Financial Services and Markets Act 2000 (c. 8)

SCHEDULES

[F1 SCHEDULE 2A U.K. Gibraltar-based persons carrying on activities in the UK

Textual Amendments

F1 Sch. 2A inserted (1.9.2023 for specified purposes) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 6 (as amended (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 100(3)(b)); S.I. 2023/934, reg. 2(a)

PART 12 U.K. Consultation etc by UK regulators

FCA's duties to consult the PRA U.K.

73 (1) The FCA must consult the PRA before— U.K.

(a) rejecting a notification under paragraph 19 in a case in which the person with responsibility for managing an aspect of the Gibraltar-based person's affairs is prohibited by an order under section 56 from performing a function in relation to an activity carried on by a PRA-authorised person, or

(b) rejecting a notification under paragraph 20 in a case in which a relevant access right that was lost related to a PRA-regulated activity.

(2) The FCA must consult the PRA before doing any of the following in a case in which the Gibraltar-based person is a PRA-authorised person or a member of a group that includes a PRA-authorised person—

(a) rejecting a notification under paragraph 26(5);

(b) varying a Schedule 2A permission under paragraph 27;

(c) rejecting a notification under paragraph 36(4);

(d) cancelling a Schedule 2A permission under paragraph 37(1);

(e) imposing a requirement under paragraph 41(3);

(f) rejecting a notification under paragraph 48(4);

(g) imposing, varying or cancelling a requirement under paragraph 49(2).

FCA's duties to obtain consent from the PRA U.K.

74 (1) The FCA must obtain the PRA's consent before exercising its power under paragraph 27 in relation to a PRA-authorised person so as to— U.K.

(a) add an activity to those to which the person's Schedule 2A permission relates, or

(b) widen the description of an activity to which the person's Schedule 2A permission relates.

(2) Sub-paragraph (1) does not apply in relation to the regulated activity specified in article 63S of the Financial Services and Markets 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (administering a benchmark).

(3) Consent given by the PRA for the purposes of this paragraph may be conditional on the way in which the FCA exercises its power.

FCA's duties to inform the PRA U.K.

75 (1) The FCA must inform the PRA in writing without delay after rejecting a notification under— U.K.

(a) paragraph 18(2) or (3), 19 or 20;

(b) paragraph 26(4) or (5);

(c) paragraph 36(4);

(d) paragraph 48(4).

(2) The FCA must inform the PRA in writing without delay after imposing, varying or cancelling a requirement under paragraph 41(3) or 49(2).

PRA's duties to consult the FCA U.K.

76 (1) The PRA must consult the FCA before— U.K.

(a) giving a confirmation notice under paragraph 16;

(b) rejecting a notification under paragraph 19 or 20;

(c) giving a confirmation notice under paragraph 25;

(d) rejecting a notification under paragraph 26(5);

(e) varying a Schedule 2A permission under paragraph 27;

(f) giving a confirmation notice under paragraph 35;

(g) rejecting a notification under paragraph 36(5);

(h) cancelling a Schedule 2A permission under paragraph 37(2);

(i) imposing a requirement under paragraph 41(4);

(j) giving a confirmation notice under paragraph 47;

(k) rejecting a notification under paragraph 48(5);

(l) imposing, varying or cancelling a requirement under paragraph 49(3);

(m) giving a notice under paragraph 60;

(n) giving a direction under paragraph 61;

(o) giving a direction under paragraph 67.

(2) The PRA must—

(a) consult the FCA before publishing a draft statement under paragraph 72, and

(b) if the final version of the statement is to differ from the draft in a way which, in the opinion of the PRA, is significant, consult the FCA again before issuing it.

PRA's duty to obtain consent from the FCA U.K.

77 (1) The PRA must obtain the FCA's consent before exercising its power under paragraph 27 so as to— U.K.

(a) add an activity to those to which a Schedule 2A permission relates, or

(b) widen the description of an activity to which a Schedule 2A permission relates.

(2) Consent given by the FCA for the purposes of this paragraph may be conditional on the way in which the PRA exercises its power.

PRA's duties to inform the FCA U.K.

78 (1) When the PRA receives a notification for the purposes of a provision listed in the first column of the following table, it must give a copy to the FCA without delay, except where it rejects the notification under the provision listed in the second column (notification incomplete)— U.K.

Notification for the purposes of	Rejection under
paragraph 12	paragraph 18(1)
paragraph 22	paragraph 26(3)
paragraph 32	paragraph 36(3)
paragraph 44	paragraph 48(3).

(2) The PRA must inform the FCA in writing without delay after rejecting a notification under—

(a) paragraph 18(2) or (3), 19 or 20;

(b) paragraph 26(4) or (5);

(c) paragraph 36(5);

(d) paragraph 48(5).

(3) The PRA must inform the FCA in writing without delay after imposing, varying or cancelling a requirement under paragraph 41(4) or 49(3).

UK regulators' duties to inform the Gibraltar regulator U.K.

79 (1) A UK regulator must inform the Gibraltar regulator in writing before giving a confirmation notice under— U.K.

(a) paragraph 16,

(b) paragraph 25,

(c) paragraph 35, or

(d) paragraph 47.

(2) A UK regulator must inform the Gibraltar regulator in writing without delay after—

(a) varying a Schedule 2A permission under paragraph 27,

(b) cancelling a Schedule 2A permission under paragraph 37,

(c) imposing a requirement under paragraph 41, or

(d) imposing, varying or cancelling a requirement under paragraph 49.]