Schedule 7, Part 3, paragraph 18

The variation of a Schedule 2B permission under paragraph 17 takes effect— immediately, if the notice given under sub-paragraph (3) states that is the case, on such date as may be specified in the notice, or if no date is specified in the notice, when the matter to which the notice relates is no longer open to review. The variation of a Schedule 2B permission under paragraph 17 may be expressed to take effect immediately, or on a specified date, only if the UK regulator reasonably considers that it is necessary for the variation to take effect immediately or on that date, having regard to the ground on which the UK regulator is exercising its power to vary. If a UK regulator— it must give the UK-based person a written notice. proposes to vary a Schedule 2B permission under paragraph 17, or varies a Schedule 2B permission under that paragraph with immediate effect, The notice must— give details of the variation, state the UK regulator's reasons for varying the permission, inform the UK-based person that the person may make representations to the UK regulator within the period specified in the notice (whether or not the UK-based person has referred the matter to the Tribunal), inform the UK-based person of when the variation of the permission takes effect, and inform the UK-based person of the person's right to refer the matter to the Tribunal. The UK regulator may extend the period allowed under the notice for making representations. If, having considered any representations made by the UK-based person, the UK regulator decides— it must give the UK-based person a written notice. to vary the permission in the way proposed, or if the permission has been varied, not to rescind its variation, A notice under sub-paragraph (6) must inform the UK-based person of the person's right to refer the matter to the Tribunal. If, having considered any representations made by the UK-based person, the UK regulator decides— it must give the UK-based person a written notice. not to vary the permission in the way proposed, to vary the permission in a different way, or to rescind the variation, A notice under sub-paragraph (8)(b) must comply with sub-paragraph (4). If a notice under this paragraph informs a person of the person's right to refer a matter to the Tribunal, it must give an indication of the procedure for such a reference. For the purposes of sub-paragraph (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).

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Source: legislation.gov.uk · retrieved 2026-09-04