PART IIAUTHORISATIONS AND RESTRICTIONS UNDER OLD LAW
CHAPTER IINOTICES TO WITHDRAW, SUSPEND OR RESTRICT AUTHORISATION
Notices under the Financial Services Act
Withdrawal or suspension of authorisation under section 29 of the Financial Services Act: time for reference expired11
1
Where, before commencement—
a
a notice of intention to withdraw or suspend an authorisation was given under section 29(1) of the Financial Services Act;
b
the period within which the case could be required to be referred to the Financial Services Tribunal has expired without such a reference being required; but
c
no notice under section 29(5) of that Act has been given in respect of the notice of intention,
the Authority must, as soon as practicable after commencement, notify any recipient of the notice whether or not the notice is to be treated as a notice given under section 53(7).
2
Where the Authority notifies the recipient that the notice is to be treated as a notice given under section 53(7)—
a
the notice has effect as if it varied the authorised person’s permission by imposing a requirement that he refrain from carrying on the regulated activity or activities covered by the notice;
b
the date on which the requirement takes effect is—
i
the new date (if any) specified for this purpose under article 90; or
ii
if there is no new date so specified, the date when (but for the repeal of the Financial Services Act) the withdrawal of authorisation would have taken effect;
c
(in the case of a notice proposing suspension) the period for which the requirement has effect is—
i
the new period (if any) specified for this purpose under article 90; or
ii
if there is no new period so specified, the period for which (but for the repeal of the Financial Services Act), the suspension of authorisation would have taken effect;
d
there is no right to refer the matter to the Tribunal;
e
the Authority may publish such information about the matter to which the notice relates as it considers appropriate.
3
Where the Authority notifies the recipient that the notice is not to be treated as a notice given under section 53(7) then the notice ceases to have effect on commencement.