Part XII

Control Over Authorised Persons

Enforcement procedures

Objection by the appropriate regulator
191A
1
The
appropriate regulator
may object to a person's control over a
UK
authorised person in any of the circumstances specified in subsection (2).
2
The circumstances are that the
appropriate regulator
reasonably believes that—
a
the person acquired or increased control without giving notice under section 178(1) in circumstances where notice was required;
b
the person is in breach of a condition imposed under section 187; or
c
there are grounds for objecting to control on the basis of the matters in section 186.
3
The
appropriate regulator
—
a
must take into account whether influence exercised by the person is likely to operate to the detriment of the sound and prudent management of the
UK
authorised person; and
b
may take into account whether the person has co-operated with any information requests made or requirements imposed by the
appropriate regulator
.
4
If the
appropriate regulator
proposes to object to a person's control over a
UK
authorised person, it must give that person a warning notice.
4A
Where the appropriate regulator is the PRA, it must consult the FCA before giving a warning notice under this section.
4B
Where the appropriate regulator is the FCA, it must consult the PRA before giving a warning notice under this section if—
a
the
UK
authorised person has as a member of its immediate group a PRA-authorised person, or
b
the person to whom the warning notice is to be given is a PRA-authorised person.
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
If the
appropriate regulator
decides to object to a person's control over a
UK
authorised person, it must give that person a decision notice.
7
A person to whom the
appropriate regulator
gives a decision notice under this section may refer the matter to the Tribunal.
Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))
Pt. 12 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 4 (with reg. 3) (as amended (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 196(5)(d)(e))
Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)
S. 191A(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 55; 2020 c. 1, Sch. 5 para. 1(1)
Pt. 12 excluded (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(7)
Pt. 12 applied (with modifications) (13.8.2017 for specified purposes, 13.10.2017 in so far as nt already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(b)(iii)(3)(c), Sch. 6 para. 5 (with reg. 3)
Pt. 12 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(10)
S. 191A(4A)(4B) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(7), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 12 excluded (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 8
Words in Pt. 12 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 12 applied (with modifications) (11.8.2022) by S.I. 2017/692, Sch. 6B para. 1 (as inserted by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(2)(c), 12(4))