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Financial Services and Markets Act 2000, Section 313BC is up to date with all changes known to be in force on or before 23 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies where, having considered any representations made in response to a warning notice, the [F3FCA] has decided whether to grant an application for revocation made under section 313BB.
(2)The [F3FCA] must give written notice in accordance with subsection (3) if—
(a)in the case of a requirement imposed on an institution, the [F3FCA] decides to revoke the requirement, or
(b)in the case of a requirement imposed on a class, the [F3FCA] makes a decision which has the effect that the requirement will no longer apply to the applicant (whether or not it will continue to apply to other members of the class).
(3)The written notice must be given to—
(a)the applicant, and
(b)the issuer of the financial instrument in question (if any).
(4)If the [F3FCA] is required to give written notice under subsection (2) in relation to a requirement imposed on a class, the [F3FCA] must also give notice of its decision by publishing it by means of a regulatory information service.
(5)The [F3FCA] must give a decision notice in accordance with subsection (6) if—
(a)in the case of a requirement imposed on an institution, the [F3FCA] decides not to revoke the requirement, or
(b)in the case of a requirement imposed on a class, the [F3FCA] makes a decision which has the effect that the requirement will continue to apply to the applicant (whether or not it will continue to apply to other members of the class).
(6)The decision notice must be given to—
(a)the applicant, and
(b)the issuer of the financial instrument in question (if any).
(7)If the [F3FCA] is required to give a decision notice in relation to a requirement imposed on a class, the [F3FCA] must also give notice of its decision by publishing it by means of a regulatory information service.
(8)If the [F3FCA] gives a decision notice, the recipient may refer the matter to the Tribunal.]]
Textual Amendments
F1Pt. 18A inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(3), Sch. 3 para. 1
F2Ss. 313BA-313BE inserted (9.4.2010) by The Financial Services and Markets Act 2000 (Amendments to Part 18A etc.) Regulations 2010 (S.I. 2010/1193), reg. 4
F3Word in Pt. 18A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 36(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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