Part XII Control Over Authorised Persons

F1Assessment procedure

X1186Assessment criteria

The matters specified in section 185(3)(a) are—

(a)

the reputation of the section 178 notice-giver;

(b)

the reputation F2, knowledge, skills and experience of any person who will direct the business of the UK authorised person as a result of the proposed acquisition;

(c)

the financial soundness of the section 178 notice-giver, in particular in relation to the type of business that the UK authorised person pursues or envisages pursuing;

(d)

whether the UK authorised person will be able to comply with its prudential requirements (including the threshold conditions in relation to all of the regulated activities for which it has or will have permission);

(e)

if the UK authorised person is to become part of a group as a result of the acquisition, whether that group has a structure which makes it possible to—

(i)

exercise effective supervision;

(ii)

exchange information among regulators; and

(iii)

determine the allocation of responsibility among regulators; and

(f)

whether there are reasonable grounds to suspect that in connection with the proposed acquisition—

(i)

money laundering or terrorist financing (F3as defined in regulation 3(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) is being or has been committed or attempted; or

(ii)

the risk of such activity could increase.