{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-3",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-3.json",
  "legislation": "ukpga/2023/29",
  "legislation_title": "Financial Services and Markets Act 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023",
  "path": "schedule/11/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": "Safeguards relating to directions under paragraph 2",
  "text": "(1) A direction given to a relevant person under paragraph 2 must be accompanied by a notice which—\n(a) states when the direction takes effect (see sub-paragraphs (2) and (3)),\n(b) gives the Bank’s reasons for giving the direction, and\n(c) specifies a reasonable period within which the person may make representations to the Bank about the direction.\n(2) The direction may, if the Bank considers it necessary, take effect—\n(a) immediately it is given to the relevant person, or\n(b) on a later date specified in the direction.\n(3) In any other case the direction takes effect when—\n(a) it has been confirmed by a notice under sub-paragraph (5), and\n(b) the period during which the direction may be referred to the Upper Tribunal (under sub-paragraph (6)) has expired and, if the matter was so referred, the reference and any appeal against the Tribunal’s determination, has been finally disposed of.\n(4) Where representations are made by the relevant person within the period specified under sub-paragraph (1)(c), the Bank must, within a reasonable period, consider those representations and decide—\n(a) whether to confirm or revoke the direction, and\n(b) if the direction is revoked, whether to give a different direction.\n(5) The Bank must—\n(a) if no representations are made within that specified period, give the relevant person written notice that the direction is confirmed, and\n(b) if representations are made, give the relevant person written notice of its decision under sub-paragraph (4).\n(6) If the relevant person is aggrieved by the confirmation of the direction, the person may refer the matter to the Upper Tribunal.\n(7) A notice under sub-paragraph (5)(a) or (b) confirming the direction must—\n(a) inform the relevant person of the right to refer the matter to the Upper Tribunal, and\n(b) indicate the procedure on such a reference.\n(8) A notice given under sub-paragraph (5)(b) of a decision by the Bank to give a different direction must comply with sub-paragraph (1).\n(9) The Bank must prepare and publish a statement of its policy with respect to the giving of directions under paragraph 2.\n(10) The Bank may alter or replace a statement of policy published under this paragraph.\n(11) The Bank must publish a statement as altered or replaced under sub-paragraph (10).\n(12) No directions may be given under paragraph 2 before the statement of policy under sub-paragraph (9) has been published.\n(13) In this paragraph “relevant person” means—\n(a) a CCP, or\n(b) a parent of a CCP.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 3 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 3(1)-(8)(12)(13) in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)"
    },
    {
      "type": "I",
      "label": "I3",
      "text": "Sch. 11 para. 3(9)-(11) in force at 29.8.2023 by S.I. 2023/779, reg. 4(ddd)(i)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/3",
    "retrieved_at": "2026-10-29T08:52:13.792774+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}