In forceUpdated to 30 Jun 2025

Contents

Financial Services and Markets Act 2022 · Updated to 30 Jun 2025 · Part 9 · Digital Token Service Providers

150. Objection to existing control of licensee

(1)

The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 149(2) to become, a 20% controller of a licensee, if the Authority is satisfied that —

(a)

any condition for approval under section 149(2) imposed on the person under section 149(3) or (4) has not been complied with;

(b)

it is not, or is no longer, in the public interest to allow the person to continue to be a 20% controller of the licensee;

(c)

the person has provided any false or misleading information or document in connection with an application under section 149(1);

(d)

the person is no longer a fit and proper person under the Guidelines on Fit and Proper Criteria;

(e)

having regard to the likely influence of the person, the licensee is no longer likely to conduct its business prudently or to comply with the provisions of this Part; or

(f)

the Authority would not have been satisfied as to any of the matters specified in section 149(2) had the Authority been aware, at that time, of circumstances relevant to the person’s application under section 149(1).

(2)

Before serving a written notice of objection under subsection (1), the Authority must, unless the Authority decides that it is not practicable or desirable to do so —

(a)

notify the person of the Authority’s intention to serve the written notice of objection; and

(b)

specify a date by which the person may make written representations with regard to the proposed written notice of objection.

(3)

The Authority must consider any written representations that the Authority receives before the date mentioned in subsection (2)(b), for the purpose of determining whether to issue a written notice of objection.

(4)

The Authority must, in any written notice of objection, specify a reasonable period within which the person that has been served the written notice of objection must —

(a)

cease to be a 20% controller of the licensee; or

(b)

comply with such direction as the Authority may make under section 151.

(5)

A person that has been served a written notice of objection must comply with that notice.

Report

Read on from s 151

Part 10