C1C2C4C3Part XIII Incoming Firms: Intervention by F3FCA or PRA
Pt. 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))
Pt. 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)
Pt. 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))
Pt. 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Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 6 (with reg. 3) (which amending provision was revoked (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201),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))
Interpretation
F5193 Interpretation of this Part.
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F5194 General grounds on which power of intervention is exercisable.
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F5194A Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: appropriate regulator primarily responsible for securing compliance
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F5194BContravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulation
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F5194CContravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing compliance
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F5194DContravention by relevant EEA firm of requirement in insurance distribution directive: appropriate regulator primarily responsible for securing compliance
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195 Exercise of power in support of overseas regulator.
F51
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F52
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F52A
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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 F4either regulator under this Act;
F2b
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c
a function corresponding to any function exercised by the Secretary of State under F1the 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.
F55
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F56
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F57
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F58
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F5195AContravention by relevant EEA firm , EEAUCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing compliance
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F5195BContravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance
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F5195CContravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance
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F5196 The power of intervention.
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Words 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.