Made | 6th November 2001 | ||
Laid before Parliament | 6th November 2001 | ||
Coming into force | 1st December 2001 |
1. | Citation and commencement |
2. | Definitions |
3. | Applications for authorisation |
4. | Applications for variation or cancellation of suspension or restriction |
5. | Notice of intention to refuse application for authorisation or variation of suspension under the Financial Services Act |
6. | Notice of intention to refuse application for authorisation under the Banking Act |
7. | Notice of intention to refuse application for variation of limited prohibition under the 2BCD or ISD Regulations |
8. | Surrenders of authorisations |
9. | Procedure |
10. | Notice of intention to withdraw or suspend authorisation under section 29 of the Financial Services Act: time for reference not expired |
11. | Withdrawal or suspension of authorisation under section 29 of the Financial Services Act: time for reference expired |
12. | Notice of intention to terminate or suspend authorisation under section 33 of the Financial Services Act: time for reference not expired |
13. | Termination or suspension of authorisation under section 33 of the Financial Services Act: time for reference expired |
14. | Notices under the Banking Act |
15. | Effect of Banking Act notices after commencement |
16. | Decision notified under section 13(7) of the Banking Act |
17. | Notices under the Insurance Companies Act |
18. | Effect of notices under the Insurance Companies Act after commencement |
19. | Notice of grounds of unfitness of person under the Insurance Companies Act |
20. | Notices under the ISD Regulations or the 2BCD Regulations |
21. | Effect of notices under the ISD Regulations or 2BCD Regulations after commencement |
22. | Prohibition in relation to investment services under the ISD Regulations or the 2BCD Regulations: time for reference expired |
23. | Alteration of restrictions imposed under the 2BCD Regulations |
24. | Notice by the Director General of Fair Trading of intention to impose a prohibition etc. under the ISD Regulations or 2BCD Regulations |
25. | Interpretation |
26. | Applications for authorisation |
27. | Notice of intention to refuse application or to impose conditions |
28. | Surrenders of authorisation |
29. | Notice of intention to withdraw or revoke authorisation |
30. | Notice of intention to impose conditions |
31. | Notice of intention to give a direction under section 51 of Friendly Societies Act |
32. | Proceedings under section 52A of the Friendly Societies Act |
33. | Conditions imposed under section 42A of the Building Societies Act but not confirmed before commencement |
34. | Notice of intention to give a direction under section 50 of the Building Societies Act |
35. | Interpretation |
36. | Notice of proposed directions under section 36 of the Building Societies Act |
37. | Prohibition orders under section 36A of the Building Societies Act |
38. | Unconfirmed directions under section 42B of the Building Societies Act |
39. | Application for authorisation of unit trust scheme |
40. | Notice of proposed alteration or change of trustee of unit trust scheme |
41. | Notice of proposed change of manager of unit trust scheme |
42. | Notice of intention to start marketing scheme constituted in another EEA State |
43. | Notice by scheme authorised in a designated country or territory |
44. | Applications by other overseas schemes for individual recognition |
45. | Notice of proposed alterations in respect of an individually recognised scheme |
46. | Notice of revocation of authorisation of unit trust scheme |
47. | Cessation of recognition of scheme in designated country or territory |
48. | Notice of revocation of recognition of individually recognised scheme |
49. | Applications for approval |
50. | Notices under section 60 of the Insurance Companies Act |
51. | Notices under section 61 of the Insurance Companies Act |
52. | Insurance Companies Act: miscellaneous provisions |
53. | Notices in respect of bank or investment firm partners |
54. | Public statements under section 60 of the Financial Services Act |
55. | Disqualification directions |
56. | Interpretation |
57. | Application of this Chapter |
58. | Determination of incomplete disciplinary proceedings |
59. | Test to be applied by interim tribunal |
60. | Appropriate decisions on determination by interim tribunal |
61. | Decisions taken by the Authority giving effect to interim tribunal directions |
62. | Appeal from determination of interim tribunal |
63. | Modification of Tribunal Rules |
64. | Substitution of proceedings under the Act for proceedings before interim tribunal |
65. | Service of warning or decision notice |
66. | Conditions making it appropriate to give a decision notice without a warning notice |
67. | Decision notices issued pursuant to this Chapter |
68. | Public censure |
69. | Financial penalty |
70. | Power to order restitution |
71. | Cancellation of Part IV permission |
72. | Exercise of own initiative powers |
73. | Public statement about registered person or individual |
74. | Penalty imposed on registered person or individual |
75. | Withdrawal of approval of registered person or individual |
76. | Definition of "disciplinary measure" |
77. | Incomplete appeals against disciplinary measure |
78. | Task of interim tribunal when determining an appeal against disciplinary measure |
79. | Preservation of right of appeal against disciplinary measure |
80. | Modification of Tribunal Rules |
81. | Definition of "intervention measure" |
82. | Intervention measure stayed before commencement |
83. | Intervention measure not stayed before commencement |
84. | Intervention measure against registered individual or person |
85. | Summary fine imposed before commencement |
86. | President of the interim tribunal |
87. | Constitution of the interim tribunal |
88. | Power of the Authority to make arrangements for the interim tribunal |
89. | Procedure of the interim tribunal |
90. | Adaptation of dates and duration of periods in notices continued in effect |
91. | Explanation of notices continued in effect |
92. | Validity of notices continued in effect |
93. | Effect of lapsed notices |
94. | Right of third party to receive notice of post commencement decision |
95. | Right of third party to refer matter to the Tribunal |
96. | EEA firms seeking to establish a branch |
97. | EEA firms seeking to provide services |
98. | EC companies seeking to carry on reinsurance business |
99. | Authority's duties as respects incoming firms |
100. | Establishment of a branch by a UK firm |
101. | Provision of services by a UK firm |
102. | Interpretation |
103. | Request for reference: further consideration by the Authority |
104. | Effect of notification pursuant to article 103 |
105. | Transitional reference to Financial Services Tribunal |
106. | Task of Financial Services Tribunal on transitional reference |
107. | Appropriate decisions on determination of transitional reference |
108. | Modification of section 100 of Financial Services Act in relation to transitional reference |
109. | Test to be applied by Financial Services Tribunal |
110. | Decisions taken by the Authority giving effect to Financial Services Tribunal recommendations |
111. | Modification of Financial Services Tribunal Rules |
112. | Preservation of right of appeal under the Banking Act |
113. | Application of the Banking Act to transitional appeals |
114. | Task of banking appeal tribunal in relation to a transitional Banking Act appeal |
115. | Decisions taken by the Authority giving effect to banking appeal tribunal determination |
116. | Test to be applied by banking appeal tribunal |
117. | Modifications to Banking Appeal Tribunal Regulations 1987 |
118. | Interpretation |
119. | Preservation of right of appeal under the Friendly Societies Act |
120. | Application of Friendly Societies Act to transitional appeals |
121. | Task of friendly society tribunal in relation to a transitional friendly society appeal |
122. | Decisions taken by the Authority giving effect to friendly society tribunal determinations |
123. | Test to be applied by friendly society tribunal |
124. | Modifications to Friendly Societies Appeal Tribunal Regulations 1993 |
125. | Interpretation |
126. | Preservation of right of appeal under the Building Societies Act |
127. | Application of original Building Societies Act to transitional appeals |
128. | Task of the building society tribunal in relation to a transitional building society appeal |
129. | Decision taken by the Authority giving effect to building society tribunal determinations |
130. | Test to be applied by building society tribunal |
131. | Modifications to Building Societies Appeal Tribunal Regulations 1987 |
Schedule: | Modification of the Financial Services and Markets Tribunal Rules. |
(2) In this Order -
(3) Any reference in this Order to a section or Schedule is, unless the context otherwise requires, a reference to that section of or Schedule to the Act.
(4) For the purposes of this Order an application is decided when it has been determined and there is no possibility (or no further possibility) of the determination being reversed or varied on a reference to a tribunal or an appeal.
(5) Any reference in this Order to a person -
includes a reference to a person who has such a permission, is subject to such a requirement, or is or is not treated as satisfying those conditions by virtue of the Authorised Persons Order.
(3) This article applies to an application falling within paragraph (2)(b) only if the applicant notifies the Authority, in such form as the Authority may direct, that he wishes his application to be treated as an application under the Act.
Applications for variation or cancellation of suspension or restriction
4.
- (1) Where an application to which this article applies -
it is to be treated as an application made to the Authority under section 44 and as relating to the requirement under section 43.
(2) Where an application to which this article applies -
it is to be treated as an application made to the Authority under section 200 and as relating to the requirement under section 196.
(3) The applications to which this article applies are -
Notice of intention to refuse application for authorisation or variation of suspension under the Financial Services Act
5.
- (1) Where, before commencement -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant (and any person to whom a copy of the notice was given under section 29(3) of that Act) of that fact.
(2) Paragraph (1) does not affect the power of the Authority to serve a notice under section 52(7) in respect of the application (as effective by virtue of article 3 or 4(1)).
(3) Where, before commencement -
the notice of intention has effect after commencement as if it were a decision notice given under section 52(9)(c), except that there is no right to refer the matter to the Tribunal under section 55(1).
(4) A decision notice having effect by virtue of paragraph (3) has effect as if -
Notice of intention to refuse application for authorisation under the Banking Act
6.
- (1) Where, before commencement -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant (and any person to whom a copy of the notice was given under section 10(3)) of that fact.
(2) Paragraph (1) does not affect the power of the Authority to serve a notice under section 52(7) in respect of the application (as effective by virtue of article 3).
Notice of intention to refuse application for variation of limited prohibition under the 2BCD or ISD Regulations
7.
- (1) Where, before commencement -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant (and any person to whom a copy of the notice was given under paragraph 1(3) of the relevant Schedule) of that fact.
(2) Paragraph (1) does not affect the power of the Authority to serve a notice under section 200(4) in respect of the application (as effective by virtue of article 3(2)).
(3) Where, before commencement -
the notice of intention has effect after commencement as if it were a decision notice given under section 200(5)(a), except that there is no right to refer the matter to the Tribunal under section 200(5)(b).
(4) A decision notice having effect by virtue of paragraph (3) is to be treated as if -
Surrenders of authorisations
8.
- (1) This article applies to -
which had not been granted or (in the case of a notice) taken effect before commencement.
(2) If the person who made the request or gave the notice to which this article applies has a Part IV permission, the request or notice is to be treated as an application made to the Authority under section 44 for variation of that Part IV permission by removing from that permission the regulated activities corresponding to the activities to which the request or notice related.
(3) This article does not apply to an application falling within paragraph (1)(a) where the person making the request is a person who is treated by virtue of article 35(5) of the Authorised Persons Order as being subject to a requirement under section 43 that he refrain from carrying on any regulated activity; but section 44(4) applies to that person as if his position were the result of a variation of his Part IV permission under that section.
(3) In a case where the body to whom the application, notice or request was originally made or sent was -
the application is to be treated for the purposes of section 52(1) and (2) as if it had been received by the Authority on commencement.
(4) The application is not to be treated as incomplete for the purposes of section 52(2) if it complied with the procedure applicable to it when it was originally made or sent.
(5) The application is to be treated as incomplete for the purposes of section 52(2) if it would have been treated as incomplete for the purposes of the provision under which it was originally made or sent.
(6) Nothing in this article affects the power of the Authority to require information under section 51(4) and (6).
the notice has effect after commencement as if it were a notice given under section 53(4).
(2) Such a notice has effect -
(c) as if it informed the recipient that the variation takes effect on -
(d) (in the case of a notice proposing suspension) as if it informed the recipient that the variation takes effect -
(e) as if it informed the recipient that he has a right to refer the matter to the Tribunal -
(3) Where a notice has effect under paragraph (1) -
Withdrawal or suspension of authorisation under section 29 of the Financial Services Act: time for reference expired
11.
- (1) Where, before commencement -
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) -
(c) (in the case of a notice proposing suspension) the period for which the requirement has effect is -
(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.
Notice of intention to terminate or suspend authorisation under section 33 of the Financial Services Act: time for reference not expired
12.
- (1) Where, before commencement -
the notice has effect after commencement as if it were a notice given under 197(3).
(2) Such a notice has effect -
(c) as if it informed the recipient that the requirement takes effect -
(d) (in the case of a notice proposing suspension) as if it informed the recipient that the requirement takes effect -
(e) as if it informed the recipient that he has a right to refer the matter to the Tribunal within -
(3) Where a notice has effect under paragraph (1) -
Termination or suspension of authorisation under section 33 of the Financial Services Act: time for reference expired
13.
- (1) Where, before commencement -
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 197(6).
(2) Where the Authority notifies the recipient that the notice is to be treated as a notice given under section 197(6) -
(c) (in the case of a notice proposing suspension) the period for which the suspension has effect is -
(d) there is no right to refer the notice 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 197(6) then the notice ceases to have effect on commencement.
the notice has effect after commencement as if it were a notice given under section 53(4) that the Authority proposes to vary the authorised person's permission by imposing a requirement that he refrain from carrying on the regulated activity or activities covered by the notice.
(2) Where, before commencement -
the notice has effect after commencement as if it were a notice given under section 53(4) that the Authority proposes to vary the authorised person's permission by imposing or varying a requirement having the same effect as the restriction or variation described in the notice.
(3) Where, before commencement -
that notice has effect after commencement as if it were a notice given under section 53(4) that the Authority has varied the authorised person's permission with immediate effect by imposing a restriction or varying the restriction in the manner set out in the notice.
Effect of Banking Act notices after commencement
15.
- (1) A notice having effect under article 14 has effect -
(b) (in the case of notices having effect under article 14(1) and (2)) as if it informed the recipient that the variation takes effect on -
(c) as if it informed the recipient that he has a right to refer the matter to the Tribunal -
(2) Where a notice has effect under article 14 -
(3) Notwithstanding section 53(2)(c), where the notice having effect under article 14(1) or (2) did not specify a date on which the revocation would take effect or on which the restriction would be imposed or varied, the Authority may specify in the notice given under paragraph (2)(a) the date on which the variation takes effect (being a date not earlier than the date of that notice).
Decision notified under section 13(7) of the Banking Act
16.
- (1) Where, before commencement -
the Authority must consider any representations made pursuant to section 13(9) of that Act and may give a written notice under section 53(8) altering the restrictions.
(2) Nothing in this Order affects the period within which representations may be made in respect of that decision.
the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement that the company refrain from carrying on the regulated activity of effecting contracts of insurance, or contracts of any description specified in the notice.
(2) Where, before commencement -
the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement that the company refrain immediately from carrying on the regulated activity of effecting contracts of insurance, or contracts of any description specified in the notice (except to the extent allowed by section 12A(2)(a) of the Insurance Companies Act).
(3) Where -
the notice has effect after commencement as if it stated that the Authority proposes to impose a requirement to the effect described in the notice.
Effect of notices under the Insurance Companies Act after commencement
18.
- (1) A notice having effect under article 17 has effect -
(c) as if it informed the company that it has a right to refer the matter to the Tribunal -
(d) as if any reference to a right to make oral representations were omitted (without prejudice to any such representations made before commencement).
(2) In the case of a notice having effect under article 17(1), it has effect after commencement as if it informed the company that the requirement would be imposed -
(3) In the case of a notice having effect under article 17(3) -
(4) Where a notice has effect under article 17 -
(5) Notwithstanding section 53(2)(c) or section 197(1)(c), where the notice having effect under article 17(1) or (3) did not specify a date on which the direction would take effect, the Authority may specify in the notice given under paragraph (4)(a) the date on which the requirement is imposed (being a date not earlier than the date of that notice).
(6) Notwithstanding the repeal of section 12A of the Insurance Companies Act, a person on whom a notice was served under section 12A(4) of that Act may make written representations to the Authority about the matters covered in that notice within the period of one month from the date of service of the notice.
Notice of grounds of unfitness of person under the Insurance Companies Act
19.
Where, before commencement -
that notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the person on whom the notice was served of that fact.
(b) the period within which the case could be required to be referred to the Financial Services Tribunal has not expired; and
(c) no such reference has been required,
the notice has effect after commencement as if it were a notice given under section 197(3) that the Authority proposes to impose a requirement that the authorised person refrain from carrying on the regulated activity or activities covered by the notice.
(2) Where, before commencement -
the notice has effect after commencement as if it were a notice given under section 197(3) that the Authority proposes to impose a requirement on the authorised person to the same effect as the prohibition or restriction proposed in the notice.
Effect of notices under the ISD Regulations or the 2BCD Regulations after commencement
21.
- (1) A notice having effect under article 20 has effect -
(b) as if it informed the recipient that the requirement takes effect -
(c) as if it informed the recipient that he has a right to refer the matter to the Tribunal -
(2) Where a notice having effect under article 20(1) proposed a limited prohibition within the meaning of regulation 15 of the 2BCD Regulations, the notice has effect as if it stated that the requirement would take effect -
(3) Where a notice has effect under article 20 -
(4) Notwithstanding section 197(1)(c), where a notice having effect under article 20(2) did not specify a date on which the prohibition or restriction would be imposed, or the variation take effect, the Authority may specify in a notice given under paragraph (3)(a) the date on which the requirement is imposed (being a date not earlier than the date of that notice).
Prohibition in relation to investment services under the ISD Regulations or the 2BCD Regulations: time for reference expired
22.
- (1) Where, before commencement -
(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) the Authority has not given written notice pursuant to paragraph 1(5)(a) or (b) of the relevant Schedule in relation to the matter covered by the notice,
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 197(6).
(2) Where the Authority notifies the recipient that the notice is to be treated as a notice given under section 197(6) -
(c) there is no right to refer the notice to the Tribunal;
(d) 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 197(6) then the notice ceases to have effect on commencement.
(4) Where the notice having effect under paragraph (2) referred to a limited prohibition, a requirement having effect by virtue of this article is to be taken to be framed so as to expire when (but for the revocation of the 2BCD Regulations) the prohibition would have expired.
(5) A limited prohibition means a prohibition which was framed so as to expire at the end of a specified period or on the occurrence of a specified event or on compliance with specified conditions.
(6) Where a requirement which by virtue of this article has effect as if imposed under section 196 -
it is to be treated as if section 199 had applied in its case and it had been imposed as mentioned in section 199(8)(a).
Alteration of restrictions imposed under 2BCD Regulations
23.
- (1) Where, before commencement -
the Authority must consider any representations made pursuant to paragraph 2(11) of that Schedule and may give a written notice under section 197(7) altering the restriction.
(2) Nothing in this Order affects the period within which representations may be made in respect of that decision.
Notice by the Director General of Fair Trading of intention to impose a prohibition etc. under the ISD Regulations or 2BCD Regulations
24.
- (1) Where, before commencement -
the notice has effect as a notice under paragraph 2(2) of Schedule 16 that the Director proposes to impose a prohibition under section 203.
(2) Where a notice has effect as described in paragraph (1) the Director must, in considering whether to impose a prohibition under section 203, consider any representations made pursuant to paragraph 4 of Schedule 5 to the ISD Regulations or to the 2BCD Regulations (as the case may be).
(3) Where, before commencement -
the notice has effect as a notice under paragraph 2(2) of Schedule 16 that the Director proposes to impose or vary a restriction (as the case may be) under section 204.
(4) Where a notice has effect as described in paragraph (3), the Director must, in considering whether to impose or vary a restriction under section 204, consider any representations made pursuant to paragraph 4 of Schedule 5 to the ISD Regulations or the 2BCD Regulations (as the case may be).
Applications for authorisation
26.
- (1) Subject to paragraph (2), where an application for authorisation has been made by a friendly society under section 32 of the Friendly Societies Act or by a building society under section 9 of the Building Societies Act but that application has not been decided before commencement, it is to be treated after commencement as an application for permission made to the Authority under section 40 or, where the society making the application has a Part IV permission, as an application under section 44 for the variation of that permission.
(2) Paragraph (1) does not apply to an application for authorisation -
and any such application lapses on commencement.
(3) An application which is treated by virtue of paragraph (1) as an application under section 40 or 44 is treated for the purposes of section 52(1) or (2) as having been received by the Authority -
(4) An application which is treated pursuant to paragraph (1) as an application under section 40 or 44 is not to be treated as incomplete for the purposes of section 52(2) if it complied with the procedure applicable to it when it was originally made.
(5) Paragraph (4) does not affect the power of the Authority to require information under section 51(4) and (6).
(6) Where, in any particular case -
(b) that information has not been provided before commencement,
the requirement has effect after commencement as if it had been imposed by the Authority under section 51(4).
Notice of intention to refuse application or to impose conditions
27.
- (1) This article applies to -
(2) Where, before commencement -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify every recipient of the notice of that fact.
(3) Paragraph (2) does not affect the power of the Authority to serve a notice under section 52(6) or (7) in respect of the application (as effective by virtue of article 26).
Surrenders of authorisation
28.
- (1) This article applies where -
(2) If the society which made the request has on commencement a Part IV permission, the request is to be treated after commencement as an application made to the Authority under section 44 for variation of that Part IV permission.
Notice of intention to withdraw or revoke authorisation
29.
- (1) Where -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Where -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(3) A notice having effect under paragraph (1) or (2) has effect -
(c) as if it informed the recipient that the variation takes effect on -
(d) as if it informed the society and any relevant recipients that they have a right to refer the matter to the Tribunal -
(4) Where a notice has effect under paragraph (1) or (2) -
(5) Notwithstanding section 53(2)(c), where the notice having effect under paragraph (1) or (2) did not specify a date on which the direction would be given or the revocation take effect, the Authority may specify in the notice given under paragraph (4)(a) the date on which the variation takes effect (being a date not earlier than the date of that notice).
(6) For the purposes of this article, a "relevant recipient" is a person who was served with the notice pursuant to paragraph 10(2) of Schedule 13 or paragraph 6(2) of Schedule 3.
Mutual societies: notice of intention to impose conditions
30.
- (1) This article applies to -
(2) Where -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(3) Paragraphs (3) to (6) of article 29 apply to a notice having effect under paragraph (2) with the following modifications -
(4) The references in paragraph (2)(a) and (b) to a notice served proposing to impose conditions include reference to a notice served following a direction given -
Notice of intention to give a direction under section 51 of Friendly Societies Act
31.
- (1) Where -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Paragraphs (3) to (5) of article 29 apply to a notice having effect under paragraph (1) with the following modifications -
Proceedings under section 52A of the Friendly Societies Act
32.
- (1) Subject to paragraph (2), any proceedings pending before the court for an injunction under section 52A[17] of the Friendly Societies Act lapse on commencement.
(2) Any court before which proceedings under section 52A of the Friendly Societies Act are pending at commencement may by order make provision for such incidental, consequential and supplementary matters (including as to costs) as are appropriate having regard to paragraph (1).
Conditions imposed under section 42A of the Building Societies Act but not confirmed before commencement
33.
- (1) Where, before commencement -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Paragraphs (3) to (6) of article 29 apply to a notice having effect under paragraph (1) with the following modifications -
Notice of intention to give a direction under section 50 of the Building Societies Act
34.
- (1) Where -
the notice has effect after commencement as if it were a notice given by the Authority under section 53(4).
(2) Paragraphs (3) to (5) of article 29 apply to a notice having effect under paragraph (1) with the following modifications -
Notice of proposed directions under section 36 of the Building Societies Act
36.
- (1) This article applies to a notice served under paragraph 2(1) of Schedule 7A to the original Building Societies Act[18] or, where one or more notices has been served under paragraph 3(2) of that Schedule proposing to give a more onerous direction than proposed in the first notice, then to the latest notice.
(2) Where -
the notice has effect (subject to paragraph (3)) after commencement as if it were a warning notice given by the Authority under section 46A(1) of the amended Building Societies Act[20] (by virtue of paragraph (a) of that subsection).
(3) Notwithstanding section 46A(8)(d)(i) of the amended Building Societies Act, section 394 does not apply to a notice having effect under paragraph (2).
(4) Where a copy of the notice falling within paragraph (2)(a) above was served on any person in accordance with paragraph 2(2) or 3(3) of Schedule 7A to the original Building Societies Act, that notice is treated after commencement as if it was a copy of the warning notice given to that person under section 393(1).
(5) A notice having effect under paragraph (2) has effect -
(6) Where a notice has effect under paragraph (2) the Authority must have regard when deciding whether to give a decision notice under section 46A(3) of the amended Building Societies Act to any representations made before commencement in relation to the notice given under Schedule 7A to the original Building Societies Act.
(7) For the purposes of this article, a "relevant recipient" is a person who was served with the notice pursuant to paragraph 2(2) or 3(3) of Schedule 7A to the original Building Societies Act.
Prohibition orders under section 36A of the Building Societies Act
37.
- (1) Where, before commencement -
the notice has effect after commencement as if it were a warning notice given under section 36A(5) of the amended Building Societies Act[22].
(2) A notice having effect under paragraph (1) has effect -
Unconfirmed directions under section 42B of the Building Societies Act
38.
- (1) Where, before commencement -
the direction has effect after commencement (subject to paragraph (2)) as if it were a warning notice given by the Authority under section 46A(1) (by virtue of paragraph (b) of that subsection) of the amended Building Societies Act[25].
(2) Notwithstanding section 46A(8)(d)(i) of the amended Building Societies Act, sections 393 and 394 do not apply to a notice having effect under paragraph (1).
(3) A notice having effect under paragraph (1) has effect -
(4) Where a notice has effect under paragraph (1) the Authority must have regard when deciding whether to give a decision notice under section 46A(3) of the amended Building Societies Act, to any representations made before commencement pursuant to section 42C(3) of the original Building Societies Act.
(5) Where, in respect of a direction having effect under paragraph (1) -
the right of appeal lapses at commencement, without prejudice to any right that person may have to refer the matter to the Financial Services and Markets Tribunal if a decision notice is subsequently given under section 46A(3) of the amended Building Societies Act[26].
that application is to be treated after commencement as an application under section 242 for an order declaring the scheme to be an authorised unit trust scheme and accordingly section 244 applies to the application.
(2) Where before commencement the Authority has served a notice pursuant to section 80(1)(a) of the Financial Services Act proposing to refuse an application made under section 77 of that Act, the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant of that fact.
(3) Paragraph (2) does not affect the power of the Authority to serve notice under section 245 in respect of the application.
(4) Where an application is treated as an application under section 242, that application -
(5) Paragraph (4)(b) or (c) does not affect the power of the Authority to require information under section 242(4) and (6).
Notice of proposed alteration or change of trustee of unit trust scheme
40.
- (1) Where -
the notice has effect after commencement as a notice given in accordance with section 251(1).
(2) Where a notice of a proposal involving a change to the trust deed has effect as described in paragraph (1), the Authority may require the manager of the scheme to provide a certificate complying with section 251(2).
(3) A notice of proposal having effect under paragraph (1) is treated for the purposes of section 252(3) as having been given on the date on which it was given for the purposes of section 82(3) of the Financial Services Act.
Notice of proposed change of manager of unit trust scheme
41.
- (1) Where -
the notice has effect after commencement as a notice given in accordance with section 251(3).
(2) A notice of proposal having effect under paragraph (1) is treated for the purposes of section 252(3) as having been given on the date on which it was given for the purposes of section 82(3) of the Financial Services Act.
Notice of intention to start marketing scheme constituted in another EEA State
42.
- (1) Where -
(d) the period of two months mentioned in section 86(2) of that Act has not elapsed before commencement,
the notice has effect after commencement as a notice given in accordance with section 264(1)(b).
(2) Where -
the notice given by the Authority ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the operator of the scheme of that fact.
(3) Paragraph (2) does not affect the power of the Authority to serve a notice under section 264(2) in respect of a notice which has effect by virtue of paragraph (1).
(4) A notice having effect under paragraph (1) is treated for the purposes of section 264(2) as having been received on the date on which it was received for the purposes of section 86(2) of the Financial Services Act.
Notice by scheme authorised in a designated country or territory
43.
- (1) Where -
the notice has effect after commencement as if it had been given in accordance with section 270(1)(c).
(2) Where -
the notice given by the Authority under section 89(5) ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the operator of that fact.
(3) Paragraph (2) does not affect the power of the Authority to serve a notice under section 271 in respect of the operator's notice having effect under paragraph (1).
(4) A notice having effect under paragraph (1) is treated for the purposes of section 271(2) as having been given on the date on which it was received for the purposes of section 87(3) of the Financial Services Act.
(5) This article applies to a collective investment scheme within the meaning of Part XVII of the Act which, at commencement -
Applications by other overseas schemes for individual recognition
44.
- (1) Where -
that application has effect after commencement as an application under section 274 for an order declaring the scheme to be a recognised scheme.
(2) An application having effect under paragraph (1) -
(3) Paragraph (2)(b) or (c) does not affect the power of the Authority to require information under section 274(3) and (5).
(4) Where, before commencement -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the applicant of that fact.
(5) Paragraph (4) does not affect the power of the Authority to serve a notice under section 276 in respect of the application.
Notice of proposed alterations in respect of an individually recognised scheme
45.
- (1) Where -
the notice has effect after commencement as a notice given in accordance with section 277(1).
(2) In relation to a notice having effect under paragraph (1), section 277(2)(b) has effect as if the reference to "subsection (1)" were a reference to section 82(1) of the Financial Services Act (as applied by section 88(9) of that Act).
(3) Where -
the notice has effect after commencement as a notice given in accordance with section 277(3).
the notices have effect after commencement as warning notices given under section 255(1) stating that the Authority proposes to make a revoking order.
(2) Notwithstanding section 392(a), sections 393 and 394 do not apply to a warning notice having effect by virtue of paragraph (1).
(3) A notice having effect as described in paragraph (1) has effect -
(4) Where a notice has effect under paragraph (1) -
(5) For the purposes of paragraph (4)(b) the reference in section 254(1)(a) to the requirements for the making of the order are to be read as a reference to the requirements for the making of an order under section 243.
(6) Where before commencement a request has been made under section 79(4) of the Financial Services Act for the revocation of an order falling within article 65(1) of the Authorised Persons Order and that request has not been determined before commencement, the request is to be treated after commencement as a request under section 256(1).
Cessation of recognition of scheme in designated country or territory
47.
- (1) Where -
the notice has effect after commencement as a warning notice under section 280(1) that the Authority proposes to give a direction under section 279 that the scheme is to cease to be recognised under section 270.
(2) Notwithstanding section 392(a), sections 393 and 394 do not apply to a warning notice having effect by virtue of paragraph (1).
(3) A notice falling within paragraph (1) has effect -
(4) Where a notice has effect under paragraph (1) -
Notice of revocation of recognition of individually recognised scheme
48.
- (1) Where -
the notice has effect after commencement as a warning notice under section 280(1) that the Authority proposes to revoke the order pursuant to section 279.
(2) Notwithstanding section 392(a), sections 393 and 394 do not apply to a warning notice having effect by virtue of paragraph (1).
(3) A notice falling within paragraph (1) has effect -
(4) Where a notice takes effect under paragraph (1) -
(5) For the purposes of paragraph (4)(b), the reference in section 279(c) to the requirements for the making of the order are to be read as a reference to the requirements for the making of an order under section 272.
the notice is to be treated as an application made by the authorised person under section 60 for the Authority's approval under section 59.
(2) In relation to an application having effect under paragraph (1), the period of consideration for the purposes of section 183 -
(3) Where, before commencement a preliminary notice was served on a person under section 60(3A) of the Insurance Companies Act[30] but no notice of objection has been served in respect of that preliminary notice, then the preliminary notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the recipients of the notice of that fact.
(4) Paragraph (3) does not affect the power of the Authority to serve a notice under section 62(2) in respect of the application (effective by virtue of paragraph (1)).
(5) Where a request for information has been made under paragraph 1(2) of Schedule 2D to the Insurance Companies Act and it has not been complied with before commencement, that request has effect after commencement as a request made under section 60(3).
Notices under section 61 of the Insurance Companies Act
51.
- (1) Where -
the company mentioned in the notice is to be treated as if it had made an application in accordance with section 60 for the Authority's approval under section 59 for the performance by the person of the functions involved in the appointment.
(2) In relation to an application having effect under paragraph (1), the period of consideration for the purposes of section 183 -
(3) Where, before commencement a preliminary notice was served on a person under section 61(2) of the Insurance Companies Act but no notice of objection has been served in respect of that preliminary notice, then the preliminary notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the recipients of the notice of that fact.
(4) Paragraph (3) does not affect the power of the Authority to serve a notice under section 62(2) in respect of the application (effective by virtue of paragraph (1)).
Insurance Companies Act: miscellaneous provisions
52.
- (1) A preliminary notice served under paragraph 2(3) or 3(4) of Schedule 2D to the Insurance Companies Act ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the person on whom the notice was served of that fact (but this is without prejudice to the power of the Authority to serve a notice under section 63 on the person).
(2) Where -
the notice has effect after commencement as a warning notice served under section 63(3) giving notice of the Authority's intention to withdraw its approval.
(3) The Authority must, as soon as practicable after commencement, serve a copy of the notice on any interested party (within the meaning of section 63) who has not previously received a copy.
(4) Notwithstanding section 392(a), sections 393 and 394 do not apply to a warning notice having effect by virtue of paragraph (2).
(5) A notice having effect under paragraph (2) is to be treated as if -
Notices in respect of bank or investment firm partners
53.
- (1) Where -
the authorised person mentioned in the proposed partner notice is to be treated as if it had made an application under section 60 for the Authority's approval under section 59 for the performance by the proposed partner of the functions involved in the appointment.
(2) In relation to an application having effect under paragraph (1), the period of consideration for the purposes of section 61(3) -
(3) Where, before commencement a preliminary notice was served on a person under section 22(2) of the Banking Act or regulation 42(3) of the ISD Regulations in response to a proposed partner notice but no notice of objection has been served in respect of that preliminary notice, then the preliminary notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the recipients of the notice of that fact.
(4) Paragraph (3) does not affect the power of the Authority to serve a notice under section 62(2) in respect of the application (effective by virtue of paragraph (1)).
(5) A "proposed partner notice" means a notice served -
(6) The "Regulator" means -
the notice ceases to have effect on commencement and the Authority must, as soon as practicable after commencement, notify the authorised person (and any person to whom a copy of the notice was given under section 60(3) of the Financial Services Act) of that fact.
(2) Where, before commencement -
the Authority must proceed in the manner described in paragraph (3).
(3) Where paragraph (2) applies, the Authority must either -
Disqualification directions
55.
- (1) Where, before commencement -
the notice has effect as if it were a warning notice given under section 57(1).
(2) Notwithstanding section 392(a), sections 393 and 394 do not apply to a warning notice having effect by virtue of paragraph (1).
(3) A notice having effect under paragraph (1) has effect -
(4) Where a notice has effect under paragraph (1) -
(5) Where -
the application is to be treated as an application for a variation made to the Authority under section 56(7).
(6) Where, before commencement -
the notice ceases to have effect and the Authority must, as soon as practicable after commencement, notify the applicant of that fact.
(7) Paragraph (6) does not affect the power of the Authority to serve a notice under section 58(3) in respect of the application (as effective by virtue of paragraph (5)).
(2) For the purposes of this Part, "disciplinary proceedings" are proceedings brought -
(3) For the purposes of this Part, a person is treated as being subject to incomplete disciplinary proceedings where -
and a person who was, immediately before commencement, subject to incomplete disciplinary proceedings is described as being "in discipline".
(4) Disciplinary proceedings are to be treated as proceedings begun against the person who was subject to them for the purposes of section 66(4).
(5) In this Part, references to "the Civil Remedies Order" are to the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) Order (No. 2) 2001[31];
(6) In this Part -
Application of this Chapter
57.
This Chapter applies only where the person in discipline is -
Determination of incomplete disciplinary proceedings
58.
- (1) Subject to article 64(2), the Authority may, before the end of the period of six months beginning at commencement, refer the incomplete disciplinary proceedings of a person in discipline to the interim tribunal established in accordance with Chapter IV of this Part.
(2) Where the Authority refers the incomplete disciplinary proceedings to the interim tribunal under paragraph (1), it must notify the person in discipline that it has done so and of the effect of this Order.
(3) The interim tribunal has jurisdiction to determine the incomplete disciplinary proceedings referred to it under paragraph (1) and must -
(4) The Authority must act in accordance with the determination of, and any direction given by, the interim tribunal.
Test to be applied by interim tribunal
59.
- (1) Where the issues arising for determination in the incomplete disciplinary proceedings included the issue whether a person who was authorised under the Financial Services Act was a fit and proper person, the interim tribunal must consider instead whether that person is failing or is likely to fail to satisfy the threshold conditions (within the meaning of section 41(1)).
(2) Where the issues arising for determination in the incomplete disciplinary proceedings included the issue whether a person was a fit and proper person to be employed in connection with investment business (within the meaning of the Financial Services Act) or investment business of a particular kind, the interim tribunal must consider instead whether that person is a fit and proper person to perform the functions in relation to the regulated activity corresponding to that investment business which he was performing before commencement.
Appropriate decisions on determination by interim tribunal
60.
- (1) The interim tribunal must not direct the Authority to take action against the person in discipline if the rules of the relevant SRO in respect of that person did not confer a power to take similar action against him.
(2) The Authority must not, in giving effect to any direction of the interim tribunal, impose on a person in discipline a penalty under section 66(3)(a) or 206 that exceeds the penalty which the relevant SRO could have imposed in relation to that conduct at the conclusion of the incomplete disciplinary proceedings.
(3) The Authority must, in giving effect to any direction of the interim tribunal by imposing a penalty on a person in discipline under section 66(3)(a) or 206, have regard to any statement made by the relevant SRO which was in force when the conduct in question took place with respect to its policy on the imposition of and amount of penalties (whether issued as guidance, contained in the rules of that organisation or otherwise).
(4) The interim tribunal must not direct the Authority to exercise its powers under section 66 in respect of a person in discipline unless the Authority would have been able, by virtue of article 9(3) of the Civil Remedies Order, to exercise those powers against that person in respect of his failure, misconduct or other contravention in the absence of the incomplete disciplinary proceedings.
Decisions taken by the Authority giving effect to interim tribunal directions
61.
- (1) Where the Authority implements a direction from the interim tribunal by exercising its power under section 45, sections 53, 54 and 55 do not apply to the exercise of that power.
(2) Where the Authority implements a direction from the interim tribunal by exercising its power under section 63(1), subsections (3) to (6) of that section do not apply to the exercise of that power.
(3) Where the Authority implements a direction from the interim tribunal by exercising its power under section 66(3), section 67 does not apply to the exercise of that power.
(4) Where the Authority implements a direction from the interim tribunal by exercising its power under section 196 or 200(1), section 197 and section 200(2) to (5) do not apply to the exercise of that power.
(5) Where the Authority implements a direction from the interim tribunal by exercising its power under section 205 or 206, sections 207 and 208 do not apply to the exercise of that power.
(6) Where the Authority implements a direction from the interim tribunal by exercising its power under section 384(5), sections 385 and 386 do not apply to the exercise of that power.
(7) Where the Authority implements a direction from the interim tribunal by exercising any of the powers mentioned in paragraphs (1) to (6), it must exercise that power by giving written notice to the person concerned and sections 390(3), (4), (5) and (7) to (9) and 391(4) apply to that notice as they apply to a final notice.
Appeal from determination of interim tribunal
62.
- (1) Where a person in discipline or the Authority is aggrieved by the determination by the interim tribunal of the incomplete disciplinary proceedings to which that person was subject immediately before commencement, that person or the Authority may refer the matter to the Financial Services and Markets Tribunal.
(2) Section 133 applies to the Tribunal when it is considering a reference made under paragraph (1) with the following modifications -
(3) Article 60 applies to the power of the Tribunal under this article, and to the Authority in giving effect to a direction from the Tribunal as it applies to directions given by the interim tribunal under article 58 and to the action of the Authority in giving effect to such directions.
Modification of Tribunal Rules
63.
The Schedule to this Order has effect for the purpose of modifying the Financial Services and Markets Tribunal Rules 2001[32] as they apply to references made under article 62.
Substitution of proceedings under the Act for proceedings before interim tribunal
64.
- (1) This article applies to a notice given by the Authority to a person in discipline which is -
provided in each case that the reasons stated in the notice why the Authority proposes to take action relate to or arise from the same failure, misconduct or other contravention which was the subject of the incomplete disciplinary proceedings to which the person to whom the notice is given was subject immediately before commencement ("the corresponding incomplete disciplinary proceedings").
(2) The Authority may not after giving a notice to which this article applies, refer the corresponding incomplete disciplinary proceedings to the interim tribunal under article 58(1).
(3) If the Authority gives a notice to which this article applies after having referred the corresponding incomplete disciplinary proceedings to the interim tribunal under article 58(1), the proceedings before the interim tribunal lapse, without prejudice to the power of the interim tribunal under article 89(4).
Service of warning or decision notice
65.
The Authority must not give a notice by virtue of which proceedings before an interim tribunal will lapse in accordance with article 64(3) unless -
(2) The Financial Services and Markets Tribunal may take into account, in considering a decision notice referred to it, whether or not the expedited decision conditions were satisfied in relation to that decision notice; but a finding that they were not so satisfied does not affect the validity of the notice.
Decision notices issued pursuant to this Chapter
67.
Where, pursuant to a provision in this Chapter, the Authority gives a decision notice without having given a warning notice, that notice is to be treated for the purposes of section 133(6) as if it had been preceded by a warning notice stating that the Authority proposed to take the action referred to in the decision notice.
(2) In a case where this article applies, the Authority may give a decision notice under section 208(1)(a) without having given a warning notice.
Financial penalty
69.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 208(1)(b) without having given a warning notice.
Power to order restitution
70.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 386(1) without having given a warning notice.
Cancellation of Part IV permission
71.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 54(2) without having given a warning notice.
Exercise of own initiative powers
72.
- (1) This article applies where -
(d) the conditions specified in paragraph (3) are satisfied.
(2) In a case where this article applies, the Authority may specify in a notice given under section 53(4) or section 197(3) that the variation has immediate effect.
(3) The conditions specified in this paragraph are that -
Public statement about registered person or individual
73.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 67(4) without having given a warning notice.
Penalty imposed on registered person or individual
74.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 67(4) without having given a warning notice.
Withdrawal of approval of registered person or individual
75.
- (1) This article applies where -
(2) In a case where this article applies, the Authority may give a decision notice under section 63(4) without having given a warning notice.
(2) This Chapter applies only to a disciplinary measure imposed -
(3) "Post commencement actionable misconduct" for the purposes of paragraph (2)(b) is any failure, misconduct or contravention -
Incomplete appeals against disciplinary measure
77.
- (1) This article applies where -
(2) In a case where this article applies, the Authority must, as soon as practicable after commencement, refer the matter to the interim tribunal to determine the appeal and must notify the appellant that it has done so and of the effect of this Order.
(3) The interim tribunal has jurisdiction to determine the appeal referred to it under paragraph (2).
(4) For the purposes of paragraph (1)(b), a right to appeal means -
Task of interim tribunal when determining an appeal against disciplinary measure
78.
- (1) Where the interim tribunal hears an appeal referred to it under article 77(2), it must -
(2) The interim tribunal may consider only the evidence which was considered in the course of the proceedings which resulted in the imposition of the disciplinary measure, unless fresh evidence come to light which could not reasonably have been made available then by the party now seeking to adduce it.
(3) Articles 59, 60 and 61 apply to the determination of the interim tribunal and to the action taken by the Authority following a direction by the interim tribunal under paragraph (1).
Preservation of right of appeal against disciplinary measure
79.
- (1) Where before commencement -
the person who had a right to appeal against the imposition of the measure may refer the matter to the Financial Services and Markets Tribunal.
(2) Section 133 applies to the Tribunal in respect of a reference made under paragraph (1) with the following modifications -
(3) For the purposes of paragraph (1) a right to appeal has the same meaning as in article 77(4).
(4) Article 60 applies to the power of the Tribunal under this article, and to the Authority in giving effect to a direction from the Tribunal as it applies to directions given by the interim tribunal under article 58 and to the action of the Authority in giving effect to such directions.
Modification of Tribunal Rules
80.
The Schedule to this Order has effect for the purposes of modifying the Financial Services and Markets Tribunal Rules 2001 as they apply to references made under article 79.
Definition of "intervention measure"
81.
In this Chapter, an "intervention measure" means -
Intervention measure stayed before commencement
82.
- (1) This article applies where before commencement -
(2) In a case where this article applies -
Intervention measure not stayed before commencement
83.
- (1) This article applies where before commencement -
(2) In a case where this article applies -
(3) Where the imposition of an intervention measure is referred to the Tribunal under paragraph (2), section 133 and the Financial Services and Markets Tribunal Rules 2001 apply to the reference as if the notice by which the intervention measure was imposed before commencement were a supervisory notice.
(4) For the purposes of paragraph (1) a right to appeal means -
(c) in respect of an intervention measure imposed by the SFA, a right under rule 7-20 of the SFA Rules to refer the matter to the chairman or a deputy chairman of the Tribunal Panel in accordance with that rule.
Intervention measure against registered individual or person
84.
- (1) This article applies where before commencement -
(2) In a case where this article applies (and whether or not a stay was granted before commencement) -
(3) For the purposes of paragraph (1), a right to appeal has the same meaning it has for the purposes of article 83(1).
Summary fine imposed before commencement
85.
- (1) This article applies where -
(2) In a case where this article applies, the Authority must, if the person on whom the fine was imposed requests, refer the matter to the interim tribunal.
(3) For the purposes of this article, a summary fine is a fine imposed -
(4) Where the imposition of a summary fine is referred to the interim tribunal under paragraph (2) the interim tribunal must -
(5) Where the Authority imposes a penalty on a person under section 66(3)(a) following a direction from the interim tribunal, section 67 does not apply to the exercise of that power but -
which form or forms the subject of the reference were or was being heard immediately before commencement;
(b) where it is not reasonably practicable to appoint the required number of members from persons falling within sub-paragraph (a), then a person who was eligible to be appointed by the relevant SRO to a panel to determine incomplete disciplinary proceedings (in the case of a reference under article 58) or an appeal (in the case of a reference under article 77(2) or 85(2));
(c) where it is not reasonably practicable to appoint the required number of members from persons falling within sub-paragraph (a) or (b), then a person appearing to the President to be qualified by experience or otherwise to deal with the matter referred to the interim tribunal.
(3) For the purpose of this article the "required number" of members of the interim tribunal to hear and determine a particular case is the number of people who would, in accordance with the rules of the relevant SRO, have formed the panel or other body by whom the matter would have been determined but for the repeal of the Financial Services Act.
(4) If, in relation to a particular case, the President falls within the class of the most appropriate people, he may sit as one of the required number of members.
Power of the Authority to make arrangements for the interim tribunal
88.
The Authority may make such arrangements as appear to it to be necessary or expedient for the purpose of establishing and maintaining the interim tribunal and in particular may -
Procedure of the interim tribunal
89.
- (1) Subject to paragraphs (2) and (3), the interim tribunal must when determining any matter referred to it, adopt, so far as reasonably practicable, the same procedure as would have been adopted by the panel or other body by whom the matter would have been determined but for the repeal of the Financial Services Act (treating the Authority for these purposes as the relevant SRO).
(2) In considering the procedure to be adopted in determining any matter referred to it the interim tribunal -
(3) Before remitting any matter to the Authority with directions under article 58(3), 78(1) or 85(4), the interim tribunal must give the parties to the proceedings before it an opportunity to make representations as to what directions it should give the Authority.
(4) Where proceedings before the interim tribunal lapse by virtue of article 64(3), the tribunal may make an order providing for such incidental, consequential or supplementary matters as it considers just and expedient.
(5) Where a matter has been referred to the interim tribunal, that tribunal may, on the application of either of the parties to the proceedings, suspend the effect of a disciplinary or intervention measure (or prevent it from taking effect) until the determination of the reference.
if commencement occurs before the corresponding original date occurs or the corresponding original period elapses.
(2) Where a notice provides a new date or period as mentioned in paragraph (1), then if -
that new date or period takes effect and replaces the original date or original period (if any).
(3) For the purposes of this article, an "original date" or "original period" is the relevant date or period which would have applied but for the repeal or revocation of the provision under which the notice was originally given.
(4) When specifying a new period for the purposes of this article, the person giving the notice must specify a period starting with commencement.
Explanation of notices continued in effect
91.
A notice shall not have effect, pursuant to any provision of this Order, as a notice under the Act unless the person giving the notice also gave the recipient (either at the same time as the notice or after giving the notice but allowing a reasonable time before commencement) an explanation of the effect that this Order will have on the notice if commencement occurs before the matters referred to in the notice are decided.
Validity of notices continued in effect
92.
Where, by virtue of any provision in this Order, a notice has effect as a notice given under the Act, its validity is not affected by -
and that omission or failure may not be taken into account by the Tribunal in considering any matter referred to it.
Effect of lapsed notices
93.
Where a notice given before commencement does not take effect, by virtue of this Order, as a notice given under the Act, that fact does not of itself preclude the Authority from taking into account, when exercising its powers under the Act, the matters which were the subject of the notice.
Right of third party to receive notice of post commencement decision
94.
- (1) Where a notice served before commencement has effect by virtue of this Order as if it were a notice served under section 53(4) or section 197(3), a third party recipient of that notice must be given a copy of any notice issued by the Authority under section 53(7) or (8), or under section 197(6) or (7) (as the case may be) in relation to the matter covered by that notice.
(2) For the purposes of this article a "third party recipient" is a person who was given a copy of the notice pursuant to -
Right of third party to refer matter to the Tribunal
95.
- (1) This article applies where -
(c) the third party had immediately before commencement a right to refer that notice to the Financial Services Tribunal under section 97 of the Financial Services Act but had not exercised that right; and
(d) the Authority, after commencement, gives a notice under section 53(7) or (8)(b) or section 197(6) or (7)(b) in respect of the matter covered by the notice mentioned in sub-paragraph (a) above.
(2) In a case where this article applies, the third party may refer to the Financial Services and Markets Tribunal the question whether the reasons stated in the notice mentioned in paragraph (1)(b) above are substantiated.
(3) The Schedule to this Order has effect for the purposes of modifying the Financial Services and Markets Tribunal Rules 2001 as they apply to references made under paragraph (2).
(2) Subject to paragraph (4), if, before commencement a notice in accordance with -
was received as respects the firm for the purposes of paragraph 1(2)(b) of Schedule 2 to the 2BCD Regulations or paragraph 1(2)(b) of Schedule 3 to the ISD Regulations, the notice is to be treated as the consent notice required by paragraph 13(1)(a) of Schedule 3 and as satisfying the requirements of paragraph 13(1)(b) of that Schedule.
(3) If, before commencement a notice and certificate as mentioned in paragraph 1(2)(a) of Schedule 2F to the Insurance Companies Act were received as respects the firm, the notice and certificate are to be treated as the consent notice required by paragraph 13(1)(a) of Schedule 3 and as satisfying the requirements of paragraph 13(1)(b) of that Schedule.
(4) This article does not apply in respect of an EEA firm which is taken to have complied with the requirements of Schedule 2 to the 2BCD Regulations only by virtue of having complied with the corresponding requirements under the law of Gibraltar (within the meaning of regulation 2C(2) of the 2BCD Regulations[33]).
EEA firms seeking to provide services
97.
- (1) This article applies in relation to an EEA firm which at commencement -
(2) If before commencement a notice in accordance with paragraph 2 of Schedule 3 to the ISD Regulations was given by the firm for the purposes of paragraph 1(1)(a) of that Schedule, the notice is to be treated as the notice of intention required by paragraph 14(1)(a) of Schedule 3.
(3) If before commencement a notice and certificate as mentioned in paragraph 8(2)(a) of Schedule 2F to the Insurance Companies Act were received as respects the firm, the notice and certificate are to be treated as the regulator's notice required by paragraph 14(1)(b) of Schedule 3.
EC companies seeking to carry on reinsurance business
98.
- (1) This article applies in relation to an EC company (within the meaning of the Insurance Companies Act) which at commencement -
(2) If before commencement the company had, in accordance with paragraph 4(2)(a)(i) of Schedule 2F to the Insurance Companies Act, served a notice of its intention to carry on reinsurance business, the notice is to be treated as an application for permission made under section 40.
(3) Article 9 applies in relation to an application treated under this article as an application under section 40 or 44 as it applies to an application so treated pursuant to a provision in Part II.
Authority's duties as respects incoming firms
99.
Where -
the Authority need only take such action (if any) under paragraph 13(2) or 14(2) of that Schedule as, having regard to the action taken before commencement, it considers necessary.
and the case does not fall within paragraph (4), the notice is to be treated as the notice of intention required by paragraph 19(2) of Schedule 3 (and hence as satisfying the first condition for the purposes of paragraph 19(6) and (7)) and, if it was not given to the Authority as required by paragraph 1(2), as having been so given.
(4) The case falls within this paragraph if in response to the notice a notice of refusal was given to the firm under -
and the refusal was not at commencement capable of being reversed on an appeal, a reference to a tribunal or a review as mentioned in paragraph 4(6) of Schedule 6 to the 2BCD or ISD Regulations.
(5) If, before commencement -
the notice is (or the notice and certificate are) to be treated as the consent notice required by paragraph 19(4) of Schedule 3 and, if given otherwise than by the Authority, as having been given by the Authority.
Provision of services by UK firm
101.
- (1) This article applies to a UK firm within the meaning of Schedule 3.
(2) But this article does not apply where -
(3) If, before commencement a notice was given by the firm under -
and the case does not fall within paragraph (4), the notice is to be treated as the notice of intention required by paragraph 20(1) of Schedule 3 and, if it was not given to the Authority as required by paragraph 20(1), as having been so given.
(4) The case falls within this paragraph if in response to the notice a notice of refusal was given to the firm under paragraph 5(6) of Schedule 2G to the Insurance Companies Act or paragraph 5(6) of Schedule 13B to the Friendly Societies Act.
(5) If before commencement a notice and certificate were given as respects the firm under paragraph 5(2)(b) of Schedule 2G to the Insurance Companies Act or paragraph 5(2)(b) of Schedule 13B to the Friendly Societies Act, the notice and certificate are to be treated as the consent notice required by paragraph 20(3A)(a) of Schedule 3 and, if given otherwise than by the Authority, as having been given by the Authority.
Request for reference: further consideration by the Authority
103.
- (1) This article applies where before commencement -
(2) Where this article applies and the notice to which the request for a reference relates was served under section 29, 34, 59(4) or 60(2) of the Financial Services Act (or is treated for the purposes of section 97(1) as having been so served[36]), the Authority may, before the expiry of the period mentioned in section 97(1), notify the person (and any person on whom a copy of the notice had been served) that it has decided -
(3) Where this article applies, the notice to which the request for a reference relates was served under section 70 of the Financial Services Act and the matter was the refusal of an application for the rescission or variation of a prohibition or requirement, the Authority may, before the expiry of the period mentioned in section 97(1), notify the person (and any person on whom a copy of the notice had been served) that it has decided to grant the application.
(4) Where this article applies, the notice to which the request for a reference relates was served under section 70 of the Financial Services Act and the matter was the imposition or variation of a prohibition or requirement which has not yet taken effect, the Authority may, before the expiry of the period mentioned in section 97(1), notify the person (and any person on whom a copy of the notice had been served) that it has decided not to take action in relation to the matter covered by the notice.
(5) Where this article applies and the request for a reference relates to a decision to refuse to give a notice under paragraph 3 or 7(1) of Schedule 6 to the ISD Regulations, the Authority may, before the expiry of the period mentioned in section 97(1), notify the person that it has decided to give (as the case may be) -
(6) Where, before commencement, a substituted notice complying with section 97(5) was served by the Authority pursuant to section 97(4) this article has effect in relation to that notice as if the period mentioned in paragraph (1)(b) was the period of 28 days after the date of service of the original notice or 14 days after the date of service of the substituted notice, whichever ends later.
Effect of notification pursuant to article 103
104.
- (1) Where the Authority notifies the person as described in article 103(2), (3) or (4) the Authority must not refer the matter to the Financial Services Tribunal.
(2) Where the Authority notifies the person pursuant to article 103(2)(a) or (3) that it has decided to grant an application, it must grant the application as it has effect after commencement by virtue of article 3 or 4 of this Order.
(3) Where the Authority notifies the person pursuant to article 103(5) it must (as the case may be) -
Transitional reference to Financial Services Tribunal
105.
- (1) Where the Authority does not notify the person as described in article 103(2), (3), (4) or (5), the Authority must refer the matter to the Financial Services Tribunal.
(2) Notwithstanding the repeal of the Financial Services Act, sections 96, 97(6), 99, 100 and 101 of Schedule 6 to that Act continue to have effect in relation to transitional references with the modifications set out in article 108.
(3) A "transitional reference" is -
(b) a reference made by the Authority to the Financial Services Tribunal under paragraph (1).
Task of the Financial Services Tribunal on transitional reference
106.
- (1) On a transitional reference made at the request of a person falling within section 97(1)(a), the Financial Services Tribunal must -
(2) The Authority must exercise its powers in the manner most appropriate to give effect to the Financial Services Tribunal's recommendations.
(3) The Financial Services Tribunal must send a copy of its report to the person at whose request the case was referred to it.
Appropriate decisions on determination of transitional reference
107.
- (1) Where the transitional reference made at the request of a person falling within section 97(1)(a) concerned a notice served under section 29, 34, or 70 of the Financial Services Act, the Authority may not exercise its powers under section 205 or 206 of the Act in giving effect to the recommendations of the Financial Services Tribunal.
(2) Where the transitional reference made at the request of a person falling within section 97(1)(a) concerned a notice served under section 59(4) or 60 of the Financial Services Act, the Authority may not exercise its powers under Part IV or Part XIII of the Act in giving effect to the recommendations of the Financial Services Tribunal.
Modification of section 100 of Financial Services Act in relation to transitional reference
108.
- (1) Section 100 of the Financial Services Act has effect in relation to a transitional reference as if the following were substituted for subsection (2) -
and notifies the person who requested the reference of that decision.
(2A) But a reference may not be withdrawn under subsection (2) unless the decision to withdraw it is made and the notice is given before any prohibition, requirement or variation has taken effect.".
(2) Section 100 of the Financial Services Act has effect in relation to a transitional reference as if the following were substituted for subsection (5) -
Test to be applied by the Financial Services Tribunal
109.
- (1) Where in any transitional reference the issues arising for consideration included the issue whether a person authorised under the Financial Services Act was a fit and proper person to carry on investment business (within the meaning of that Act), the Financial Services Tribunal must consider instead whether that person is failing or is likely to fail to satisfy the threshold conditions (within the meaning of section 41 of the Act).
(2) Where in any transitional reference the issues arising for consideration included the issue whether a person was a fit and proper person to be employed in connection with investment business (within the meaning of the Financial Services Act) or investment business of a particular kind, the Financial Services Tribunal must consider instead whether that person is a fit and proper person to perform the functions in relation to a regulated activity corresponding to that investment business which he was performing before commencement.
(3) Where in any transitional reference the issues arising for consideration included the issue whether a person was a fit and proper person to be a controller of any description to which regulation 41 of the ISD Regulations applies, the Financial Services Tribunal must consider instead -
Decisions taken by the Authority giving effect to Financial Services Tribunal recommendations
110.
- (1) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section 45, sections 53, 54 and 55 do not apply to the exercise of that power.
(2) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section 52(6) or (7), section 52(9) does not apply to the exercise of that power.
(3) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section 56, sections 57 and 58 do not apply to the exercise of that power.
(4) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section 186(1), 185(1) or 187, section 183(3), 185(3) or 188 (as the case may be) does not apply to the exercise of that power.
(5) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section196 or 200(1), section 197 and section 200(2) to (5) do not apply to the exercise of that power.
(6) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising its power under section 205 or 206, sections 207, 208 and 210(7) do not apply to the exercise of that power.
(7) Where the Authority gives effect to a recommendation of the Financial Services Tribunal by exercising any of the powers mentioned in paragraphs (1) to (6), it shall exercise that power by giving to the parties to the transitional reference a written notice and sections 390(3), (4) and (7) and 391(4) apply to that notice as they apply to a final notice.
Modification of Financial Services Tribunal Rules
111.
The Financial Services Tribunal (Conduct of Investigations) Rules 1988[38] have effect after commencement (notwithstanding the repeal of the Financial Services Act) in relation to a transitional reference with the following modifications -
section 27 of the Banking Act (as it has effect by virtue of the 2BCD Regulations) applies to that decision and the repeal of that Act does not affect the continuity of the period set by or under that Act as the period within which an appeal against that decision may be brought.
Application of the Banking Act to transitional appeals
113.
- (1) Notwithstanding the repeal of the Banking Act, sections 27(4) and (5), 28, 30 and 31 of that Act apply to a transitional Banking Act appeal, subject to the modifications set out in this article.
(2) A "transitional Banking Act appeal" is
(3) In section 27 of the Banking Act, for subsection (5) substitute the following -
(4) In subsection (3) of section 30 of the Banking Act, for the words "appeals under this Part of this Act" are substituted
Task of the banking appeal tribunal in relation to a transitional Banking Act appeal
114.
- (1) On a transitional Banking Act appeal brought by an institution under section 27(1) of the Banking Act, the question for the determination of the banking appeal tribunal is whether, for the reasons adduced by the appellant, the decision was unlawful or was not justified by the evidence on which it was based.
(2) On making its determination, the banking appeal tribunal must remit the matter to the Authority with such directions (if any) as the tribunal considers appropriate for giving effect to its determination.
(3) The Authority must exercise its powers under -
in the manner most appropriate to give effect to the determination of, and any direction given by, the banking appeal tribunal.
(4) Notwithstanding the repeal of the Banking Act, section 29(5), (6) and (8) of that Act apply to a transitional Banking Act appeal brought by a person under section 27(2) of the Banking Act.
(5) The banking appeal tribunal must send a copy of its determination and directions (if any) to the appellant and the Authority.
Decisions taken by the Authority giving effect to banking appeal tribunal determination
115.
- (1) Where the Authority implements a direction given by the banking appeal tribunal by exercising its power under section 45, sections 53, 54 and 55 do not apply to the exercise of that power.
(2) Where the Authority implements a direction given by the banking appeal tribunal by exercising its power under section 52(6) or (7), section 52(9) does not apply to the exercise of that power.
(3) Where the Authority implements a direction given by the banking appeal tribunal by exercising its power under section 186(1), 185(1) or 187, section 183(3), 185(3) or 188 (as the case may be) does not apply to the exercise of that power.
(4) Where the Authority implements a direction given by the banking appeal tribunal by exercising its power under section 196 or 200(1), section 197 and section 200(2) to (5) do not apply to the exercise of that power.
(5) Where the Authority implements a direction giving by the banking appeal tribunal by exercising any of the powers mentioned in paragraphs (1) to (4), it must exercise that power by giving the parties written notice and sections 390(7) and 391(4) apply to that notice as they apply to a final notice.
Test to be applied by banking appeal tribunal
116.
- (1) Where in any transitional Banking Act appeal the issues arising for consideration included the issue whether a person was a fit and proper person to hold a particular position with an institution (within the meaning of Schedule 3 to the Banking Act), the banking appeal tribunal must consider instead whether -
(2) Where in any transitional Banking Act appeal the issues arising for consideration included the issue whether a person was a fit and proper person to be a controller of any description to which section 21 of the Banking Act applies, the banking appeal tribunal must consider instead -
Modifications to Banking Appeal Tribunal Regulations 1987
117.
The Banking Appeal Regulations 1987[39] and the Banking Appeal Tribunal (Scottish Appeals) Regulations 1987[40] continue to apply after commencement (notwithstanding their revocation and the repeal of the Banking Act) with the following modifications -
(c) in regulation 3 for the words "appeals under Part I of the Act" are substituted "transitional Banking Act appeals";
(d) in regulation 8, paragraph (1) is replaced by the following -
(e) in regulation 10, paragraph (2) is omitted;
(f) in regulation 11(1), for the words "of the operation of any restriction or direction or any variation of a restriction or direction" are substituted the words "of a decision";
(g) after regulation 14 is inserted the following regulation -
Preservation of right of appeal under Friendly Societies Act
119.
- (1) In this article a "pre-commencement decision" means -
(2) Where, before commencement -
an appeal may be brought against that decision under section 58(1) or (2) of the original Friendly Societies Act and the repeal of those subsections or the repeal or amendment of the section under which the decision was taken does not affect the continuity of the period set by or under the original Friendly Societies Act as the period within which an appeal against that decision may be brought.
Application of Friendly Societies Act to transitional appeals
120.
- (1) Notwithstanding any repeal or amendment -
(2) A "transitional friendly society appeal" is -
(3) For the purposes of this Chapter, in the provisions mentioned in paragraph (1) -
(4) In section 61(1) of the original Friendly Societies Act, the reference to "the Commission" is to be read as a reference to the Authority and this Chapter applies to any matter remitted to the friendly society tribunal pursuant to that section as it applies to a transitional friendly society appeal.
Task of friendly society tribunal in relation to a transitional friendly society appeal
121.
- (1) On a transitional friendly society appeal brought by a society under section 58(1) of the original Friendly Societies Act, the question for the determination of the friendly society tribunal is whether, for the reasons adduced by the appellant, the decision was unlawful or was not justified by the evidence on which it was based.
(2) On making its determination the friendly society tribunal must remit the matter to the Authority with such directions (if any) as the tribunal considers appropriate for giving effect to its determination.
(3) The Authority must exercise its powers under Part IV of the Act (or under the amended Friendly Societies Act) in the manner most appropriate to give effect to the friendly society tribunal's directions.
Decisions taken by the Authority giving effect to friendly society tribunal determinations
122.
- (1) Where the Authority implements a direction given by a friendly society tribunal by exercising its power under section 45, sections 53, 54 and 55 do not apply to the exercise of that power.
(2) Where the Authority implements a direction given by a friendly society tribunal by exercising its power under section 52(6) or (7), section 52(9) does not apply to the exercise of that power.
(3) Where the Authority implements a direction given by a friendly society tribunal by exercising a power under the amended Friendly Societies Act the procedure provided for under that Act does not apply to the exercise of that power.
(4) Where the Authority implements a direction given by a friendly society tribunal by exercising the powers mentioned in paragraph (1), (2) or (3), it must exercise that power by giving the parties written notice and sections 390(7) and 391(4) apply to that notice as they apply to a final notice.
Test to be applied by friendly society tribunal
123.
- (1) Where in any transitional friendly society appeal the issues arising for consideration included the society's actual or anticipated failure to satisfy one or more of the criteria of prudent management in section 50(3) of the original Friendly Societies Act, the friendly society tribunal must consider instead whether that society is failing or is likely to fail to satisfy the threshold conditions (within the meaning of section 41).
(2) Where in any transitional friendly society appeal the issues arising for consideration included the question whether a person was a fit and proper person to hold the particular position that he held, the friendly society tribunal must consider instead whether that person is a fit and proper person to perform the controlled functions in relation to the regulated activities which correspond to the functions which he was performing before commencement.
Modifications to Friendly Societies Appeal Tribunal Regulations 1993
124.
The Friendly Societies Appeal Tribunal Regulations 1993[42] apply to transitional friendly society appeals after commencement (notwithstanding their revocation and the repeal of section 60 of the original Friendly Societies Act) with the following modifications -
Preservation of right of appeal under Building Societies Act
126.
In this article a "pre-commencement decision" means -
(2) Where, before commencement -
an appeal may be brought against that decision under section 46(1) or (2) of the original Building Societies Act and the repeal of that section or the repeal or amendment of the section under which the decision was taken does not affect the continuity of the period set by or under that Act as the period within which an appeal against that decision may be brought.
Application of original Building Societies Act to transitional appeals
127.
- (1) Notwithstanding the repeal or amendment of provisions in the original Building Societies Act subsections (5) and (6) of section 46, subsections (1), (2), (3), (3A), (5) and (11) of section 47 and sections 48 and 49 of that Act apply to transitional building society appeals, subject to the modifications set out in this article.
(2) A "transitional building society appeal" is -
(3) For the purposes of this Chapter, in the provisions mentioned in paragraph (1) -
(4) In section 46(5) of the original Building Societies Act, the reference to subsection (3) of that section is omitted.
(5) In section 49 of the original Building Societies Act, the reference to "the Commission" is to be read as a reference to the Authority and this Chapter applies to any matter remitted to the building society tribunal pursuant to that section as it applies to a transitional building society appeal.
Task of the building society tribunal in relation to a transitional building society appeal
128.
- (1) On a transitional building society appeal brought under section 46(1) or (2) of the original Building Societies Act, the question for the determination of the building society tribunal is whether, for the reasons adduced by the appellant, the decision was unlawful or was not justified by the evidence on which it was based.
(2) On making its determination the building society tribunal must remit the matter to the Authority with such directions (if any) as the tribunal considers appropriate for giving effect to its determination.
(3) The Authority must exercise its powers under -
in the manner most appropriate to give effect to the building society tribunal's direction.
Decisions taken by the Authority giving effect to building society tribunal determinations
129.
Article 122 applies (with appropriate modifications) where the Authority gives effect to a direction given by a building society tribunal as it applies in respect of directions given by a friendly society tribunal.
Test to be applied by building society tribunal
130.
- (1) Where in any transitional building society appeal the issues arising for consideration included the society's actual or anticipated failure to satisfy one or more of the criteria of prudent management in section 45 of the original Building Societies Act, the building society tribunal must consider instead whether that society is failing or is likely to fail to satisfy the threshold conditions (within the meaning of section 41).
(2) Where in any transitional building society appeal the issues arising for consideration included whether a person was a fit and proper person to hold the particular position that he held, the building society tribunal must consider instead whether that person is a fit and proper person to perform the controlled functions in relation to the regulated activities which correspond to the functions he was performing before commencement.
Modifications to Building Societies Appeal Tribunal Regulations 1987
131.
The Building Societies Appeal Tribunal Regulations 1987[43] apply to transitional building society appeals after commencement (notwithstanding their revocation and the repeal of section 48 of the original Building Societies Act) with the following modifications -
Tony McNulty
Graham Stringer
Two of the Lords Commissioners of Her Majesty's Treasury
6th November 2001
2.
The Tribunal may adapt the Rules when considering a reference made under article 62, 79 or 95 in any manner it considers necessary or expedient having regard to the provisions of Part VI of this Order and the modifications made to the Rules by this Schedule are without prejudice to that power.
3.
Where a matter is referred to the Tribunal under article 62, the Rules apply to that reference with the modifications set out in paragraphs 4 to 12.
4.
The references in the following rules to "the Authority notice" are to be taken as references to the determination of the interim tribunal under article 58(3) -
5.
In a reference where the applicant is the Authority, rule 4(7) has effect as if -
6.
In a case where the Authority is not the applicant rule 5(1) and (2) applies as if the references to the referred action were references to the determination of the interim tribunal.
7.
In a case where the Authority is the applicant -
8.
In a case where the Authority is the applicant, the following rules apply as if references to the applicant were references to the other party -
9.
Rule 10(2)
applies as if the words from "interests of justice" to the end of that paragraph were omitted.
10.
Rule 11 applies as if the reference to the referred action were a reference to the failure, misconduct or other contravention which was the subject of the incomplete disciplinary proceedings determined by the interim tribunal.
11.
In a case where the Authority is the applicant, rule 14 has effect as if the references to the Authority in paragraphs (2) and (3)(a) were references to the other party.
12.
The duties of the Authority to set out information under rule 5(2) (statement of case) or to list material under rule 5(3) or 7(1) (lists of documents and further material) apply only to information, documents or material which relates to the issue that the Tribunal may consider in accordance with article 62(2)
13.
Where a matter is referred to the Tribunal under article 79, the Rules apply to that reference with the modifications set out in paragraphs 14 to 16.
14.
The references in the following rules to "the Authority notice" are to be taken to be references to the decision to impose a disciplinary measure within the meaning of article 76 -
15.
The references in the following rules to the "referred action" are to be taken to be references to the decision to impose a disciplinary measure within the meaning of article 76 -
16.
The duties of the Authority to set out information under rule 5(2) (statement of case) or to list material under rule 5(3) or 7(1) (lists of documents and further material) apply only to information, documents or material which relate to the issues that the Tribunal may consider in accordance with article 79(2).
17.
Where a matter is referred to the Tribunal by a third party under article 95(2), the Rules apply to that reference -
[9] S.I. 1992/3218 amended by S.I. 1993/3225, S.I. 1995/1217, S.I. 1995/1442, S.I. 1996/1669, S.I. 1999/2094 and S.I. 2000/2952.back
[10] S.I. 1995/3275 amended by the Bank of England Act 1998 (c. 11) and by S.I. 1996/1669 and S.I. 2000/2952.back
[12] Such an application is made under the Lloyd's Underwriting Agents' Byelaw (No. 4 of 1984)back
[13] Section 12A was inserted by the 3ID Regulations and has been amended by S.I. 1997/2781.back
[16] Schedule 13 was amended by S.I. 1994 1984.back
[17] Section 52A was inserted by S.I. 1994/1984 and has been amended by S.I. 1997/2849.back
[18] Schedule 7A was inserted by the Building Societies Act 1997, Schedule 3.back
[19] Section 36 was substituted by the Building Societies Act 1997, section 13(1).back
[20] Section 46A was inserted by paragraph 148 of Schedule 3 to the Mutual Societies Order.back
[21] Section 36A was inserted by the Building Societies Act 1997, section 14.back
[22] Section 36A(5) was substituted by paragraph 142(c) of Schedule 3 to the Mutual Societies Order.back
[23] Section 42B was inserted by the Building Societies Act 1997, section 17.back
[24] Section 42C was inserted by the Building Societies Act 1997, section 18.back
[25] Section 46A was inserted by paragraph 148 of the Schedule 3 to the Mutual Societies Order.back
[26] Section 46A(3) was inserted by paragraph 148 of Schedule 3 to the Mutual Societies Order.back
[27] This period is currently 4 months: see the Financial Services (Schemes Authorised in Designated Countries or Territories) (Notification) Regulations 1989 (S.I. 1989/1584).back
[28] Section 60 has been amended by the 3ID Regulations and by the Transfer of Functions (Insurance) Order 1997 (S.I. 1997/2781).back
[29] Schedule 2D to the Insurance Companies Act was inserted by the 3ID Regulations and has been amended by S.I. 1997/2781.back
[30] Subsection (3A) was substituted for the original subsection (3) by the 3ID Regulations and has been amended by S.I. 1997/2781.back
[33] Reg. 2C was inserted by S.I. 1999/2094, reg. 2(1), (3). The status of an EEA firm which has complied with corresponding requirements within the meaning of that regulation is provided for in the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (S.I. 2001/3084).back
[34] Schedule 2G was inserted by the 3ID Regulations and has been amended by S.I. 1997/2781.back
[35] Schedule 13B was inserted by S.I. 1994/1984 and has been amended by S.I. 1997/2489.back
[36] The reference in section 97 to a notice served under section 29 of the Financial Services Act includes a reference to a notice served under Schedule 4, paragraph 1 to the 2BCD Regulations or to the ISD Regulations (imposing a prohibition under regulation 15) (see Schedule 4 paragraph 2 of the ISD Regulations and the 2BCD Regulations); the reference in section 97 to a notice served under section 59(4) includes a reference to a notice of objection served by the Authority under regulation 42 of the ISD Regulations (see regulation 42(10) of the ISD Regulations).back
[39] S.I. 1987/1299. The Regulations were amended by S.I. 1993/982 and S.I. 1998/1129.back
[40] S.I. 1987/1336. The Regulations were amended by S.I. 1993/1061 (S.150) and S.I. 1998/1129.back
[41] Subsection (3A) was inserted by the Judicial Pensions and Retirement Act 1993.back
[43] S.I. 1987/891. The Regulations have been amended by the 2BCD Regulations, by S.I. 1993/983 and S.I. 1999/678.back