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Financial Services and Markets Act 2000

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Changes over time for: Paragraph 3B

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Version Superseded: 31/12/2020

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Status:

Point in time view as at 01/04/2013. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Paragraph 3B is up to date with all changes known to be in force on or before 28 May 2025. 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

Effective supervisionU.K.

This section has no associated Explanatory Notes

[F13B.(1)B must be capable of being effectively supervised by the FCA having regard to all the circumstances including—

(a)the nature (including the complexity) of the regulated activities that B carries on or seeks to carry on;

(b)the complexity of any products that B provides or will provide in carrying on those activities;

(c)the way in which B’s business is organised;

(d)if B is a member of a group, whether membership of the group is likely to prevent the FCA’s effective supervision of B;

(e)whether B is subject to consolidated supervision required under any of the relevant directives;

(f)if B has close links with another person (“CL”)—

(i)the nature of the relationship between B and CL,

(ii)whether those links are or that relationship is likely to prevent the FCA’s effective supervision of B, and

(iii)if CL is subject to the laws, regulations or administrative provisions of a territory which is not an EEA State (“the foreign provisions”), whether those foreign provisions, or any deficiency in their enforcement, would prevent the FCA’s effective supervision of B.

(2)B has close links with CL if—

(a)CL is a parent undertaking of B,

(b)CL is a subsidiary undertaking of B,

(c)CL is a parent undertaking of a subsidiary undertaking of B,

(d)CL is a subsidiary undertaking of a parent undertaking of B,

(e)CL owns or controls 20% or more of the voting rights or capital of B, or

(f)B owns or controls 20% or more of the voting rights or capital of CL.]

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