C1C2C3C4C5C6C7 Part XII Control Over Authorised Persons

Annotations:
Modifications etc. (not altering text)
C1

Pt. 12 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a) (with art. 23(2))

C3

Pt. 12 excluded (26.7.2013 for specified purposes, 2.9.2013 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(5), 59(7)

C4

Pt. 12 applied (with modifications) (13.8.2017 for specified purposes, 13.10.2017 in so far as nt already in force) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(2)(b)(iii)(3)(c), Sch. 6 para. 5 (with reg. 3)

C6

Pt. 12 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 83(10)

F1Assessment procedure

Annotations:
Amendments (Textual)
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)

X1189Assessment: Procedure

1

 The F2appropriate regulator must act under section 185 within a period of 60 working days beginning with the day on which the F2appropriate regulator acknowledges receipt of the section 178 notice (“the assessment period”).

F31A

F6Where the appropriate regulator is the FCA and the section 178 notice relates to an acquisition or increase of control over a F10qualifying credit institution, investment firm or banking group company, the Bank of England, acting in the exercise of its functions under sections 6A to 6C of the Banking Act 2009 or under the special resolution regime under Part 1 of that Act, may direct the appropriate regulator to act under this Part in a timely manner, and to shorten the assessment period so far as reasonably practicable.

F51ZB

Where the appropriate regulator is the PRA and—

a

the section 178 notice relates to an acquisition or increase of control over a F11qualifying credit institution, investment firm or banking group company, and

b

the F12qualifying credit institution, investment firm or banking group company is one in relation to which the Bank of England is exercising its functions under sections 6A to 6C of the Banking Act 2009 or the special resolution regime under Part 1 of that Act,

the PRA must act under this Part in a timely manner, and shorten the assessment period so far as reasonably practicable.

1B

In F7 subsections (1A) and (1ZB) —

  • F8...

  • “banking group company” has the meaning given in section 81D of F9the Banking Act 2009.

2

The assessment period may be interrupted, no more than once, in accordance with section 190.

3

The F2appropriate regulator must inform the section 178 notice-giver in writing of—

a

the duration of the assessment period;

b

its expiry date; and

c

any change to the expiry date by virtue of section 190.

4

The F2appropriate regulator must, within two working days of acting under section 185 (and in any event no later than the expiry date of the assessment period)—

a

notify the section 178 notice-giver that it has determined to approve the acquisition unconditionally; or

b

give a warning notice stating that it proposes to—

i

approve the acquisition subject to conditions; or

ii

object to the acquisition.

5

Where the F2appropriate regulator gives a warning notice stating that it proposes to approve the acquisition subject to conditions—

a

it must, in the warning notice, specify those conditions; and

b

the conditions take effect as interim conditions.

6

F4Unless section 190A applies the F2appropriate regulator is treated as having approved the acquisition if, at the expiry of the assessment period, it has neither—

a

given notice under subsection (4); nor

b

informed the section 178 notice-giver that the section 178 notice is incomplete.

7

If the F2appropriate regulator decides to approve an acquisition subject to conditions or to object to an acquisition it must give the section 178 notice-giver a decision notice.

8

Following receipt of a decision notice under this section, the section 178 notice-giver may refer the F2appropriate regulator's decision to the Tribunal.