest without the approval requirements being met, and
I5b
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.
I63
If the licensing authority proposes to impose conditions (or further conditions) on the person's holding of the restricted interest, it must give the person and the licensed body a warning notice.
I64
But the licensing authority may impose conditions (or further conditions) on 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—
I6a
specify the nature of the conditions proposed and the reasons for their imposition, and
I5b
state that representations may be made to the licensing authority within the prescribed period.
I56
The licensing authority must consider any representations made within the prescribed period.
I67
If the licensing authority imposes conditions (or further conditions) on the person's holding of the restricted interest, it must notify the person and the licensed body as soon as reasonably practicable.
I68
The notice must—
a
specify the reasons for the imposition of the conditions, and the time from which they are to take effect, and
b
explain the effect of Part 5 of this Schedule.
I2C1C5C3C7C934
I71
The person and the licensed body may before the end of the prescribed period appeal to the relevant appellate body against any or all of the conditions (or further conditions).
I82
The relevant appellate body may dismiss the appeal, or allow the appeal and—
a
modify or quash the conditions imposed by the licensing authority under paragraph 33, or
b
remit the matter to the licensing authority.
I73
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 appellate body, but only with the permission of the High Court.
I84
The High Court may make such order as it thinks fit.
I85
If the person's holding of the restricted interest is subject to any conditions as a result of an order made on an appeal under this paragraph, for the purposes of this Schedule those conditions are to be treated as having been imposed under paragraph 33.
Variation and cancellation of conditions
I935
1
A person whose holding of a restricted interest in a licensed body is subject to a condition imposed under paragraph 17, 28 or 33 may apply to the relevant licensing authority—
a
for the condition to be varied, or
b
for the condition to be cancelled.
2
The licensing authority may, on its own initiative, cancel a condition imposed under one of those paragraphs.
3
If the licensing authority varies or cancels a condition under this paragraph, it must notify the person and the licensed body as soon as reasonably practicable.
Objection to existing restricted interest
I336
I111
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.
I102
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.
I113
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.
I114
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—
I11a
specify the reasons for the proposed objection, and
I10b
state that representations may be made to the licensing authority within the prescribed period.
I106
The licensing authority must consider any representations made within the prescribed period.
I117
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.
I118
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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I121
The person and the licensed body may before the end of the prescribed period appeal to the relevant appellate body against the objection.
I132
The relevant appellate body may dismiss or allow the appeal.
I133
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.
I124
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.
I135
The High Court may make such order as it thinks fit.
I136
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.