§ '(1) The Secretary of State or the Treasury may vary a partial restriction notice served under section [Reciprocal facilities for financial business] above by a notice in writing served on the person concerned; and any such notice shall come into force on such date as is specified in the notice.
§ (2) A notice under section [Reciprocal facilities for financial business] above may be revoked at any time by the Secretary of State or, as the case may be, the Treasury by serving a revocation notice on the person concerned; and the Secretary of State or, as the case may be, the Treasury shall 440 revoke a notice if it appears to them that there are no longer any such grounds as are mentioned in subsection (1) of that section in the case of the country concerned.
§ (3) The revocation of a disqualification notice as respects investment business or insurance business shall not have the effect of reviving the authorisation which was cancelled by the notice except where the notice relates to investment business and the person concerned would (apart from the disqualification notice) at the time of the revocation be an authorised person as respects the investment business in question by virtue of his membership of a recognised self-regulating organisation or recognised professional body.
§ (4) The revocation of a disqualification notice as respects banking business shall not have the effect of reviving the recognition or licence which was cancelled by the notice.
§ (5) Nothing in subsection (3) or (4) above shall be construed as preventing any person who has been subject to a disqualification notice as respects any business from again becoming authorised or, as the case may be, becoming a recognised bank or licensed institution within the meaning of the Banking Act 1979 after the revocation of the notice.
§ (6) If it appears to the Secretary of State that a person on whom he serves a notice under this section as respects investment business was an authorised person by virtue of an authorisation granted by a designated agency or by virtue of membership of recognised self-regulating organisation or recognised professional body at the time that the notice which is being varied or revoked was served, he shall serve a copy of the notice on that agency, organisation or body.
§ (7) The Treasury shall serve on the Bank of England a copy of any notice served by them under this section.'.—[Mr. Howard.]
§ Brought up, read the First and Second time, and added to the Bill.