[189Assessment: ProcedureU.K.
This section has no associated Explanatory Notes
(1) The [appropriate regulator] must act under section 185 within a period of 60 working days beginning with the day on which the [appropriate regulator] acknowledges receipt of the section 178 notice (“the assessment period”).
[(1A)[Where the appropriate regulator is the FCA and] the section 178 notice relates to an acquisition or increase of control over a [qualifying credit institution], investment firm or banking group company, the Bank of England, acting in the exercise of its functions under sections 6A to 6C of the Banking Act 2009 or under the special resolution regime under Part 1 of that Act, may direct the appropriate regulator to act under this Part in a timely manner, and to shorten the assessment period so far as reasonably practicable.
[(1ZB)Where the appropriate regulator is the PRA and—
(a)the section 178 notice relates to an acquisition or increase of control over a [qualifying credit institution], investment firm or banking group company, and
(b)the [qualifying credit institution], investment firm or banking group company is one in relation to which the Bank of England is exercising its functions under sections 6A to 6C of the Banking Act 2009 or the special resolution regime under Part 1 of that Act,
the PRA must act under this Part in a timely manner, and shorten the assessment period so far as reasonably practicable.]
(1B)In [ subsections (1A) and (1ZB)] —
(2)The assessment period may be interrupted, no more than once, in accordance with section 190.
(3)The [appropriate regulator] must inform the section 178 notice-giver in writing of—
(a)the duration of the assessment period;
(b)its expiry date; and
(c)any change to the expiry date by virtue of section 190.
(4)The [appropriate regulator] must, within two working days of acting under section 185 (and in any event no later than the expiry date of the assessment period)—
(a)notify the section 178 notice-giver that it has determined to approve the acquisition unconditionally; or
(b)give a warning notice stating that it proposes to—
(i)approve the acquisition subject to conditions; or
(ii)object to the acquisition.
(5)Where the [appropriate regulator] gives a warning notice stating that it proposes to approve the acquisition subject to conditions—
(a)it must, in the warning notice, specify those conditions; and
(b)the conditions take effect as interim conditions.
(6)[Unless section 190A applies] the [appropriate regulator] is treated as having approved the acquisition if, at the expiry of the assessment period, it has neither—
(a)given notice under subsection (4); nor
(b)informed the section 178 notice-giver that the section 178 notice is incomplete.
(7)If the [appropriate regulator] decides to approve an acquisition subject to conditions or to object to an acquisition it must give the section 178 notice-giver a decision notice.
(8)Following receipt of a decision notice under this section, the section 178 notice-giver may refer the [appropriate regulator's] decision to the Tribunal.]
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