The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013

Additional procedure for EEA firms in certain cases

9.—(1) Paragraphs (2) and (3) apply if—

(a) before the commencement date—

(i) an incoming EEA firm (within the meaning of section 199(1)(1) (additional procedure for EEA firms in certain cases)) had contravened a relevant requirement (within the meaning of section 199(2) as it applied at the time of the contravention), and

(ii) the firm had not remedied the contravention; and

(b) the firm is, on the commencement date, a PRA-authorised person.

(2) The matters specified in paragraph (3) are to be treated—

(a) subject to paragraph (b), as if they had been made, imposed or given by the PRA as well as by the FCA;

(b) as if they had not been made, imposed or given by the FCA, if they could not have been made or given on the commencement date by the FCA.

(3) The matters are—

(a) any requirement imposed under section 199(3);

(b) any reference made by the Authority under section 199(3A);

(c) any notice given by the Authority under section 199(4);

(d) any information given by the Authority under section 199(7); and

(e) any information given by the Authority under section 199(9).

(4) Paragraph (5) applies if, before the commencement date, the Authority—

(a) became subject to an obligation under section 199(7) to give information to a firm’s home state regulator, ESMA and the Commission but had not discharged that obligation in full;

(b) became subject to an obligation under section 199(8) to rescind or vary a requirement but had not rescinded or varied the requirement.

(5) The obligation is to be discharged by the PRA unless—

(a) the firm is not a PRA-authorised person; or

(b) the PRA—

(i) is satisfied that the power of intervention could have been exercised on the commencement date by the FCA; and

(ii) notifies the FCA that the FCA is to discharge the obligation.

(6) A notice given for the purposes of paragraph (5) must—

(a) be in writing;

(b) set out details of the obligation to be discharged; and

(c) be made within the period of 45 days which begins on the commencement date.

(1)

Section 199 was amended by S.I. 2007/126 and 3253, 2011/1613, and 2012/916 and 2015 and is further amended by the 2012 Act, Schedule 4, Part 4, paragraph 39.