C1C2Part XII Control Over Authorised Persons
Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (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)(d)(e))
F1Assessment procedure
Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
X1189Assessment: Procedure
1
The Authority must act under section 185 within a period of 60 working days beginning with the day on which the Authority acknowledges receipt of the section 178 notice (“the assessment period”).
2
The assessment period may be interrupted, no more than once, in accordance with section 190.
3
The Authority 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 Authority 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 Authority 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
The Authority 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 Authority 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 Authority's decision to the Tribunal.
Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))