SCHEDULES
SCHEDULE 13Ownership of licensed bodies
Part 3Approval of restricted interests after licence is issued
Powers of licensing authority where no change of interests
Objection to existing restricted interest
I136
I31
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—
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.
I22
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.
I33
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.
I34
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—
I3a
specify the reasons for the proposed objection, and
I2b
state that representations may be made to the licensing authority within the prescribed period.
I26
The licensing authority must consider any representations made within the prescribed period.
I37
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.
I38
The notice must—
a
specify the reasons for the objection, and
b
explain the effect of Part 5 of this Schedule.