Financial Services and Markets Act 2000

[F1 Duty to notify UK regulators of changes U.K.

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)

56 (1) A UK regulator may direct that a change relating to a Gibraltar-based person with a Schedule 2A permission is subject to the requirements in this paragraph. U.K.

(2) A direction under sub-paragraph (1) may only be given in relation to a change relating to a matter about which information must be provided in a notification given to the UK regulator for the purposes of paragraph 12 or 22 (see paragraphs 15 and 24).

(3) Where, by virtue of a direction under sub-paragraph (1), a change is subject to the requirements in this paragraph, a Gibraltar-based person with a Schedule 2A permission must notify the following of the change—

(a) the Gibraltar regulator;

(b) the UK regulator that gave the direction.

(4) A direction under sub-paragraph (1) in respect of a change may specify when the action described in sub-paragraph (3) must be taken in connection with the change.

(5) If a direction in respect of a change does not specify when the action described in sub-paragraph (3) must be taken in connection with the change, the action must be taken—

(a) before the change is made, where that is reasonably practicable, or

(b) otherwise, as soon as reasonably practicable after the change is made.

(6) A direction under this paragraph—

(a) may make different provision for different purposes, but

(b) may not make provision in relation to a specific Gibraltar-based person.

(7) A UK regulator that gives a direction under this paragraph may, by a further direction, vary or revoke the direction.

(8) The FCA must consult the Treasury before giving a direction under this paragraph.

(9) The PRA must consult the Treasury and the FCA before giving a direction under this paragraph.

(10) After giving a direction under this paragraph, a UK regulator must—

(a) publish the direction in the way appearing to the UK regulator to be best calculated to bring it to the attention of persons likely to be affected by it, and

(b) give a copy of the direction to the Treasury and the other UK regulator without delay.]