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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Transitional Provisions) (Controllers) Order 2001 URL: https://www.bailii.org/uk/legis/num_reg/2001/20012637.html |
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Made | 19th July 2001 | ||
Laid before Parliament | 20th July 2001 | ||
Coming into force in accordance with article 1 |
1. | Citation and commencement |
2. | Definitions |
3. | Notices of control |
4. | Notices of control: supplementary |
5. | Approval given before commencement |
6. | Preliminary notice of objection to notice of control |
7. | Failure to notify proposed acquisition of interest |
8. | Preliminary notice following failure to notify |
9. | Preliminary notice of imposition of conditions |
10. | Conditions imposed before commencement |
11. | Objection to existing controller: preliminary notice served before commencement |
12. | Objection to existing controller: no action taken before commencement |
13. | Improperly acquired shares |
14. | Notification on becoming aware of acquisition |
15. | Cessation of control |
(2) Any reference in this Order to a section is, unless the context otherwise requires, a reference to that section of the Act.
Notices of control
3.
- (1) Where -
Notices of control: supplementary
4.
- (1) Where the Regulator has served a request for information or documents on a person who has served a notice of control having effect under article 3 and that request has not been complied with before commencement, the request is to be treated after commencement as if it had been made by the Authority under section 182(2) and as if it required the information or documents to be provided to the Authority.
(2) In relation to a notice of control having effect under article 3, the period of consideration for the purposes of section 183 -
Approval given before commencement
5.
- (1) This article applies to a person who, before commencement -
(5) Section 184(3) applies to a person falling within paragraph (3) as if -
(6) For the purposes of this article a "former approval power" is -
Preliminary notice of objection to notice of control
6.
- (1) Where, before commencement, a preliminary notice was served on a person in relation to a notice to which article 3 applies, but no notice of objection was served by the Regulator 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 any recipient of the notice of that fact.
(2) For the purposes of paragraph (1), a "preliminary notice" is a notice served under -
(3) Paragraph (1) does not affect the power of the Authority to serve a notice under section 183(3) or 185(3) in respect of the notice of control having effect under article 3 and for the purposes of section 183, there is added to the period of consideration any time between the service of the preliminary notice and commencement.
Failure to notify proposed acquisition of interest
7.
- (1) Where -
Preliminary notice following failure to notify
8.
- (1) Where -
(3) Where a notice has effect under paragraph (1) -
(4) In this article "preliminary notice" has the same meaning as in article 6.
Preliminary notice of imposition of conditions
9.
- (1) Where -
(3) Where a notice has effect under paragraph (1) -
Conditions imposed before commencement
10.
- (1) For the purposes of section 185(5) and (6) and 187(3)(b) conditions imposed under paragraph 3 of Schedule 2D or paragraph 5 of Schedule 13A are to be treated after commencement as if they had been imposed under section 185(1).
(2) Paragraph (1) applies only if the person concerned (within the meaning of Schedule 2D or 13A) is, after commencement, a controller of a UK authorised person within the meaning of Part XII of the Act.
Objection to existing controller: preliminary notice served before commencement
11.
- (1) Where -
(3) Where a notice has effect under paragraph (1) -
(4) For the purposes of this article, a preliminary notice is a notice served under -
Objection to existing controller: no action taken before commencement
12.
- (1) For the avoidance of doubt, the Authority may exercise the power in section 187(3) regardless of whether the person acquired the interest which results in him being treated as a controller of a UK authorised person before or after commencement.
(2) In relation to a person who was, before commencement, an existing controller within the meaning of section 24 of the Banking Act, paragraph 4 of Schedule 2D or paragraph 6 of Schedule 13A, the period of three months referred to in section 187(3) is treated as beginning on the day on which either the Regulator or the Authority became aware of the matters in question, whichever is the earlier.
Improperly acquired shares
13.
- (1) Where, before commencement, a direction has been served on a person pursuant to regulation 44(2) of the ISD Regulations or paragraph 7(2) of Schedule 13A, that direction is treated after commencement as if it were a restriction notice served under section 189(2)(b), but subsections (3) to (9) of that section do not apply to such a notice.
(2) Where, before commencement, a direction has been served under section 26(2) of the Banking Act or paragraph 5 of Schedule 2D, the direction is to be treated after commencement as if it were a restriction notice served under section 189(2) and subsection (3) of that section has effect as if the shares which are the subject of that notice were shares to which section 189 applies.
(3) Where, before commencement, the Authority had power to serve a direction under regulation 44 of the ISD Regulations or paragraph 7 of Schedule 13A but had not given such a direction, the Authority may exercise the power in section 189(2) but only to impose the restriction mentioned in subsection (2)(b) of that section.
(4) Where, before commencement, the Authority had power to serve a direction under section 26 of the Banking Act or paragraph 5 of Schedule 2D, but has not served such a direction, the Authority may exercise the power in section 189(2).
(5) This article applies only where the holder of the shares which are or will be subject to the restriction notice is, after commencement, a controller of a UK authorised person within the meaning of Part XII of the Act.
Notification on becoming aware of acquisition
14.
Where, before commencement -
section 191(10) applies to him and the period of fourteen days referred to in that subsection is treated as beginning on the day on which he became aware of the fact referred to in paragraph (a).
Cessation of control
15.
- (1) Where -
section 190(1) applies to that person.
(2) Where -
(b) the time for notifying had not expired before commencement; and
(c) the change in circumstances to which the obligation relates would, if it occurred after commencement, place him under an obligation to notify in accordance with section 190(2),
section 190(2) applies to that person.
(3) Where section 190(2) applies to a person falling within paragraph (2)(a)(i) or (ii), the period of fourteen days referred to in that section begins on the date he first became aware of the circumstances giving rise to the obligation in question.
(4) Where section 190(2) applies to a person falling within paragraph (2)(a)(iii) or (iv), the period of fourteen days referred to in that section begins at commencement.
Tony McNulty
Graham Stringer
Two of the Lords Commissioners of Her Majesty's Treasury
19th July 2001
[6] Section 37A was inserted by the 2BCD Regulations, reg. 35.back
© Crown copyright 2001