§ 60 — Objection to existing control of operator

60.—(1) The Authority may serve a written notice of objection on any person that is a 5% controller, a 12% controller, a 20% controller or an indirect controller of an operator, or is required to obtain or has obtained the Authority’s approval under section 59(3) of an application made under section 59(1) or (2), if the Authority is satisfied that —(a)

any condition for that approval imposed on the person under section 59(4) or (5) has not been complied with;

(b)

it is no longer in the public interest to allow the person to continue to be —(i)

a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator; or

(ii)

in the case of an approval of an application under section 59(2) — a party to the agreement or arrangement described in section 59(2);

(c)

the person has provided any false or misleading information or document in connection with an application under section 59(1) or (2);

(d)

the person is no longer a fit and proper person under the Guidelines on Fit and Proper Criteria;

(e)

having regard to the likely influence of the person, the operator is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or

(f)

the Authority would not have been satisfied as to any of the matters specified in section 59(3) had the Authority been aware, at that time, of circumstances relevant to the person’s application under section 59(1) or (2).

(2) Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so —(a)

notify the person of the Authority’s intention to serve the written notice of objection; and

(b)

specify a date by which the person may make written representations with regard to the proposed written notice of objection.

(3) The Authority must consider any written representations that the Authority receives before the date mentioned in subsection (2)(b), for the purpose of determining whether to issue a written notice of objection.

(4) The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must —(a)

cease to be a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator;

(b)

if the person had made an application under section 59(2) — take such steps as are necessary to cease to be a party to the agreement or arrangement described in section 59(2); or

(c)

comply with such direction as the Authority may make under section 61.

(5) A person that has been served with a written notice of objection must comply with that notice.

—(1) The Authority may serve a written notice of objection on any person that is a 5% controller, a 12% controller, a 20% controller or an indirect controller of an operator, or is required to obtain or has obtained the Authority’s approval under section 59(3) of an application made under section 59(1) or (2), if the Authority is satisfied that —(a)

any condition for that approval imposed on the person under section 59(4) or (5) has not been complied with;

(b)

it is no longer in the public interest to allow the person to continue to be —(i)

a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator; or

(ii)

in the case of an approval of an application under section 59(2) — a party to the agreement or arrangement described in section 59(2);

(c)

the person has provided any false or misleading information or document in connection with an application under section 59(1) or (2);

(d)

the person is no longer a fit and proper person under the Guidelines on Fit and Proper Criteria;

(e)

having regard to the likely influence of the person, the operator is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or

(f)

the Authority would not have been satisfied as to any of the matters specified in section 59(3) had the Authority been aware, at that time, of circumstances relevant to the person’s application under section 59(1) or (2).

(2) Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so —(a)

notify the person of the Authority’s intention to serve the written notice of objection; and

(b)

specify a date by which the person may make written representations with regard to the proposed written notice of objection.

(3) The Authority must consider any written representations that the Authority receives before the date mentioned in subsection (2)(b), for the purpose of determining whether to issue a written notice of objection.

(4) The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must —(a)

cease to be a 5% controller, a 12% controller, a 20% controller or an indirect controller (as the case may be) of the operator;

(b)

if the person had made an application under section 59(2) — take such steps as are necessary to cease to be a party to the agreement or arrangement described in section 59(2); or

(c)

comply with such direction as the Authority may make under section 61.

(5) A person that has been served with a written notice of objection must comply with that notice.