SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority in relation to change of interests
Duty of licensing authority following notification etc.
I125
I31
The relevant licensing authority must—
a
following receipt of a notification under paragraph 21(2) or (3) or 23(2), or
b
if the licensing authority becomes aware that an investor has failed to comply with a notification requirement imposed by paragraph 21(2) or (3) or 23(2),
determine which of the steps in sub-paragraph (3) to take.
I22
The licensing authority must make the determination within such period as may be prescribed.
I33
The steps are—
a
to approve the investor's holding of the notifiable interest unconditionally under paragraph 27,
b
to warn the investor under paragraph 28(3) that it proposes to approve the investor's holding of the notifiable interest subject to conditions,
c
to approve under paragraph 28(4) the investor's holding of the notifiable interest subject to conditions,
d
to warn the investor under paragraph 31(2) that it proposes to object to the investor's holding of the notifiable interest, or
e
to object under paragraph 31(3) to the investor's holding of the notifiable interest.