TITLE IU.K.COMMON GENERAL PROVISIONS

CHAPTER 3U.K.Accounts

Section 3U.K.Closure of accounts

Article 33U.K.Closure of accounts and removal of authorised representative on the [F1national administrator’s] initiative

1.If the situation giving rise to the suspension of access to accounts pursuant to Article 34 is not resolved within a reasonable period despite repeated notifications, the [F2Secretary of State] may instruct the national administrator to close F3... those accounts for which access is suspended until the [F2Secretary of State] determines that the situation giving rise to the suspension no longer subsists.

2.If a person holding account F4... has a zero balance and no transactions have been recorded for a period of one year, the national administrator may notify the account holder that the person holding account F4... will be closed within 40 working days unless the national administrator receives a request that the account be maintained. If the national administrator does not receive any such request from the account holder, the national administrator may close the account.

F53.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.The national administrator may remove an authorised representative F6... if it considers that the approval of the authorised representative F6... should have been refused in accordance with Article 24(3), and in particular if it discovers that the documents and identification information provided upon nomination were incomplete, out-of-date or otherwise inaccurate or false.

[F75.In accordance with Article 110c, the account holder may appeal against—

(a)a decision to close an account under paragraph 1 within the period of 30 days beginning with the day on which the account is closed; or

(b)a decision to remove an authorised representative under paragraph 4 within the period of 30 days beginning with the day on which the authorised representative is removed.]

Textual Amendments