The Financial Services and Markets Act 2000 (Transitional Provisions) (Controllers) Order 2001

Preliminary notice following failure to notify

8.—(1) Where—

(a) before commencement, the Regulator has served a preliminary notice on a person in respect of his failure to comply with an obligation to serve a notice of a kind to which article 3 applies;

(b) no notice of objection has been served in respect of that preliminary notice;

(c) the interest in relation to which the obligation referred to in sub-paragraph (a) arose is an interest which would, if the person had proposed to acquire it after commencement, have given rise to an obligation to notify under section 178(1),

the preliminary notice is to be treated after commencement as a warning notice given by the Authority under section 188(1).

(2) A notice having effect under paragraph (1) as a warning notice has effect—

(a) as if it gave notice of the Authority’s intention to serve a notice of objection under section 187(1);

(b) as if it stated that section 394 does not apply;

(c) as if the period specified in the notice for making representations to the Authority was one month beginning with the date of service by the Regulator of the notice;

(d) as if any reference to a right to make oral representations were omitted (without prejudice to any such representations made before commencement).

(3) Where a notice has effect under paragraph (1)—

(a) the Authority must comply with such requirements as are prescribed under section 188(2) as appear to it to be necessary, having regard to any consultation with competent authorities which the Regulator undertook before commencement;

(b) the Authority must decide whether to give a decision notice under section 187(1);

(c) in taking that decision, the Authority must consider whether the approval requirements (within the meaning of section 186) are met by the person to whom the preliminary notice relates;

(d) in taking that decision, the Authority must have regard to any representations made before commencement in relation to the preliminary notice.

(4) In this article “preliminary notice” has the same meaning as in article 6.