36(1)The relevant licensing authority may object to a person's holding of a restricted interest in a licensed body (or a restricted interest of a particular kind) if—E+W
(a)it is not satisfied that the approval requirements are met in relation to the person's holding of that interest, or
(b)it is satisfied that a condition imposed under paragraph 17, 28 or 33 on the person's holding of the interest has not been, or is not being, complied with.
(2)The licensing authority may act under sub-paragraph (1) only before the end of such period (beginning with the time when the licensing authority becomes aware of the matters in question) as may be prescribed.
(3)If the licensing authority proposes to object to a person's holding of the restricted interest, it must give the person and the licensed body a warning notice.
(4)But the licensing authority may object to the person's holding of the restricted 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.
(5)The warning notice must—
(a)specify the reasons for the proposed objection, and
(b)state that representations may be made to the licensing authority within the prescribed period.
(6)The licensing authority must consider any representations made within the prescribed period.
(7)If the licensing authority objects to the person's holding of the restricted interest, it must notify the person and the licensed body of its objection as soon as reasonably practicable.
(8)The notice must—
(a)specify the reasons for the objection, and
(b)explain the effect of Part 5 of this Schedule.
Commencement Information
I1Sch. 13 para. 36 partly in force; Sch. 13 para. 36 not in force at Royal Assent see s. 211; Sch. 13 para. 36(2)(5)(b)(6) in force for certain purposes at 1.1.2009 by S.I. 2008/3149, art. 2(d)(iv)
I2Sch. 13 para. 36(1)(3)(4)(5)(a)(7)(8) in force at 1.10.2011 by S.I. 2011/2196, art. 2(1)(d)
I3Sch. 13 para. 36(2)(5)(b)(6) in force at 1.10.2011 in so far as not already in force by S.I. 2011/2196, art. 2(1)(d)