Part XIIIU.K. Incoming Firms: Intervention by [F1FCA or PRA]

Textual Amendments

F1Words in Pt. 13 heading substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 30 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

Modifications etc. (not altering text)

C1Pt. 13 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

Pt. 13 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 32; S.I. 2001/3538, art. 2(1)

Pt. 13 extended (5.10.2001 for specified purposes otherwise 1.12.2001) by S.I. 2001/3084, art. 2(7); S.I. 2001/3538, art. 2(1)

Pt 13 excluded (1.12.2001) by S.I. 2001/3592, art. 107(2) (with art. 23(2))

C2Pt. 13 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(6)

C3Pt. 13 applied (with modifications) by S.I. 2011/99, Sch. 3 para 4A (as inserted (13.8.2017 for specified purposes, 13.10.2017 for specified purposes, 13.1.2018 in so far as not already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(c)(iii)(3)(f)(i)(6), Sch. 8 para. 5(31)(b) (with reg. 3))

C4Pt. 13 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 6 (with reg. 3) (which amending provision was revoked (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201), reg. 1(3), Sch. 2 para. 72(4) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); 2020 c. 1, Sch. 5 para. 1(1))

InterpretationU.K.

F2193 Interpretation of this Part.U.K.

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Textual Amendments

F2Pt. 13 omitted (except s. 195(3)(4)) (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 12 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

F2194 General grounds on which power of intervention is exercisable.U.K.

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Textual Amendments

F2194A Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance U.K.

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Textual Amendments

F2194B.Contravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulationU.K.

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Textual Amendments

F2194C.Contravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing complianceU.K.

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Textual Amendments

F2194D.Contravention by relevant EEA firm of requirement in insurance distribution directive: appropriate regulator primarily responsible for securing complianceU.K.

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Textual Amendments

195 Exercise of power in support of overseas regulator.U.K.

F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)“An overseas regulator” means an authority in a country or territory outside the United Kingdom—

(a)which is a home state regulator; or

(b)which exercises any function of a kind mentioned in subsection (4).

(4)The functions are—

(a)a function corresponding to any function of [F3either regulator] under this Act;

F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)a function corresponding to any function exercised by the Secretary of State under [F5the Companies Acts (as defined in section 2 of the Companies Act 2006)];

(d)a function in connection with —

(i)the investigation of conduct of the kind prohibited by Part V of the M1Criminal Justice Act 1993 (insider dealing); or

(ii)the enforcement of rules (whether or not having the force of law) relating to such conduct;

(e)a function prescribed by regulations made for the purposes of this subsection which, in the opinion of the Treasury, relates to companies or financial services.

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3Words in s. 195(4)(a) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(5)(a) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

F4S. 195(4)(b) omitted (24.1.2013 for specified purposes, 27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(h), 122(3), Sch. 4 para. 34(5)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, arts. 2, 3, Sch.

F5Words in s. 195(4)(c) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 92

Marginal Citations

M11993 c. 36.

F2195AContravention by relevant EEA firm , EEAUCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing complianceU.K.

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Textual Amendments

F2195B.Contravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing complianceU.K.

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Textual Amendments

F2195C.Contravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing complianceU.K.

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Textual Amendments

F2196 The power of intervention.U.K.

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Textual Amendments