197 Procedure on exercise of power of intervention.U.K.
(1)A requirement takes effect—
(a)immediately, if the notice given under subsection (3) states that that is the case;
(b)on such date as may be specified in the notice; or
(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.
(2)A requirement may be expressed to take effect immediately (or on a specified date) only if the [F1regulator], having regard to the ground on which it is exercising its power of intervention, considers that it is necessary for the requirement to take effect immediately (or on that date).
(3)If [F2a regulator] proposes to impose a requirement under section 196 on an incoming firm, or imposes such a requirement with immediate effect, it must give the firm written notice.
(4)The notice must—
(a)give details of the requirement;
(b)inform the firm of when the requirement takes effect;
(c)state the [F3regulator's] reasons for imposing the requirement and for its determination as to when the requirement takes effect;
(d)inform the firm that it may make representations to the [F4regulator] within such period as may be specified in the notice (whether or not it has referred the matter to the Tribunal); and
(e)inform it of its right to refer the matter to the Tribunal.
(5)The [F5regulator] may extend the period allowed under the notice for making representations.
(6)If, having considered any representations made by the firm, the [F5regulator] decides—
(a)to impose the requirement proposed, or
(b)if it has been imposed, not to rescind the requirement,
it must give it written notice.
(7)If, having considered any representations made by the firm, the [F5regulator] decides—
(a)not to impose the requirement proposed,
(b)to impose a different requirement from that proposed, or
(c)to rescind a requirement which has effect,
it must give it written notice.
(8)A notice given under subsection (6) must inform the firm of its right to refer the matter to the Tribunal.
(9)A notice under subsection (7)(b) must comply with subsection (4).
(10)If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
Textual Amendments
F1Word in s. 197(2) substituted (27.2.2013 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. 4 para. 37(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F2Words in s. 197(3) substituted (27.2.2013 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. 4 para. 37(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F3Word in s. 197(4)(c) substituted (27.2.2013 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. 4 para. 37(4)(a) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F4Word in s. 197(4)(d) substituted (27.2.2013 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. 4 para. 37(4)(b) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F5Word in s. 197(5)-(7) substituted (27.2.2013 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. 4 para. 37(5) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
Modifications etc. (not altering text)
C1S. 197 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(5); S.I. 2001/3538, art. 2(1)
S. 197 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 61(4), 110(5), 115(4) (with art. 23(2))
C2S. 197 applied (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), regs. 1(2)(3)(4)(6), 10(2) (with reg. 7)
C3S. 197 applied (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), regs. 1(2)(3)(4)(6), 12(2) (with reg. 7)
C4S. 197(1)(c) excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 18(5), 21(4) (with art. 23(2))
C5S. 197(3) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 12(1), 18(1)(a), 20(1) (with art. 23(2))
S. 197(3) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 72(2) (with art. 23(2))
C6S. 197(7) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 23(1) (with art. 23(2))
Commencement Information
I1S. 197 wholly in force at 1.12.2001; s. 197 not in force at Royal Assent see s. 431(2); s. 197 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 197 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)