GENE 8.2.6 Objection process

(1) If the Regulatory Authority objects to a proposal for a person to first become a controller or to increase or decrease control, the authority must, as soon as practicable after it receives the controller notice, letter of comfort and any additional information it requires, give the authorised firm and the person written notice:
(a) stating the reasons for its objection; and
(b) giving the firm and person an opportunity to make representations within 14 days after receipt of the notice or a longer period fixed by the authority.
Example
The Regulatory Authority may object to a proposal if it considers that the letter of comfort accompanying the application is not acceptable taking into consideration the financial capability, capital adequacy and risk profile of the proposed controller or controller and the authorised firm.
(2) The authority must, as soon as practicable after the expiry of the period for making representations, consider any representations and:
(a) withdraw its objection and approve (with or without conditions) the proposal; or
(b) refuse to approve the proposal.
Note Under rule 5.2.2 (2), the Regulatory Authority may require a person to give additional information in relation to any document given to the authority.
Editorial changes (as from 1st January 2016).