Section 166
of Securities Markets Order, 2013
Section 166
Ill Before giving a direction under section 164 or making a revocation order under section 165(2), the Authority must-
{a)
give a notice in writing of its intention to do so to the holder of a capital markets services licence or a representative 1s licence; and
{b)
take such steps as it thinks reasonably practicable to bring the notice to the attention of other persons who are, in its opinion, likely to be affected.
(2)
A notice under subsection (1) must-
{a)
state why the Authority intends to give the direction or make the revocation o~der; and
{b)
draw attention to the right to make representations conferred by subsection (3).
(3)
Before the end of the period for making representations -
{a)
the holder of a capital markets services licence or a representative's licence; and
{b)
any other person who is likely to be affected by the proposed direction or revocation order, may make representations to the Authority.
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(4)
The period for making representations is -
{a)
2 months beginning-
(i)
with the date on which the notice is served on the holder of a capital markets services licence or representative's licence; or
(ii)
if later, with the date on which the notice may be published;
or
{b)
such longer period as the Authority may allow in the particular case.
(5)
In deciding whether to-
(a}
give a direction; or
{b)
make a revocation order, the Authority must have regard to any representations made in accordance with subsection [3).
[6)
When the Authority has decided to give a direction under section 164 or to make a revocation order under section 165(2), it must-
{a}
give a notice in writing to the holder of a capital markets services licence or a representative's licence of its decision; and
{b)
take such steps as it thinks reasonably practicable for bringing its decision to the attention of persons who are, in the Authority's opinion, likely to be affected.
(7)
If the Authority thinks it essential to do so, it may give a direction under section 164 -
{a}
without following the procedure set out in subsec.tions (1) to (5); or
{b)
if the Authority has begun to follow that procedure, regardless of whether the period for making representations has expired.
(8)
If the Authority has, in relation to a particular matter, followed the procedure set out in subsections (1) to (5), it need not follow it again if, in relation to that matter, it decides to take action other than that specified in its notice under subsection ( 1).
Complaints arrangements.