[F1165BSafeguards etc in relation to exercise of power under section 165AU.K.
(1)If the Authority proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the Authority is proposing to impose the requirement.
(2)The notice under subsection (1) must—
(a)give the Authority's reasons for proposing to impose the requirement; and
(b)specify a reasonable period within which the person may make representations to the Authority.
(3)The Authority must then decide, within a reasonable period, whether to impose the requirement.
(4)Subsections (1) to (3) do not apply in any case where the Authority is satisfied that it is necessary for the information or documents to be provided or produced without delay.
(5)If the Authority imposes a requirement on a person under section 165A, the notice under that section must give the Authority's reasons for imposing the requirement.
(6)The Authority must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A.
(7)The statement requires the approval of the Treasury.
(8)If the Treasury approve the statement, the Authority must publish it.
(9)The power conferred by section 165A may not be exercised before the statement has been published.]
Textual Amendments
F1S. 165A-165C inserted (8.6.2010) by Financial Services Act (c. 28), {ss. 18(2)}, 26(2)