Financial Services and Markets Act 2000

Valid from 09/04/2010

[F1[F2[F2313BAProcedure following consideration of representationsU.K.

This section has no associated Explanatory Notes

(1)This section applies where, within the period specified under section 313B(3), (3A) or (4), representations are made to the Authority in relation to a requirement that it has proposed to impose or has imposed under section 313A.

(2)The Authority must decide whether to impose the requirement or (in the case of a requirement that has been imposed) whether to revoke it.

(3)In the case of a requirement that the Authority has proposed to impose on a class of institutions, the Authority may decide to impose the requirement—

(a)on the class;

(b)on the class apart from one or more specified members of it; or

(c)only on one or more specified members of the class.

(4)In the case of a requirement that the Authority has imposed on a class of institutions, the Authority may decide to revoke it in relation to—

(a)the class;

(b)the class apart from one or more specified members of it; or

(c)one or more specified members of the class only.

(5)The Authority must give written notice of its decision to—

(a)any institution which has made representations, and

(b)the issuer of the financial instrument in question (if any).

(6)In the case of a requirement that the Authority has proposed to impose or has imposed on a class, the Authority must also give notice of its decision by publishing it by means of a regulatory information service unless the decision is—

(a)to impose the requirement on the class, or

(b)not to revoke the requirement in relation to the class or any member of it.

(7)An institution to which notice is required to be given under subsection (5) may refer the matter to the Tribunal if the Authority's decision is that the requirement will be imposed on, or will continue to apply to, the institution.

(8)An issuer to whom notice is required to be given under subsection (5) may refer the matter to the Tribunal if the Authority's decision is that the requirement will be imposed on, or will continue to apply to, the institution or (in the case of a requirement relating to a class) any of the institutions in the class.

(9)A notice given under subsection (5) must inform the recipient if the recipient has a right to refer the matter to the Tribunal.]]]

Textual Amendments