Pt. 1 Ch. 4 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97

Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

http://www.legislation.gov.uk/ukpga/2009/1/section/83ZU/2020-12-31Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-18Expert Participation2020-12-31Part 1Special Resolution RegimeChapter 4Information, investigation and enforcementEnforcement of relevant requirements
83ZUProcedure: decision notice1

If the Bank of England decides to impose a sanction on a person under section 83ZR(1) or (3) it must without delay give that person a decision notice.

2

If the decision is to publish a statement, the decision notice must set out the terms of the statement.

3

If the decision is to impose a penalty, the decision notice must specify the amount of the penalty.

4

If the decision is to refrain from certain conduct, the decision notice must specify the conduct.

5

If the decision is to impose a prohibition on holding an office or other position, the decision notice must specify the extent of the prohibition.

6

Section 388 of the Financial Services and Markets Act 2000 applies in relation to a decision notice given under subsection (1) and the Bank as it applies in relation to a decision notice given under that Act and the regulator which gave that notice, subject to subsection (7).

7

Section 388 of that Act has effect for the purposes of subsection (6) as if—

a

in subsection (1)(e)(i) for “this Act” there were substituted “section 83ZW of the Banking Act 2009”, and

b

subsections (1A) and (2) were omitted.

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Pt. 1 Ch. 4 inserted (1.1.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/97">97</ref>
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Pt. 1 restricted (7.1.2010) by
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,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/1">arts. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2010/35/article/2">2</ref>
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Pt. 1: power to amend conferred (1.3.2014) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33">Financial Services (Banking Reform) Act 2013 (c. 33)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/17/3/f">ss. 17(3)(f)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/148/5">148(5)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/b">art. 2(1)(b)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/2">Sch. Pt. 2</ref>
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<strong>Part 1</strong>
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Chapter 4
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">Procedure: decision notice</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">If the Bank of England decides to impose a sanction on a person under section 83ZR(1) or (3) it must without delay give that person a decision notice.</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">2</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">If the decision is to publish a statement, the decision notice must set out the terms of the statement.</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">If the decision is to impose a penalty, the decision notice must specify the amount of the penalty.</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">4</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">If the decision is to refrain from certain conduct, the decision notice must specify the conduct.</ins>
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<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">5</ins>
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</subsection>
<subsection eId="section-83ZU-7">
<num>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">7</ins>
</num>
<intro>
<p>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">Section 388 of that Act has effect for the purposes of subsection (6) as if—</ins>
</p>
</intro>
<paragraph eId="section-83ZU-7-a">
<num>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">a</ins>
</num>
<content>
<p>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">in subsection (1)(e)(i) for “this Act” there were substituted “section 83ZW of the Banking Act 2009”, and</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-83ZU-7-b">
<num>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724">b</ins>
</num>
<content>
<p>
<ins class="key-078a3a5196c0cbc0c6c8cf9b32d7d4e1-1582895119724 last">subsections (1A) and (2) were omitted.</ins>
</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
</chapter>
</part>
</portionBody>
</portion>
</akomaNtoso>