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Amendment of section 29 of Act of 2010
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19. Section 29 of the Act of 2010 is amended—
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(a) in subsection (1)—
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(i) by the insertion of “or holding company” after “regulated financial service provider”,
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(ii) by the substitution of “satisfied” for “satisfied that”, and
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(iii) by the substitution of the following paragraphs for paragraphs (a) to (c):
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“(a) (except where the suspension notice was issued in the circumstances mentioned in section 26(1)(b)) that there is still reason to suspect the person’s fitness and probity to perform the relevant controlled function, and
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(b) that it is necessary in the interests of the proper regulation of the regulated financial service provider or holding company that the person not perform the controlled function, the part of the controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4,”,
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(b) in subsection (2), by the insertion of “or holding company” after “provider”,
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(c) in subsection (3)(b), by the substitution of “the condition in paragraph (a) of subsection (1), where it applies, or paragraph (b) of that subsection” for “any condition in paragraph (a), (b) or (c) of subsection (1)”,
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(d) by the substitution of the following subsection for subsection (4):
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“(4) A suspension notice that has been confirmed in accordance with subsection (1) has effect until—
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(a) the end of the period of 6 months from the date on which the suspension notice would otherwise have ceased to have effect under section 28(b), or
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(b) if sooner, the revocation of the notice or, where the suspension notice was issued in the circumstances mentioned in section 26(1)(b), the time when an application under section 45 for confirmation of the prohibition notice has been disposed of.”,
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(e) by the insertion of the following subsection after subsection (5):
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“(5A) A notice served under subsection (5) shall state that the decision to confirm the suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942.”,
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(f) by the substitution of the following subsection for subsection (6):
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“(6) The Head of Financial Regulation may revoke a suspension notice at any time if he or she considers that it is no longer necessary in the interests of the proper regulation of the regulated financial service provider or holding company concerned that the person not perform the relevant controlled function, the relevant part of a controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor is carrying out a function in relation to the person under this Chapter or Chapter 4.”,
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and
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(g) by the insertion of the following subsection after subsection (6):
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“(7) A decision by the Head of Financial Regulation to confirm a suspension notice is an appealable decision for the purposes of Part VIIA of the Act of 1942, and the Appeals Tribunal shall have particular regard to the need for expedition in hearing an appeal against such a decision.”.
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