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Financial Services Act 2010

Financial Services Act 2010 Sch 2 para 9

Sch 2 para 9

(1) Section 67 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows. (2) In subsection (1), at the end insert “ ; and if it proposes to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a warning notice. ” (3) After subsection (2) insert— (2A) A warning notice about a proposal— (a) to suspend an approval, or (b) to impose a restriction in relation to the performance of a function, must state the period for which the suspension or restriction is to have effect. (4) In subsection (4), at the end insert “ ; and if it decides to take action under subsection (3)(aa) or (ab) of that section, it must also give each of the other interested parties a decision notice. ” (5) After subsection (5) insert— (5A) A decision notice about— (a) the suspension of an approval, or (b) the imposition of a restriction in relation to the performance of a function, must state the period for which the suspension or restriction is to have effect. (6) In subsection (7), at the end insert “ ; and if the Authority decides to take action under section 66(3)(aa) or (ab), each of the other interested parties may also refer the matter to the Tribunal. ” (7) After that subsection insert— (8) Approval” means an approval given under section 59. (9) “ Other interested parties ”, in relation to an approved person (“A”), are— (a) the person on whose application the approval was given (“B”); and (b) the person by whom A's services are retained, if not B. The reference in this subsection to an approved person has the same meaning as in section 64.

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