The Securitisation Regulations 2023

Warning notice

43.—(1) If the FCA proposes—

(a) to refuse under regulation 27 an application under regulation 26 for registration as a third party verification service,

(b) to withdraw the registration of a third party verification service under regulation 31,

(c) to refuse an application to withdraw a person’s registration to provide a third party verification service under regulation 32,

(d) to impose a temporary prohibition under regulation 37,

(e) to publish a statement in respect of a person under regulation 41,

(f) to impose a penalty on a person under regulation 42,

it must give the person a warning notice.

(2) If the PRA proposes—

(a) to impose a temporary prohibition under regulation 37,

(b) to publish a statement in respect of a person under regulation 41,

(c) to impose a penalty on a person under regulation 42,

it must give the person a warning notice.

(3) A warning notice about a proposal to impose a temporary prohibition in relation to management functions under regulation 37 must set out the terms of the proposed prohibition.

(4) A warning notice about a proposal to publish a statement under regulation 41 must set out the terms of the statement.

(5) A warning notice about a proposal to impose a penalty under regulation 42 must state the amount of the proposed penalty.

(6) A warning notice must inform the person concerned that the person may make representations to the regulator who gave the notice within such period as may be specified in the notice (whether or not the person concerned has referred the matter to the Tribunal).