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Provision affected |
Amendment |
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1. |
Substitute the following subsection for subsection (7): |
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"(7) A refusal by the supervisory authority to approve a compensation scheme in accordance with this section is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.". |
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2. |
Substitute the following section for section 26: |
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"Revocation of approval of compensation scheme. |
26. (1) The supervisory authority may, following consultation with the Company, revoke the approval of a compensation scheme if— (a) that authority considers that the operator of the compensation scheme is not complying or has not complied with conditions or requirements imposed by it under section 25, or |
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(b) conditions have materially changed since the granting of the approval such that, if an application for approval were made at the relevant time, a different decision would be taken in re |
Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards