Part IV Permission to Carry on Regulated Activities
Procedure
53 Exercise of own-initiative power: procedure.
(1)
This section applies to an exercise of the Authority’s own-initiative power to vary an authorised person’s Part IV permission.
(2)
A variation takes effect—
(a)
immediately, if the notice given under subsection (4) 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 the notice relates is no longer open to review.
(3)
A variation may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its own-initiative power, reasonably considers that it is necessary for the variation to take effect immediately (or on that date).
(4)
If the Authority proposes to vary the Part IV permission, or varies it with immediate effect, it must give the authorised person written notice.
(5)
The notice must—
(a)
give details of the variation;
(b)
state the Authority’s reasons for the variation and for its determination as to when the variation takes effect;
(c)
inform the authorised person that he may make representations to the Authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);
(d)
inform him of when the variation takes effect; and
(e)
inform him of his right to refer the matter to the Tribunal.
(6)
The Authority may extend the period allowed under the notice for making representations.
(7)
If, having considered any representations made by the authorised person, the Authority decides—
(a)
to vary the permission in the way proposed, or
(b)
if the permission has been varied, not to rescind the variation,
it must give him written notice.
(8)
If, having considered any representations made by the authorised person, the Authority decides—
(a)
not to vary the permission in the way proposed,
(b)
to vary the permission in a different way, or
(c)
to rescind a variation which has effect,
it must give him written notice.
(9)
A notice given under subsection (7) must inform the authorised person of his right to refer the matter to the Tribunal.
(10)
A notice under subsection (8)(b) must comply with subsection (5).
(11)
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.
(12)
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).