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Financial Services and Markets Act 2000

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Changes over time for: Cross Heading: Power to restrict permission of management companies

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Version Superseded: 31/12/2020

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Point in time view as at 19/06/2015.

Changes to legislation:

Financial Services and Markets Act 2000, Cross Heading: Power to restrict permission of management companies is up to date with all changes known to be in force on or before 28 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1 Power to restrict permission of management companies]U.K.

Textual Amendments

Application for approval to manage UCITSU.K.

[F215A(1)An EEA firm falling within paragraph 5(f) which wishes to manage a UK UCITS must apply to the [F3appropriate UK regulator] in the specified form for approval to manage that UCITS.

(2)Where the EEA firm satisfies the conditions in paragraph 13 (establishment conditions) or paragraph 14 (service conditions), the [F3appropriate UK regulator] may only refuse the application if it determines that one of the grounds set out in sub-paragraph (3) applies.

(3)The grounds referred to in sub-paragraph (2) are—

(a)that the EEA firm does not comply with the UCITS home state rules;

(b)that the firm is not authorised by its home state regulator to manage the type of collective investment scheme for which authorisation is requested; or

(c)that the firm has not provided the documentation required under Article 20(1) of the UCITS directive.

(4)The [F3appropriate UK regulator] must give a notice to the EEA firm, the firm's home state regulator and the Commission of the [F3appropriate UK regulator's] determination under sub-paragraph (2).

(5)Before giving a notice under sub-paragraph (4), the [F3appropriate UK regulator] must consult the home state regulator of the firm.

(6)A notice given by the [F3appropriate UK regulator] under sub-paragraph (4) must—

(a)give the [F3appropriate UK regulator's] reasons for considering that one of the grounds set out in sub-paragraph (3) is satisfied; and

(b)specify a reasonable period (which may not be less than 28 days) within which any person to whom it is given may make representations to the [F3appropriate UK regulator].

[F4(6A)If—

(a)the FCA is the appropriate UK regulator, and

(b)the firm is, or the firm's immediate group includes, a PRA-authorised person,

the FCA must give the PRA a copy of the notice under sub-paragraph (4).]

(7)In this paragraph—

  • [F5the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;]

  • specified” means specified—

    (a)

    in rules made by the [F3appropriate UK regulator] to implement the UCITS directive, or

    (b)

    in any directly applicable Community regulation or decision made under the UCITS directive;

  • UCITS home state rules” means requirements which are imposed by or under this Act so far as relating to matters falling within Article 19(3) and (4) of the UCITS directive.]

Textual Amendments

F2Sch. 3 paras. 15A-15C substituted for Sch. 3 para. 15A (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(d)

F3Words in Sch. 3 para. 15A 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. 4(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

F4Sch. 3 para. 15A(6A) inserted (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. 4(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

F5Words in Sch. 3 para. 15A(7) inserted (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. 4(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

Representations and references to the TribunalU.K.

[F615B(1)Within a reasonable time after the end of the period for making representations, the [F7appropriate UK regulator] must decide, in the light of any representations made to it during that period by a person to whom notice has been given under paragraph 15A(4), whether to withdraw the notice.

(2)If the [F7appropriate UK regulator] decides not to withdraw its notice, it must—

(a)give a decision notice to each person to whom the notice under paragraph 15A(4) was given, and

(b)inform the firm's home state regulator and the Commission that authorisation has been refused, and of the grounds for the refusal.

(3)The management company to whom the decision notice is given may refer the matter to the Tribunal.

[F8(4)In this paragraph “the appropriate UK regulator” has the same meaning as in paragraph 15A.]

Textual Amendments

F6Sch. 3 paras. 15A-15C substituted for Sch. 3 para. 15A (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(d)

F7Words in Sch. 3 para. 15B 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. 5(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

F8Sch. 3 para. 15B(4) inserted (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. 5(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

Information to home state regulatorU.K.

15C(1)Where an EEA firm falling within paragraph 5(f) has applied to manage a UCITS established in the United Kingdom, the [F9appropriate UK regulator, as defined in paragraph 15A(7),] must without delay inform the home state regulator of that firm of any problem of which they are aware that may materially affect the ability of the firm—

(a)to perform its duties properly, or

(b)to comply with the home state rules.

(2) In sub-paragraph (1), “home state rules” means rules—

(a)made by the EEA State concerned in accordance with the UCITS directive; and

(b)which are the responsibility of that EEA State (both as to implementation and as to supervision of compliance) in accordance with that directive.]

Textual Amendments

F6Sch. 3 paras. 15A-15C substituted for Sch. 3 para. 15A (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(33)(d)

F9Words in Sch. 3 para. 15C(1) 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. 6 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.

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