Section 309P Procedure for withdrawing approvalF1

(1)

If the appropriate regulator proposes to withdraw an approval given under section 309G, it must—

(a)

comply with such consultation requirements as may be prescribed, and

(b)

give each of the interested parties a warning notice.

(2)

If the appropriate regulator decides to withdraw the approval, it must give each of the interested parties a decision notice.

(3)

If the appropriate regulator decides to withdraw the approval, each of the interested parties may refer the matter to the Tribunal.

(4)

In this section, “the interested parties”, in relation to an approval given under section 309G, are—

(a)

the relevant recognised body on whose application the approval was given,

(b)

the person in relation to whom the approval was given, and

(c)

the person by whom that person’s services are retained, if not the relevant recognised body.

Annotations

F1: Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1

F1: Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
F2: Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)

C1: Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))