CHAPTER 2U.K.Warning notices and decision notices
Warning noticeU.K.
19.—(1) If the appropriate regulator proposes to—
(a)impose a temporary prohibition under regulation 5 (temporary prohibition relating to management functions);
(b)publish a statement in respect of a person under regulation 7 (public censure);
(c)impose a penalty on a person under regulation 8 (financial penalties);
(d)refuse an application for authorisation to provide a third party verification service under regulation 13 (determination of application for authorisation to provide a third party verification service);
(e)cancel a person's authorisation to provide a third party verification service under regulation 16 (cancellation of authorisation to provide a third party verification service on the initiative of the FCA); or
(f)refuse an application to cancel a person's authorisation to provide a third party verification service under regulation 17 (cancellation of authorisation to provide a third party verification service at request of third party verifier);
it must give the person a warning notice.
(2) A warning notice about a proposal to impose a temporary prohibition relating to management functions under regulation 5 must set out the terms of the proposed prohibition.
(3) A warning notice about a proposal to publish a statement under regulation 7 must set out the terms of the statement.
(4) A warning notice about a proposal to impose a penalty under regulation 8 must state the amount of the proposed penalty.
(5) A warning notice must inform the person concerned that the person may make representations to the appropriate regulator within such period as may be specified in the notice (whether or not the person concerned has referred the matter to the Tribunal).
Decision noticeU.K.
20.—(1) If, having considered any representations made in response to the warning notice, the appropriate regulator decides to—
(a)impose a temporary prohibition relating to management functions under regulation 5 (temporary prohibition relating to management functions) (whether or not in the terms proposed);
(b)publish a statement under regulation 7 (public censure) (whether or not in the terms proposed);
(c)impose a penalty under regulation 8 (financial penalties) (whether or not of the amount proposed);
(d)refuse an application for authorisation to provide a third party verification service under regulation 13 (determination of application for authorisation to provide a third party verification service);
(e)cancel a person's authorisation to provide a third party verification service under regulation 16 (cancellation of authorisation to provide a third party verification service on the initiative of the FCA);
(f)refuse an application to cancel a person's authorisation to provide a third party verification service under regulation 17 (cancellation of authorisation to provide a third party verification service at request of third party verifier);
it must without delay give the person concerned a decision notice.
(2) A decision notice about a decision to impose a temporary prohibition relating to management functions under regulation 5 must set out the terms of the prohibition.
(3) A decision notice about a decision to publish a statement under regulation 7 must set out the terms of the statement.
(4) A decision notice about a decision to impose a penalty under regulation 8 must state the amount of the penalty.
(5) After a statement under regulation 7 (public censure) is published, the appropriate regulator must send a copy of it to the person concerned and to any person to whom a copy of the decision notice is given under section 393(4) of the Act (third party rights) (as applied by Schedule 1 (application of Part 26 of the Act)).