|
| |
|
(3) | After that subsection insert— |
| |
“(2A) | In subsection (2) “the appropriate regulator” means— |
| |
(a) | in the case of a PRA-authorised person, the PRA, and |
| |
(b) | in any other case, the FCA.” |
| |
(4) | In subsection (3), for “Part IV permission” substitute “Part 4A permission”. |
| 5 |
28 (1) | Section 35 of FSMA 2000 (Treaty firms) is amended as follows. |
| |
(2) | In subsection (2), for “the Authority” substitute “the appropriate regulator”. |
| |
(3) | After that subsection insert— |
| |
“(2A) | In subsection (2) “the appropriate regulator” means— |
| |
(a) | in the case of a PRA-authorised person, the PRA, and |
| 10 |
(b) | in any other case, the FCA.” |
| |
(4) | In subsection (3), for “Part IV permission” substitute “Part 4A permission”. |
| |
| |
Amendments of Part 13 of FSMA 2000: Powers of intervention |
| |
29 | Part 13 of FSMA 2000 (incoming firms: intervention by Authority) is |
| 15 |
| |
30 | In the heading to Part 13, for “Authority” substitute “FCA or PRA”. |
| |
31 | In section 193 (interpretation of Part 13), in subsection (1), in the definition |
| |
of “power of intervention”, for “the Authority” substitute “the FCA or the |
| |
| 20 |
32 (1) | Section 194 (general grounds on which power of intervention is exercisable) |
| |
| |
| |
(a) | for “Authority”, in each place, substitute “appropriate regulator”, |
| |
(b) | in paragraph (c), for the words from “meet” to the end substitute |
| 25 |
| |
(i) | in the case of the FCA, one or more of its |
| |
operational objectives, and |
| |
(ii) | in the case of the PRA, any of its objectives.” |
| |
(3) | After subsection (1A) insert— |
| 30 |
“(1B) | “The appropriate regulator” means— |
| |
(a) | where the incoming firm is a PRA-authorised person, the |
| |
| |
(b) | in any other case, the FCA.” |
| |
(4) | In subsection (3), for “Authority”, in each place, substitute “FCA”. |
| 35 |
33 (1) | Section 194A (contravention by relevant EEA firm with UK branch of |
| |
requirement under markets in financial instruments directive) is amended |
| |
| |
(2) | For “Authority” or “Authority’s”, in each place (and in the heading), |
| |
substitute “appropriate regulator” or “appropriate regulator’s”. |
| 40 |
|
| |
|
| |
|
(3) | After subsection (7) insert— |
| |
“(8) | Subsection (4) is not to be regarded as requiring the PRA to take |
| |
action in relation to the contravention of a requirement falling within |
| |
subsection (3) in a case where it is satisfied the the FCA is required to |
| |
act, and is acting or has acted, under subsection (4)— |
| 5 |
(a) | in relation to that requirement, or |
| |
(b) | where that requirement is imposed by rules made by the |
| |
PRA, in relation to an identical requirement imposed by rules |
| |
| |
(9) | “The appropriate regulator” means— |
| 10 |
(a) | where the relevant EEA firm is a PRA-authorised person, the |
| |
FCA or, subject to subsection (8), the PRA; |
| |
(b) | in any other case, the FCA.” |
| |
34 (1) | Section 195 (exercise of power in support of overseas regulator) is amended |
| |
| 15 |
(2) | In subsection (1), for “Authority” substitute “appropriate regulator”. |
| |
(3) | In subsection (2), for “Authority’s” substitute “appropriate regulator’s”. |
| |
(4) | After subsection (2) insert— |
| |
“(2A) | The appropriate regulator” means— |
| |
(a) | where the incoming firm is a PRA-authorised person, the |
| 20 |
| |
(b) | in any other case, the FCA.” |
| |
| |
(a) | in paragraph (a), for “the Authority” substitute “either regulator”, |
| |
| 25 |
| |
(6) | In subsections (5) to (8), for “Authority”, in each place, substitute |
| |
| |
35 (1) | Section 195A (contravention by relevant EEA firm or EEA UCITS of |
| |
directive requirement: home state regulator primarily responsible for |
| 30 |
securing compliance) is amended as follows. |
| |
(2) | For “Authority” or “Authority’s”, in each place, substitute “appropriate |
| |
regulator” or “appropriate regulator’s”. |
| |
(3) | After subsection (11) insert— |
| |
“(11A) | Subsection (4) is not to be regarded as requiring the PRA to notify the |
| 35 |
home state regulator in relation to the contravention of a |
| |
requirement falling within subsection (2) or (3) in a case where the |
| |
PRA is satisfied the the FCA is required to act, and is acting or has |
| |
acted, under subsection (4) in relation to that requirement.” |
| |
(4) | In subsection (12), before the definition of “home state” insert— |
| 40 |
““the appropriate regulator” means— |
| |
(a) | where the relevant EEA firm is a PRA-authorised |
| |
person, the FCA or, subject to subsection (11A), the |
| |
| |
|
| |
|
| |
|
(b) | in any other case, the FCA;”. |
| |
36 | For section 196 substitute— |
| |
“196 | The power of intervention |
| |
(1) | If a regulator is entitled to exercise its power of intervention in |
| |
respect of an incoming firm under this Part, it may impose any |
| 5 |
requirement in relation to the firm which that regulator could |
| |
| |
(a) | the firm’s permission was a Part 4A permission; and |
| |
(b) | the regulator was entitled to exercise its power under section |
| |
| 10 |
(2) | The FCA must consult the PRA before exercising its powers by virtue |
| |
of this section in relation to— |
| |
(a) | a PRA-authorised person, or |
| |
(b) | a member of a group which includes a PRA-authorised |
| |
| 15 |
(3) | The PRA must consult the FCA before exercising its powers by virtue |
| |
| |
37 (1) | Section 197 (procedure on exercise of power of intervention) is amended as |
| |
| |
(2) | In subsection (2), for “Authority” substitute “regulator”. |
| 20 |
(3) | In subsection (3), for “the Authority” substitute “a regulator”. |
| |
| |
(a) | in paragraph (c), for “Authority’s” substitute “regulator’s”, and |
| |
(b) | in paragraph (d), for “Authority” substitute “regulator”. |
| |
(5) | In subsections (5) to (7), for “Authority”, in each place, substitute |
| 25 |
| |
38 (1) | Section 198 (power to apply to court for injunction in respect of certain |
| |
overseas insurance companies) is amended as follows. |
| |
(2) | In subsections (1) to (3), for “Authority”, in each place, substitute |
| |
| 30 |
(3) | After subsection (3) insert— |
| |
“(3A) | “The appropriate regulator” means whichever regulator is, at the |
| |
time when the request is received, the competent authority for the |
| |
purposes of the provision referred to in subsection (1)(a), (b) or (c).” |
| |
39 (1) | Section 199 (additional procedure for EEA firms in certain cases) is amended |
| 35 |
| |
(2) | In subsection (1), for “the Authority” substitute “a regulator”. |
| |
(3) | In subsection (2)(a)(i), for “the Authority” substitute “that regulator”. |
| |
(4) | In subsections (3) to (10), for “Authority” substitute “regulator”. |
| |
|
| |
|
| |
|
(5) | After subsection (10) insert— |
| |
“(11) | Subsection (3) is not to be regarded as requiring the PRA to take |
| |
action in relation to the contravention of a relevant requirement in a |
| |
case where it is satisfied that the FCA is required to act, and is acting |
| |
or has acted, under subsection (3)— |
| 5 |
(a) | in relation to that requirement, or |
| |
(b) | where that requirement is imposed by rules made by the |
| |
PRA, in relation to an identical requirement imposed by rules |
| |
| |
40 (1) | Section 199A (management companies: loss of authorisation) is amended as |
| 10 |
| |
(2) | In subsection (2), for “Authority”, in both places, substitute “appropriate |
| |
| |
(3) | For subsection (4) substitute— |
| |
| 15 |
“the appropriate regulator” means whichever of the FCA and |
| |
the PRA is the competent authority for the purposes of the |
| |
| |
“collective investment scheme” has the same meaning as in |
| |
| 20 |
41 (1) | Section 200 (rescission and variation of requirements) is amended as follows. |
| |
(2) | In subsection (1), for “The Authority” substitute “Either regulator”. |
| |
| |
(a) | for “the Authority”, in the first place, substitute “either regulator”, |
| |
| 25 |
(b) | for “the Authority”, in the second place, substitute “the regulator”. |
| |
(4) | In subsections (3) and (4), for “Authority” substitute “regulator”. |
| |
| |
(a) | for “the Authority”, in the first place, substitute “either regulator”, |
| |
| 30 |
(b) | in paragraph (a), for “the Authority” substitute “the regulator”. |
| |
42 | For section 201 substitute— |
| |
“201 | Effect of certain requirements on other persons |
| |
If either regulator, in exercising its power of intervention, imposes on |
| |
an incoming firm a requirement of the kind mentioned in subsection |
| 35 |
(4) of section 55P, the requirement has the same effect in relation to |
| |
the firm as it would have in relation to an authorised person if it had |
| |
been imposed on the authorised person by the regulator acting |
| |
under section 55L or 55M.” |
| |
43 | In section 202 (contravention of requirement imposed under Part 13), in |
| 40 |
subsection (1), for “the Authority” substitute “a regulator”. |
| |
|
| |
|