Date-stamp loading
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 13 July 2016 - onwards
  Version 2 of 2    

Regulation 10 Directions: procedure

(1) Before giving a direction under regulation 9 the FCA must give written notice of its intention to do so to the non-authorised counterparty concerned.

(2) A notice under paragraph (1) must -

(a) state why the FCA intends to give the direction; and

(b) state a period of time during which representations may be made to the FCA about the proposed direction.

(3) Before the end of the period for making representations, the non-authorised counterparty may make representations to the FCA.

(4) The period for making representations may, in any particular case, be extended by the FCA.

(5) In deciding whether to give a direction, the FCA must have regard to any representations made in accordance with paragraph (3).

(6) When the FCA has decided whether to give a direction under regulation 9, it must give the non-authorised counterparty written notice of its decision.

(7) If the FCA considers it necessary to do so, it may give a direction under regulation 9 -

(a) without following the procedure

Comparing proposed amendment...