C5C6C7C8C9C10C11C15C16C17 Part XXVI Notices

Annotations:
Modifications etc. (not altering text)
C5

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 58A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 75 (with art. 13(3), Sch.5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 85(4B) (as inserted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 95 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1992 c. 40, s. 36A(5C)(5D) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 142(c) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 46A(6)(8) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 148 (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2(1)

Pt. 26 (ss. 387-396) applied (with modifications) (17.8.2001 for certain purposes otherwise 1.12.2001) by 1986 c. 53, s. 93(6A) (as substituted (17.8.2001 for certain purposes otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 177(d) (with art. 13(3), Sch. 5)); S.I. 2001/3538, art. 2

C8

Pt. 26 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 5

C9

Pt. 26 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 30

C10

Pt. 26 applied (with modifications) (9.2.2011 for certain purposes and 30.4.2011 otherwise) by The Electronic Money Regulations 2011 (S.I. 2011/99), regs. 1(2)(a)(xiv)(b), 62, Sch. 3 para. 8 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(h))

C17

Pt. 26 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(11)

The F26FCA's and PRA's procedures

Annotations:
Amendments (Textual)
F26

Words in s. 395 cross-heading substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 34(15) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

C1C2C3395 The F25FCA's and PRA's procedures.

C4F71

Each regulator must determine the procedure that it proposes to follow in relation to the following—

a

a decision which gives rise to an obligation to give a supervisory notice,

b

in the case of the FCA, a decision which—

i

gives rise to an obligation for it to give a warning notice or decision notice, or

ii

gives rise to an obligation for the PRA to include a statement under section 387(1A) in a warning notice or a statement under section 388(1A) in a decision notice,

c

in the case of the PRA, a decision which gives rise to an obligation for it to give a warning notice or decision notice, other than a decision which depends entirely on a decision of the FCA of the kind mentioned in paragraph (b)(ii), and

C12d

a decision under section 391(1)(c) to publish information about the matter to which a warning notice relates.

2

That procedure must be designed to secure, among other things F8that—

a

a decision falling within any of paragraphs (a) to (c) of subsection (1) is taken—

i

by a person not directly involved in establishing the evidence on which the decision is based, or

ii

by 2 or more persons who include a person not directly involved in establishing that evidence,

C13b

a decision falling within paragraph (d) of subsection (1) is taken—

i

by a person other than the person by whom the decision was first proposed, or

ii

by 2 or more persons not including the person by whom the decision was first proposed, and

C14c

a decision falling within paragraph (d) of subsection (1) is taken in accordance with a procedure which is, as far as possible, the same as that applicable to a decision which gives rise to an obligation to give a warning notice and which falls within paragraph (b) or (c) of subsection (1).

3

But the procedure may permit a decision which gives rise to an obligation to give a supervisory notice to be F9taken otherwise than as mentioned in subsection (2) if the person taking the decision is of a level of seniority laid down by the procedure and—

a

in the case of procedure proposed by the FCA, the FCA considers that, in the particular case, it is necessary in order to advance one or more of its operational objectives, or

b

in the case of procedure proposed by the PRA, the PRA considers that, in the particular case, it is necessary in order to advance any of its objectives.

4

A level of seniority laid down by the procedure for the purposes of subsection (3)(b) must be appropriate to the importance of the decision.

5

F10Each regulator must issue a statement of F11its procedure.

6

The statement must be published in the way appearing to F12the regulator issuing it to be best calculated to bring F13the statement to the attention of the public.

7

F14The regulator issuing the statement may charge a reasonable fee for providing a person with a copy of the statement.

8

F15The regulator issuing a statement under this section must, without delay, give the Treasury a copy of F16the statement.

C49

When F17a regulator gives a supervisory notice, or a warning notice or decision notice, F18other than a warning notice or decision notice relating to a decision of the PRA that is required by a a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)F19the regulator must follow its stated procedure.

F209A

When the FCA takes a decision falling within subsection (1)(b)(ii), it must follow its stated procedure.

10

If F21a regulator changes F22its procedure in a material way, it must publish a revised statement.

11

F23A regulator's failure in a particular case to follow its procedure as set out in the latest published statement does not affect the validity of a notice given in that case.

12

But subsection (11) does not prevent the Tribunal from taking into account any such failure in considering a matter referred to it.

13

“Supervisory notice” means a notice F39or notification given in accordance with section—

F24a

55Y(4), (7) or (8)(b);

b

78(2) or (5);

F1bza

78A(2) or (8)(b);

F40bzb

section 88F(2), (5) or (6)(b);

F41bzc

section 89V(2), (5) or (6)(b);

F2ba

96C;

F3bb

87O(2) or (5);

F6bba

section 137S(5) or (8)(a);

F4bc

191B(1);

c

197(3), (6) or (7)(b);

d

259(3), (8) or (9)(b);

F42da

261Z1(3), (8) or (9)(b);

e

268(3), (7)(a) or (9)(a) (as a result of subsection (8)(b));

f

282(3), (6) or (7)(b);

F5fa

301J(1);

g

321(2) or (5).

396 Statements under section 395: consultation.

1

Before issuing a statement of F27its procedure under section 395, F28the regulator must publish a draft of the proposed statement in the way appearing to F29it to be best calculated to bring F30the draft to the attention of the public.

2

The draft must be accompanied by notice that representations about the proposal may be made to the F31regulator publishing the draft within a specified time.

3

F32Before a regulator issues the proposed statement of its procedure, it must have regard to any representations made to it in accordance with subsection (2).

4

If the F33regulator issues the proposed statement of its procedure, it must publish an account, in general terms, of—

a

the representations made to it in accordance with subsection (2); and

b

its response to them.

5

If the F34statement of the regulator's procedure differs from the draft published by it under subsection (1) in a way which is F35, in its opinion, significant, F36it must (in addition to complying with subsection (4)) publish details of the difference.

6

F37The regulator publishing a draft under subsection (1) may charge a reasonable fee for providing a person with a copy of F38the draft.

7

This section also applies to a proposal to revise a statement of policy.