SCHEDULES

SCHEDULE 13Ownership of licensed bodies

Part 3Approval of restricted interests after licence is issued

Powers of licensing authority in relation to change of interests

Objection to acquisition of notifiable interest

I131

I31

If the licensing authority is not satisfied that the approval requirements are met in relation to the investor's holding of the notifiable interest, it may object to the investor's holding of that interest.

I32

If the licensing authority proposes to object to the investor's holding of the notifiable interest, it must give the investor and the licensed body a warning notice.

I33

But the licensing authority may object to the investor's holding of the notifiable interest without giving a warning notice if it considers it necessary or desirable to do so for the purpose of protecting any of the regulatory objectives.

4

The warning notice must—

I3a

specify the reasons for the proposed objection, and

I2b

state that representations may be made to the licensing authority within the prescribed period.

I25

The licensing authority must consider any representations made within the prescribed period.

I36

If the licensing authority objects to the investor's holding of the notifiable interest, it must notify the investor and the licensed body of its objection as soon as reasonably practicable.

I37

The notice must—

a

specify the reasons for the objection, and

b

explain the effect of Part 5 of this Schedule.