SCHEDULES
SCHEDULE 8Intervention directions: procedure
Part 1Giving intervention directions
Decision by the Board
12
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.