Legal Services Act 2007

Yn ddilys o 01/01/2009

Conditional approval of notified interest E+W

17 (1) If the licensing authority is not satisfied that the approval requirements are met in relation to the investor's holding of the notified interest, it may approve the investor's holding of the notified interest subject to conditions. E+W

(2) It may do so only if it considers that, if the conditions are complied with, it will be appropriate for the investor to hold the notified interest without the approval requirements being met.

(3) If the licensing authority proposes to approve the investor's holding of the notified interest subject to conditions it must give the investor and the applicant a warning notice.

(4) The warning notice must—

(a) specify the nature of the conditions proposed and the reasons for their imposition, and

(b) state that representations may be made to the licensing authority within the prescribed period.

(5) The licensing authority must consider any representations made within the prescribed period.

(6) If the licensing authority approves the investor's holding of the notified interest subject to conditions, it must notify the investor and the applicant of its approval as soon as reasonably practicable.

(7) The notice must—

(a) specify the reasons for the imposition of the conditions, and

(b) explain the effect of Part 5 of this Schedule.

Commencement Information

I1 Sch. 13 para. 17 partly in force; Sch. 13 para. 17 not in force at Royal Assent see s. 211; Sch. 13 para. 17(4)(b)(5) in force for certain purposes at 1.1.2009 by S.I. 2008/3149, art. 2(d)(iv)

18 (1) The investor and the applicant may before the end of the prescribed period appeal to the relevant appellate body against the imposition of any or all of the conditions. E+W

(2) The relevant appellate body may dismiss the appeal, or allow the appeal and—

(a) order the licensing authority to approve the investor's holding of the notified interest without conditions, or subject to such conditions as may be specified in the order, or

(b) remit the matter to the licensing authority.

(3) A party to the appeal may before the end of the prescribed period appeal to the High Court on a point of law arising from the decision of the relevant appellant body, but only with the permission of the High Court.

(4) The High Court may make such order as it thinks fit.

(5) If the investor's holding of the notified interest is subject to conditions as a result of an order made on an appeal under this paragraph, for the purposes of this Schedule the conditions are to be treated as having been imposed under paragraph 17.

Commencement Information

I2 Sch. 13 para. 18 partly in force; Sch. 13 para. 18 not in force at Royal Assent see s. 211; Sch. 13 para. 18(1)(3) in force for certain purposes at 1.1.2009 by S.I. 2008/3149, art. 2(d)(iv)