Section 22 Objection to new or increased control.
United Kingdom
The F1Authority may serve a notice of objection under this section on a person who has given a notice under section 21 above unless it is satisfied—
that the person concerned is a fit and proper person to become a controller of the description in question of the institution;
that the interests of depositors and potential depositors of the institution would not be in any other manner threatened by that person becoming a controller of that description of the institution; and
without prejudice to paragraphs (a) and (b) above, that, having regard to that person’s likely influence on the institution as a controller of the description in question the criteria in Schedule 3 to this Act would continue to be fulfilled in the case of the institution or, if any of those criteria is not fulfilled, that that person is likely to undertake adequate remedial action.
Before deciding whether or not to serve a notice of objection under this section in any case where—
the person concerned is, or is a parent controller of, a credit institution which is for the time being authorised to act as such an institution by the relevant supervisory authority in another member State; and
the notice under section 21 above stated an intention to become a parent controller,
the Authority shall consult that authority.
Before serving a notice of objection under this section the Authority shall serve the person concerned with a preliminary written notice stating that the Authority is considering the service on that person of a notice of objection; and that notice—
shall specify which of the matters mentioned in subsection (1) above the Authority is not satisfied about and, subject to subsection (5) below, the reasons for which it is not satisfied; and
shall give particulars of the rights conferred by subsection (3) below.
A person served with a notice under subsection (2) above may, within the period of one month beginning with the day on which the notice is served, make written representations to the Authority; and where such representations are made the Authority shall take them into account in deciding whether to serve a notice of objection.
A notice of objection under this section shall—
specify which of the matters mentioned in subsection (1) above the Authority is not satisfied about and, subject to subsection (5) below, the reasons for which it is not satisfied; and
give particulars of the rights conferred by section 27 below.
Subsections (2)(a) and (4)(a) above shall not require the Authority to specify any reason which would in its opinion involve the disclosure of confidential information the disclosure of which would be prejudicial to a third party.
Where a person required to give a notice under section 21 above in relation to his becoming a controller of any description becomes a controller of that description without having given the notice the Authority may serve him with a notice of objection under this section at any time within three months after becoming aware of his having done so and may, for the purpose of deciding whether to serve him with such a notice, require him by notice in writing to provide such information or documents as the Authority may reasonably require.
The period mentioned in section 21(1)(b) above (with any extension under subsection (4) of that section) and the period mentioned in subsection (6) above shall not expire, if it would otherwise do so, until fourteen days after the end of the period within which representations can be made under subsection (3) above.
Annotations
Textual amendments
- F1
Words in s. 22 substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 9; S.I. 1998/1120, art.2
- F2
S. 22(1A) inserted (1.1.1993) by S.I. 1992/3218, reg. 31(2).
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)
Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2