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Financial Services Act 2012
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Financial Services Act 2012,
PART 2
is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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PART 2 U.K.Amendments of Schedule 4 to FSMA 2000: Treaty rights
22U.K.Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.
Commencement Information
I1Sch. 4 para. 22 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2
I2Sch. 4 para. 22 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
23(1)Paragraph 3 (exercise of Treaty rights) is amended as follows.U.K.
(2)In sub-paragraph (2), for “Authority” substitute “ appropriate UK regulator ”.
(3)After that sub-paragraph insert—
“(2A)In sub-paragraph (2) “the appropriate UK regulator” means—
(a)where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;
(b)in any other case, the FCA.
(2B)Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.
(2C)Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”
Commencement Information
I3Sch. 4 para. 23 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2
I4Sch. 4 para. 23 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
24U.K.After paragraph 3 insert—
“Notification between UK regulatorsU.K.
3ARegulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.”
Commencement Information
I5Sch. 4 para. 24 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
I6Sch. 4 para. 24 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
25(1)Paragraph 4 (permission) is amended as follows.U.K.
(2)In sub-paragraph (3)—
(a)for “a Part IV permission” substitute “ a Part 4A permission ”, and
(b)for “Authority” substitute “ appropriate UK regulator ”.
(3)In sub-paragraph (4), for “Authority” substitute “ appropriate UK regulator ”.
(4)After that sub-paragraph insert—
“(5)The appropriate UK regulator” means—
(a)where the Treaty firm is a PRA-authorised person, the FCA or the PRA;
(b)in any other case, the FCA.”
Commencement Information
I7Sch. 4 para. 25 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2
I8Sch. 4 para. 25 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
26(1)Paragraph 5 (notice to Authority) is amended as follows.U.K.
(2)In sub-paragraph (2), for “the Authority” substitute “ the appropriate UK regulator ”.
(3)After sub-paragraph (2) insert—
“(2A)The appropriate UK regulator” means—
(a)where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;
(b)in any other case, the FCA.
(2B)Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.
(2C)Where the FCA receives a notice under sub-paragraph (2) from—
(a)a PRA-authorised person, or
(b)a person whose immediate group includes a PRA-authorised person,
it must give a copy to the PRA without delay.”
(4)For sub-paragraph (4) substitute—
“(4)Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.”
(5)In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.
Commencement Information
I9Sch. 4 para. 26 in force at 27.2.2013 for specified purposes by S.I. 2013/423, art. 2
I10Sch. 4 para. 26 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.
I11Sch. 4 para. 26(4) in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
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