The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001 No. 3592

PART II AUTHORISATIONS AND RESTRICTIONS UNDER OLD LAW

CHAPTER I APPLICATIONS, NOTICES OF INTENTION TO REFUSE AND SURRENDERS OF AUTHORISATION

Notices of intention to refuse applications for authorisation or variation of suspension

Notice of intention to refuse application for authorisation under the Banking Act

6.—(1) Where, before commencement—

(a) a notice has been given under section 10(2) of the Banking Act of intention to refuse an application under section 8 of that Act; but

(b) no notice has been given under section 10(1) or (5) of that Act,

the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant (and any person to whom a copy of the notice was given under section 10(3)) of that fact.

(2) Paragraph (1) does not affect the power of the Authority to serve a notice under section 52(7) in respect of the application (as effective by virtue of article 3).