Section 321 Requirements imposed under section 320.I1

United Kingdom

(1)

A requirement imposed under section 320 takes effect—

(a)

immediately, if the notice given under subsection (2) states that that is the case;

(b)

in any other case, on such date as may be specified in that notice.

(2)

If F1the PRA proposes to impose a requirement on a former underwriting member (“A”) under section 320, or imposes such a requirement on him which takes effect immediately, it must give him written notice.

(3)

The notice must—

(a)

give details of the requirement;

(b)

state F2the PRA's reasons for imposing it;

(c)

inform A that he may make representations to the F3PRA within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);

(d)

inform him of the date on which the requirement took effect or will take effect; and

(e)

inform him of his right to refer the matter to the Tribunal.

(4)

The F4PRA may extend the period allowed under the notice for making representations.

(5)

If, having considered any representations made by A, the PRA decides—

(a)

to impose the proposed requirement, or

(b)

if it has been imposed, not to revoke it,

it must give him written notice.

(6)

If the PRA decides—

(a)

not to impose a proposed requirement, or

(b)

to revoke a requirement that has been imposed,

it must give A written notice.

(7)

If the PRA decides to grant an application by A for the variation or revocation of a requirement, it must give him written notice of its decision.

(8)

If the PRA proposes to refuse an application by A for the variation or revocation of a requirement it must give him a warning notice.

(9)

If the PRA, having considered any representations made in response to the warning notice, decides to refuse the application, it must give A a decision notice.

(10)

A notice given under—

(a)

subsection (5), or

(b)

subsection (9) in the case of a decision to refuse the application,

must inform A of his right to refer the matter to the Tribunal.

(11)

If the F5PRA decides to refuse an application for a variation or revocation of the requirement, the applicant may refer the matter to the Tribunal.

(12)

If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

F6(13)

Before giving a notice under any provision of this section, the PRA must consult the FCA.

Annotations

Textual amendments

F1: Words in s. 321(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 321(3)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Word in s. 321(3)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: Word in s. 321(4)-(9) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5: Word in s. 321(11) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6: S. 321(13) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(10)(d), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 321 wholly in force at 1.12.2001; s. 321 not in force at Royal Assent see s. 431(2); s. 321 in force for certain purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 321 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)