- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Article 5
1. Section 96 of the 2007 Act (appeals against financial penalties) has effect in relation to a penalty imposed by the Institute as if—
(a)in subsection (1), “, before the end of such period as may be prescribed by rules made by the Board,” were omitted;
(b)subsections (6) and (7) were omitted; and
(c)for subsection (8) there were substituted—
“(8) Except as provided by this section or Part 1 of the Tribunals, Courts and Enforcement Act 2007(1), the validity of a penalty is not to be questioned by any legal proceedings whatever.”.
2.—(1) Schedule 13 (ownership of licensed bodies) has effect in relation to decisions of the Institute with the following modifications.
(2) Paragraph 18 (appeal from decision to approve notified interest subject to conditions) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(3) Paragraph 20 (appeal from decision to object to a notified interest) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(4) Paragraph 29 (appeal from decision to approve a notifiable interest subject to conditions) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(5) Paragraph 32 (appeal from decision to object to acquisition of a notifiable interest) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(6) Paragraph 34 (appeal from decision to impose conditions (or further conditions) on existing restricted interest) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(7) Paragraph 37 (appeal from decision to object to existing restricted interest) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (4) and (5) were omitted; and
(c)in sub-paragraph (6), after “an appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(8) Paragraph 47 (notifying the Board of objection or condition as to a person’s holding of a restricted interest) has effect as if, in sub-paragraph (4), for “to the High Court” there were substituted “under Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(9) Paragraph 48 (notifying the Board of approval of the holding of a restricted interest by a person included in the Board’s list of persons subject to objections and conditions) has effect as if, in sub-paragraph (3), for “to the High Court” there were substituted “under Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
(10) Paragraph 50 (appeal from decision to notify the Board where share limit or voting limit breached) has effect as if—
(a)in sub-paragraph (1), “before the end of the prescribed period” were omitted;
(b)sub-paragraphs (3) and (4) were omitted; and
(c)in sub-paragraph (5), after “any appeal under this paragraph” there were inserted “or Part 1 of the Tribunals, Courts and Enforcement Act 2007”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: