Paragraph 11 F1

The provisions listed in paragraph 1 have effect as if after section 153 there were inserted—

“Withdrawal notices

Withdrawal notices

153A

(1)

The F2Commission may, by written notice (a “withdrawal notice”), withdraw the qualified status from a trust service provider, or the qualified status of a service provided by a trust service provider, if—

(a)

the Commission is satisfied that the trust service provider has failed to comply with an information notice or an enforcement notice, and

(b)

the condition in subsection (2) or (3) is met.

(2)

The condition in this subsection is met if the period for the trust service provider to appeal against the information notice or enforcement notice has ended without an appeal having been brought.

(3)

The condition in this subsection is met if an appeal against the information notice or enforcement notice has been brought and—

(a)

the appeal and any further appeal in relation to the notice has been decided or has otherwise ended, and

(b)

the time for appealing against the result of the appeal or further appeal has ended without another appeal having been brought.

(4)

A withdrawal notice must—

(a)

state when the withdrawal takes effect, and

(b)

provide information about the rights of appeal under section 162.”