[F1191AObjection by the [F2appropriate regulator]U.K.
(1) The [F2appropriate regulator] may object to a person's control over a UK authorised person in any of the circumstances specified in subsection (2).
(2)The circumstances are that the [F2appropriate regulator] reasonably believes that—
(a)the person acquired or increased control without giving notice under section 178(1) in circumstances where notice was required;
(b)the person is in breach of a condition imposed under section 187; or
(c)there are grounds for objecting to control on the basis of the matters in section 186.
(3)The [F2appropriate regulator]—
(a)must take into account whether influence exercised by the person is likely to operate to the detriment of the sound and prudent management of the UK authorised person; and
(b)may take into account whether the person has co-operated with any information requests made or requirements imposed by the [F2appropriate regulator].
(4)If the [F2appropriate regulator] proposes to object to a person's control over a UK authorised person, it must give that person a warning notice.
[F3(4A)Where the appropriate regulator is the PRA, it must consult the FCA before giving a warning notice under this section.
(4B)Where the appropriate regulator is the FCA, it must consult the PRA before giving a warning notice under this section if—
(a)the UK authorised person has as a member of its immediate group a PRA-authorised person, or
(b)the person to whom the warning notice is to be given is a PRA-authorised person.]
(5)The [F2appropriate regulator] must consult any appropriate home state regulator before giving a warning notice under this section and, in doing so, must comply with such requirements as to consultation as may be prescribed.
(6)If the [F2appropriate regulator] decides to object to a person's control over a UK authorised person, it must give that person a decision notice.
(7)A person to whom the [F2appropriate regulator] gives a decision notice under this section may refer the matter to the Tribunal.]
Textual Amendments
F1Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
F2Words in Pt. 12 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3S. 191A(4A)(4B) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(7), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.