Financial Services and Markets Bill - continued        House of Lords

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  PART XXVI
  NOTICES
 
Warning notices
Warning notices.     380. - (1) A warning notice must-
 
 
    (a) state the action which the Authority proposes to take;
 
    (b) be in writing;
 
    (c) give reasons for the proposed action;
 
    (d) state whether section 387 applies; and
 
    (e) if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it.
      (2) The warning notice must specify a reasonable period (which may not be less than 28 days) within which the person to whom it is given may make representations to the Authority.
 
      (3) The Authority may extend the period specified in the notice.
 
      (4) The Authority must then decide, within a reasonable period, whether to give the person concerned a decision notice.
 
 
Decision notice
Decision notices.     381. - (1) A decision notice must-
 
 
    (a) be in writing;
 
    (b) give the Authority's reasons for the decision to take the action to which the notice relates;
 
    (c) state whether section 387 applies;
 
    (d) if that section applies, describe its effect and state whether any secondary material exists to which the person concerned must be allowed access under it; and
 
    (e) give an indication of-
 
      (i) any right to have the matter referred to the Tribunal which is given by this Act; and
 
      (ii) the procedure on such a reference.
      (2) If the decision notice was preceded by a warning notice, the action to which the decision notice relates must be action under the same Part as the action proposed in the warning notice.
 
      (3) The Authority may, before it takes the action to which a decision notice ("the original notice") relates, give the person concerned a further decision notice which relates to different action in respect of the same matter.
 
      (4) The Authority may give a further decision notice as a result of subsection (3) only if the person to whom the original notice was given consents.
 
      (5) If the person to whom a decision notice is given under subsection (3) had the right to refer the matter to which the original decision notice related to the Tribunal, he has that right as respects the decision notice under subsection (3).
 
Notice of discontinuance.     382. - (1) If the Authority decides not to take-
 
 
    (a) the action proposed in a warning notice, or
 
    (b) the action to which a decision notice relates,
       it must give a notice of discontinuance to the person to whom the warning notice or decision notice was given.
 
      (2) But subsection (1) does not apply if the discontinuance of the proceedings concerned results in the granting of an application made by the person to whom the warning or decision notice was given.
 
      (3) A notice of discontinuance must identify the proceedings which are being discontinued.
 
Final notice.     383. - (1) If the Authority has given a person a decision notice and the matter was not referred to the Tribunal within the period mentioned in section 128(1), the Authority must, on taking the action to which the decision notice relates, give the person concerned and any person to whom the decision notice was copied a final notice.
 
      (2) If the Authority has given a person a decision notice and the matter was referred to the Tribunal, the Authority must, on taking action in accordance with any directions given by-
 
 
    (a) the Tribunal, or
 
    (b) the court under section 132,
       give that person and any person to whom the decision notice was copied a final notice.
 
      (3) A final notice about a statement must-
 
 
    (a) set out the terms of the statement;
 
    (b) give details of the manner in which, and the date on which, the statement will be published.
      (4) A final notice about an order must-
 
 
    (a) set out the terms of the order;
 
    (b) state the date from which the order has effect.
      (5) A final notice about a penalty must-
 
 
    (a) state the amount of the penalty;
 
    (b) state the manner in which, and the period within which, the penalty is to be paid;
 
    (c) give details of the way in which the penalty will be recovered if it is not paid by the date stated in the notice.
      (6) A final notice about a requirement to make a payment or distribution in accordance with section 377(5) must state-
 
 
    (a) the persons to whom,
 
    (b) the manner in which, and
 
    (c) the period within which,
       it must be made.
 
      (7) In any other case, the final notice must-
 
 
    (a) give details of the action being taken;
 
    (b) state the date on which the action is to be taken.
      (8) The period stated under subsection (5)(b) or (6)(c) may not be less than 14 days beginning with the date on which the final notice is given.
 
      (9) If all or any of the amount of a penalty payable under a final notice is outstanding at the end of the period stated under subsection (5)(b), the Authority may recover the outstanding amount as a debt due to it.
 
      (10) If all or any of a required payment or distribution has not been made at the end of a period stated in a final notice under subsection (6)(c), the obligation to make the payment is enforceable, on the application of the Authority, by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988.
 
Publication.     384. - (1) Neither the Authority nor a person to whom a warning notice or decision notice is given or copied may publish the notice or any details concerning it.
 
      (2) A notice of discontinuance must state that, if the person to whom the notice is given consents, the Authority may publish such information as it considers appropriate about the matter to which the discontinued proceedings related.
 
      (3) A copy of a notice of discontinuance must be accompanied by a statement that, if the person to whom the notice is copied consents, the Authority may publish such information as it considers appropriate about the matter to which the discontinued proceedings related, so far as relevant to that person.
 
      (4) The Authority must publish such information about the matter to which a final notice relates as it considers appropriate.
 
      (5) When a supervisory notice takes effect, the Authority must publish such information about the matter to which the notice relates as it considers appropriate.
 
      (6) But the Authority may not publish information under this section if publication of it would, in its opinion, be unfair to the person with respect to whom the action was taken or prejudicial to the interests of consumers.
 
      (7) Information is to be published under this section in such manner as the Authority considers appropriate.
 
      (8) For the purposes of determining when a supervisory notice takes effect, a matter to which the notice relates is open to review if-
 
 
    (a) the period during which any person may refer the matter to the Tribunal is still running;
 
    (b) the matter has been referred to the Tribunal but has not been dealt with;
 
    (c) the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or
 
    (d) such an appeal has been brought but has not been determined.
      (9) "Notice of discontinuance" means a notice given under section 382.
 
      (10) "Supervisory notice" has the same meaning as in section 388.
 
      (11) "Consumers" means person who are consumers for the purposes of section 133.
 
 
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