Financial Services and Markets Act 2000

[F1 191A Objection by the [F2 appropriate regulator] U.K.

(1)  The [F2 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 [F2 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 [F2 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 [F2 appropriate regulator].

(4) If the [F2 appropriate regulator] proposes to object to a person's control over a UK authorised person, it must give that person a warning notice.

[F3 (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) The [F2 appropriate regulator] must consult any appropriate home state regulator before giving a warning notice under this section and, in doing so, must comply with such requirements as to consultation as may be prescribed.

(6) If the [F2 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 [F2 appropriate regulator] gives a decision notice under this section may refer the matter to the Tribunal.]

Textual Amendments

F1 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)

F2 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.

F3 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.