The Uncertificated Securities Regulations 2001 No. 3755

Regulations 5(4), 7(3) and 8(4)

SCHEDULE 3 U.K. PROCEDURE FOR REFUSAL OR WITHDRAWAL OF APPROVAL AS AN OPERATOR, OR FOR GIVING DIRECTIONS, ETC.

[F1 1.   Before— U.K.

(a) refusing an application for approval as an Operator made under regulation 4 (whether or not pursuant to paragraph 1(1) of Schedule 2);

(b) withdrawing an Operator’s approval under regulation 7(2); or

(c) giving a direction under regulation 8,

the Bank of England must give written notice of its intention to do so to the Operator.]

Textual Amendments

F1 Sch. 3 para. 1 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(a) (with reg. 3)

Commencement Information

I1 Sch. 3 para. 1 in force at 26.11.2001, see reg. 1

2.  A notice under paragraph 1 shall— U.K.

[F2 (a) state why the Bank of England intends to refuse the application, withdraw the approval or give the direction; and]

(b) draw attention to the right to make representations conferred by paragraph 3.

Textual Amendments

F2 Sch. 3 para. 2(a) substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(b) (with reg. 3)

Commencement Information

I2 Sch. 3 para. 2 in force at 26.11.2001, see reg. 1

[F3 3.   Before the end of the period for making representations, the Operator may make representations to the Bank of England.] U.K.

Textual Amendments

F3 Sch. 3 para. 3 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(c) (with reg. 3)

Commencement Information

I3 Sch. 3 para. 3 in force at 26.11.2001, see reg. 1

[F4 4.   The period for making representations is such period as is specified in the notice (which may, in any particular case, be extended by the Bank of England).] U.K.

Textual Amendments

F4 Sch. 3 para. 4 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(d) (with reg. 3)

Commencement Information

I4 Sch. 3 para. 4 in force at 26.11.2001, see reg. 1

5.  In deciding whether to refuse the application, withdraw the approval, [F5 or] give the directionF6 ... the [F7 Bank of England must] have regard to any representations made in accordance with paragraph 3. U.K.

Textual Amendments

F5 Word in Sch. 3 para. 5 inserted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(e)(i) (with reg. 3)

F6 Words in Sch. 3 para. 5 omitted (1.4.2013) by virtue of The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(e)(ii) (with reg. 3)

F7 Words in Sch. 3 para. 5 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(e)(iii) (with reg. 3)

Commencement Information

I5 Sch. 3 para. 5 in force at 26.11.2001, see reg. 1

[F8 6.— (1) When the Bank of England has decided whether to— U.K.

(a) refuse the application;

(b) withdraw the approval; or

(c) give the direction;

it must give the Operator written notice of its decision.]

Textual Amendments

F8 Sch. 3 para. 6 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(f) (with reg. 3)

Commencement Information

I6 Sch. 3 para. 6 in force at 26.11.2001, see reg. 1

7.  If the [F9 Bank of England reasonably considers it necessary] to do so, [F10 it] may withdraw an Operator’s approval under regulation 7(2) or give a direction under regulation 8— U.K.

(a) without following the procedure set out in this Schedule; or

(b) if the [F11 Bank of England has] begun to follow that procedure, regardless of whether the period for making representations has expired.

Textual Amendments

F9 Words in Sch. 3 para. 7 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(g)(i) (with reg. 3)

F10 Word in Sch. 3 para. 7 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(g)(ii) (with reg. 3)

F11 Words in Sch. 3 para. 7(b) substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(g)(iii) (with reg. 3)

Commencement Information

I7 Sch. 3 para. 7 in force at 26.11.2001, see reg. 1

[F12 8.   If the Bank of England has, in relation to a particular matter, followed the procedure set out in paragraphs 1 to 5, it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under paragraph 1.] U.K.

Textual Amendments

F12 Sch. 3 para. 8 substituted (1.4.2013) by The Uncertificated Securities (Amendment) Regulations 2013 (S.I. 2013/632), regs. 1, 2(15)(h) (with reg. 3)

Commencement Information

I8 Sch. 3 para. 8 in force at 26.11.2001, see reg. 1