C1C2C4C3Part XIII Incoming Firms: Intervention by F4FCA 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Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 6 (with reg. 3) (which amending provision was revoked (31.12.2020) by The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201),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
F7193 Interpretation of this Part.
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F7194 General grounds on which power of intervention is exercisable.
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F7194A 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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F7194BContravention by relevant EEA firm of requirement in capital requirements directive or capital requirements regulation
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F7194CContravention by relevant EEA firm with UK branch of requirement in mortgages directive: appropriate regulator primarily responsible for securing compliance
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F7194DContravention 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.
F71
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F72
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F72A
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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 F5either regulator under this Act;
F3b
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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.
F75
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F76
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F77
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F78
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F7195AContravention by relevant EEA firm , EEAUCITS or EEAAIFM of directive requirements: home state regulator primarily responsible for securing compliance
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F7195BContravention by relevant EEA firm of requirement in mortgages directive: home state regulator primarily responsible for securing compliance
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F7195CContravention by relevant EEA firm of requirement in insurance distribution directive: home state regulator primarily responsible for securing compliance
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F7196 The power of intervention.
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Exercise of power of intervention
F7197 Procedure on exercise of power of intervention.
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F7198 Power to apply to court for injunction in respect of certain overseas insurance companies.
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F7199 Additional procedure for EEA firms in certain cases.
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F7199AManagement companies: loss of authorisation
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Supplemental
F7200 Rescission and variation of requirements.
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F7201Effect of certain requirements on other persons
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F7202 Contravention of requirement imposed under this Part.
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Powers of F2Office of Fair Trading
S. 203: words in cross-heading substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(7)(c); S.I. 2003/766, art. 2, Sch. (with art. 3)
F6203 Power to prohibit the carrying on of Consumer Credit Act business.
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F6204 Power to restrict the carrying on of Consumer Credit Act business.
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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.