Regulation (EU) No 600/2014 of the European Parliament and of the CouncilShow full title

[F1 Article 49A U.K. Temporary prohibitions and restrictions: procedure

1. A temporary prohibition or restriction under Article 49(A1) takes effect—

(a) immediately, if the notice given under paragraph 3 states that that is the case,

(b) on such date as may be specified in the notice, or

(c) if no date is specified in the notice, when the matter to which it relates is no longer open to review.

2. A temporary prohibition or restriction under Article 49(A1) may be expressed to take effect immediately, or on a specified date, only if the FCA, having regard to the ground on which it is taking that action, reasonably considers that it is necessary for it to take effect immediately or (as appropriate) on that date.

3. The FCA must give written notice to a third-country firm if—

(a) it proposes to take action in relation to the firm under Article 49(A1), or

(b) it takes action in relation to the firm under Article 49(A1) with immediate effect.

4. The notice must—

(a) give details of the temporary prohibition or restriction,

(b) inform the firm when the prohibition or restriction takes effect,

(c) state the FCA's reasons for taking the action and for its determination of when the prohibition or restriction takes effect,

(d) inform the firm that it may make representations to the FCA within such period as may be specified in the notice (whether or not the firm has referred the matter to the Upper Tribunal), and

(e) inform the firm of its right to refer the matter to the Upper Tribunal.

5. The FCA may extend the period allowed under the notice for making representations.

6. The FCA must give the third-country firm written notice if, having considered any representations made by the firm, the FCA decides—

(a) to impose the proposed prohibition or restriction, or

(b) if the prohibition or restriction has been imposed, not to rescind it.

7. The FCA must give the third-country firm written notice if, having considered any representations made by the firm, the FCA decides—

(a) not to impose the proposed prohibition or restriction,

(b) to impose a different prohibition or restriction, or

(c) to rescind a prohibition or restriction that has been imposed.

8. A notice under paragraph 6 must inform the third-country firm of its right to refer the matter to the Upper Tribunal.

9. A notice under paragraph 7(b) must comply with paragraph 4.

10. If a notice informs a third-country firm of its right to refer a matter to the Upper Tribunal, it must give an indication of the procedure on such a reference.

11. A third-country firm that is aggrieved by action taken by the FCA under Article 49(A1) may refer the matter to the Upper Tribunal.

12. Part 9 of FSMA (hearings and appeals) applies in relation to references to the Upper Tribunal made under this Article as it applies in relation to references made to that Tribunal under that Act.

13. For the purposes of paragraph 1(c), section 391(8) of FSMA (matters open to review) applies as if the notice under paragraph 3 were a supervisory notice (as defined in section 395 of that Act).]

Textual Amendments

F1 Arts. 49A-49C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o)