Part XIII Incoming Firms: Intervention by FCA or PRA
Interpretation
194 General grounds on which power of intervention is exercisable.
(1)
The F1appropriate regulator may exercise its power of intervention in respect of an incoming firm if it appears to it that—
(a)
the firm has contravened, or is likely to contravene, a requirement which is imposed on it by or under this Act (in a case where the F1appropriate regulator is responsible for enforcing compliance in the United Kingdom);
(b)
the firm has, in purported compliance with any requirement imposed by or under this Act, knowingly or recklessly given the F1appropriate regulator information which is false or misleading in a material particular; or
(i)
in the case of the FCA, one or more of its operational objectives, and
(ii)
in the case of the PRA, any of its objectives.
F4(1A)
For the purposes of subsection (1)(c) it does not matter whether there is a relationship between the incoming firm and the persons whose interests will be protected by the exercise of the power of intervention.
F5(1B)
The “appropriate regulator” means—
(a)
where the incoming firm is a PRA-authorised person, the FCA or the PRA;
(b)
in any other case, the FCA.
F6(2)
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F6(3)
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F6(4)
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F7(5)
The FCA may exercise its power of intervention in respect of an EEAAIFM if it appears to the FCA that the EEAAIFM has contravened, or is likely to contravene, a requirement imposed by—
(a)
the Alternative Investment Fund Managers Regulations 2013; F8...
(b)
any directly applicable EU regulation made under the alternative investment fund managers directive. F9; or
F10(c)
Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds or any directly applicable regulation made under that Regulation.