Financial Services and Markets Act 2000

Continuing regulation of UK firms U.K.

22 (1) Regulations may make such provision as the Treasury consider appropriate in relation to a UK firm’s exercise of EEA rights, and may in particular provide for the application (with or without modification) of any provision of, or made under, this Act in relation to an activity of a UK firm. U.K.

(2) Regulations may—

(a) make provision as to any change (or proposed change) of a prescribed kind relating to a UK firm or to an activity that it carries on and as to the procedure to be followed in relation to such cases;

(b) make provision with respect to the consequences of the firm’s failure to comply with a provision of the regulations.

(3) Where a provision of the kind mentioned in sub-paragraph (2) requires [F1 the consent of the FCA or the PRA] to a change (or proposed change)—

(a) consent may be refused only on prescribed grounds; and

(b) if [F2 the FCA or the PRA] decides to refuse consent, the firm concerned may refer the matter to the Tribunal.

Textual Amendments

F1 Words in Sch. 3 para. 22(3) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 14(a) (with Sch. 20); S.I. 2013/423, art. 2

F2 Words in Sch. 3 para. 22(3)(b) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 14(b) (with Sch. 20); S.I. 2013/423, art. 2

Commencement Information

I1 Sch. 3 Pt. III para. 22 wholly in force at 1.12.2001; Sch. 3 Pt. III para. 22 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. III para. 22 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c), Sch. Pts. 2, 3; Sch. 3 Pt. III para. 22 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. III para. 22 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

23 (1) [F3 Sub-paragraphs (2) and (2A) apply] if a UK firm— U.K.

(a) has a [F4 Part 4A permission] ; and

(b) is exercising an EEA right to carry on any Consumer Credit Act business in an EEA State other than the United Kingdom.

(2) [F5 The FCA] may exercise its power under [F6 section 55L or 55M] in respect of the firm if [F7 the Office of Fair Trading] has informed [F5 the FCA] that—

(a) the firm,

(b) any of the firm’s employees, agents or associates (whether past or present), or

(c) if the firm is a body corporate, a controller of the firm or an associate of such a controller,

has done any of the things specified in paragraphs [F8 (a) to (e) of section 25(2A)] of the M1 Consumer Credit Act 1974.

[F9 (2A) [F5 The FCA] may also exercise its power under [F10 section 55L or 55M] in respect of the firm if the Office of Fair Trading has informed [F5 the FCA] that it has concerns about any of the following—

(a) the firm's skills, knowledge and experience in relation to Consumer Credit Act businesses;

(b) such skills, knowledge and experience of other persons who are participating in any Consumer Credit Act business being carried on by the firm;

(c) practices and procedures that the firm is implementing in connection with any such business.]

[F11 (2B) This paragraph does not affect any duty of the FCA to consult the PRA before exercising its power under section 55L or 55M.]

(3) “Associate”, “Consumer Credit Act business” and “controller” have the same meaning as in section 203.

Textual Amendments

F3 Words in Sch. 3 para. 23(1) substituted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 33(10), 71(2); S.I. 2007/3300, art. 3(2), Sch. 2

F4 Words in Sch. 3 para. 23(1)(a) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 15(3) (with Sch. 20); S.I. 2013/423, art. 2

F5 Words in Sch. 3 para. 23 substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 15(2) (with Sch. 20); S.I. 2013/423, art. 2

F6 Words in Sch. 3 para. 23(2) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 15(4) (with Sch. 20); S.I. 2013/423, art. 2

F7 Words in Sch. 3 para. 23(2) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278(1), 279, Sch. 25 para. 40(19)(b); S.I. 2003/766, art. 2, Sch. (with art. 3)

F8 Words in Sch. 3 para. 23(2) substituted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 33(11), 71(2); S.I. 2007/3300, art. 3(2), Sch. 2

F9 Sch. 3 para. 23(2A) inserted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 33(12), 71(2); S.I. 2007/3300, art. 3(2), Sch. 2

F10 Words in Sch. 3 para. 23(2A) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 15(4) (with Sch. 20); S.I. 2013/423, art. 2

F11 Sch. 3 para. 23(2B) inserted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 15(5) (with Sch. 20); S.I. 2013/423, art. 2

Commencement Information

I2 Sch. 3 Pt. III para. 23 wholly in force at 1.12.2001; Sch. 3 Pt. III para. 23 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. III para. 23 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c) Sch. Pts. 2, 3; Sch. 3 Pt. III para. 23 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. III para. 23 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)

Marginal Citations

M1 1974 c. 39.

24 (1) Sub-paragraph (2) applies if a UK firm— U.K.

(a) is not required to have a [F12 Part 4A permission] in relation to the business which it is carrying on; and

(b) is exercising the right conferred by [F13 [F14 Article 24] of the banking consolidation directive] to carry on that business in an EEA State other than the United Kingdom.

(2) If requested to do so by the host state regulator in the EEA State in which the UK firm’s business is being carried on, [F15 either regulator] may impose any requirement in relation to the firm which it could impose if—

(a) the firm had a [F16 Part 4A permission] in relation to the business which it is carrying on; and

(b) [F17 that regulator] was entitled to exercise its power under that Part to vary that permission.

Textual Amendments

F12 Words in Sch. 3 para. 24(1)(a) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 16(2) (with Sch. 20); S.I. 2013/423, art. 2

F13 Words in Sch. 3 Pt. III para. 24(1)(b) substituted (22.11.2000) by S.I. 2000/2952, reg. 8(5)(f)

F14 Words in Sch. 3 para. 24(1)(b) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 29(1), Sch. 3 para. 2(4)

F15 Words in Sch. 3 para. 24(2) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 16(3)(a) (with Sch. 20); S.I. 2013/423, art. 2

F16 Words in Sch. 3 para. 24(2)(a) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 16(3)(b) (with Sch. 20); S.I. 2013/423, art. 2

F17 Words in Sch. 3 para. 24(2)(b) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 16(3)(c) (with Sch. 20); S.I. 2013/423, art. 2

Commencement Information

I3 Sch. 3 Pt. III para. 24 wholly in force at 1.12.2001; Sch. 3 Pt. III para. 24 not in force at Royal Assent see s. 431(2); Sch. 3 Pt. III para. 24 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b)(c), Sch. Pts. 2, 3; Sch. 3 Pt. III para. 24 in force for specified purposes at 18.6.2001 by S.I. 2001/1820, art. 2, Sch.; Sch. 3 Pt. III para. 24 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)