42Section 38 contribution notice: clearance statementsE+W+S
(1)An application may be made to the Regulator under this section for the issue of a clearance statement within paragraph (a), (b) or (c) of subsection (2) in relation to circumstances described in the application.
(2)A clearance statement is a statement, made by the Regulator, that in its opinion in the circumstances described in the application—
(a)the applicant would not be, for the purposes of subsection (3)(a) of section 38, a party to an act or a deliberate failure to act falling within subsection (5)(a) of that section,
(b)it would not be reasonable to impose any liability on the applicant under a contribution notice issued under section 38, or
(c)such requirements of that section as may be prescribed would not be satisfied in relation to the applicant.
(3)Where an application is made under this section, the Regulator—
(a)may request further information from the applicant;
(b)may invite the applicant to amend the application to modify the circumstances described.
(4)Where an application is made under this section, the Regulator must as soon as reasonably practicable—
(a)determine whether to issue the clearance statement, and
(b)where it determines to do so, issue the statement.
(5)A clearance statement issued under this section binds the Regulator in relation to the exercise of the power to issue a contribution notice under section 38 to the applicant unless—
(a)the circumstances in relation to which the exercise of the power under that section arises are not the same as the circumstances described in the application, and
(b)the difference in those circumstances is material to the exercise of the power.
Modifications etc. (not altering text)
C1Pt. 1 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1
C2Ss. 38-56 modified (1.9.2005) by The Pensions Regulator (Financial Support Directions etc.) Regulations 2005 (S.I. 2005/2188), regs. 1, 15, 16
Commencement Information
I1S. 42(1)(2)(a)(b)(3)-(5) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7