SCHEDULES

SCHEDULE 8Intervention directions: procedure

Part 1Giving intervention directions

Decision by the Board

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1

After considering—

a

any advice duly given under paragraphs 4 to 8,

b

any representations duly made under paragraph 2 or 10, and

c

any other information which the Board considers relevant,

the Board must decide whether to give an intervention direction.

2

Where it decides to give an intervention direction, it may decide—

a

to give an intervention direction in the form of the proposed intervention direction, or

b

to amend the form of the proposed intervention direction and give an intervention direction in that amended form.

3

The Board must give notice of its decision (“the decision notice”) to the approved regulator.

4

Where the Board decides to give an intervention direction, the decision notice must—

a

contain the intervention direction,

b

state the time at which the intervention direction is to take effect,

c

specify the reasons why the Board is satisfied of the matters mentioned in section 41(1)(a) and (b), and

d

if the decision is under sub-paragraph (2)(b), set out the nature of any amendments made and the reasons for them.

5

The time specified under sub-paragraph (4)(b) must not be before—

a

the time specified in the warning notice in accordance with paragraph 2(2)(a), or

b

the time the decision notice is given to the approved regulator.

6

The Board must publish the decision notice.