Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XIII/crossheading/interpretation/2013-02-27
Timestamp: 2019-09-18 16:35:05
Document Index: 169796022

Matched Legal Cases: ['art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 10', 'art. 3', 'art. 6', 'art. 2', 'art. 2']

Point in time view as at 27/02/2013.
[F1an EEAUCITS which is a recognised scheme under section 264; or]
“power of intervention” means the power conferred on [F2the FCA or the PRA] by section 196.
[F3(1A)In the definition of “incoming firm” references to an EEAUCITS include, in a case where the UCITS is not a body corporate, references to its management company.]
(2)In relation to an incoming firm which is an EEA firm [F4or an EEAUCITS], expressions used in this Part and in Schedule 3 have the same meaning in this Part as they have in that Schedule.
F2Words in s. 193(1) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 31 (with Sch. 20); S.I. 2013/423, art. 2
F3S. 193(1A) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(7)(b)
F4Words in s. 193(2) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(7)(c)
(1)The [F5appropriate 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 [F5appropriate 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 [F5appropriate regulator] information which is false or misleading in a material particular; or
[F6(c)it is desirable to exercise the power in order to [F7advance—
[F8(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.]
[F9(1B)The “appropriate regulator” means—
(3)The [F10FCA] may exercise its power of intervention in respect of the firm if [F11the Office of Fair Trading] has informed the [F10FCA] that—
has done any of the things specified in paragraphs [F12(a) to (e) of section 25(2A)] of the M1Consumer Credit Act 1974.
F5Words in s. 194(1) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 32(2)(a) (with Sch. 20); S.I. 2013/423, art. 2
F6S. 194(1)(c) substituted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 3(5)(a), 26(2)
F7Words in s. 194(1)(c) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 32(2)(b) (with Sch. 20); S.I. 2013/423, art. 2
F8S. 194(1A) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 3(5)(b), 26(2)
F9S. 194(1B) inserted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 32(3) (with Sch. 20); S.I. 2013/423, art. 2
F10Word in s. 194(3) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 32(4) (with Sch. 20); S.I. 2013/423, art. 2
F11Words in s. 194(3) substituted (1.4.2003) by Enterprise Act 2002 (c. 40), ss. 278, 279, Sch. 25 para. 40(6); S.I. 2003/766, art. 2, Sch. (with art. 3)
F12Words in s. 194(3) substituted (6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. 33(7), 71(2); S.I. 2007/3300, art. 3(2), Sch. 2
[F13194A Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: [F14appropriate regulator] primarily responsible for securing compliance U.K.
(b)[F15the appropriate regulator] ascertains that the firm has contravened, or is contravening, a requirement falling within subsection (3) (in a case to which Article 62.2 of the markets in financial instruments directive applies).
(4)[F15The appropriate regulator] must give the firm written notice which—
(b)states that [F15the appropriate regulator's] power of intervention will become exercisable in relation to the firm if the firm continues the contravention; and
(c)indicates any requirements that [F15the appropriate regulator] proposes to impose on the firm in exercise of its power of intervention in the event of the power becoming exercisable.
(5)[F15The appropriate regulator] may exercise its power of intervention in respect of the firm if—
(c)[F15the appropriate regulator] has informed the firm's home state regulator of its intention to exercise its power of intervention in respect of the firm.
(6)Subsection (5) applies whether or not [F15the appropriate regulator's] power of intervention is also exercisable as a result of section 194.
(7) If [F15the appropriate regulator] exercises its power of intervention in respect of a relevant EEA firm by virtue of subsection (5), it must at the earliest opportunity inform the firm's home state regulator [F16 , ESMA] and the Commission of—
(a)the fact that [F15the appropriate regulator] has exercised that power in respect of the firm; and
[F17(8) If the firm has failed to put an end to the contravention as described in subsection (5)(b), [F15the appropriate regulator] may refer the matter to ESMA (and ESMA may act in accordance with the powers conferred on it under Article 19 of Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority)).]
[F18(9)Subsection (4) is not to be regarded as requiring the PRA to take action in relation to the contravention of a requirement falling within subsection (3) in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4)—
F13S. 194A inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(1), Sch. 1 para. 2
F14Words in s. 194A heading substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 33(4) (with Sch. 20); S.I. 2013/423, art. 2
F15Words in s. 194A substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 33(2) (with Sch. 20); S.I. 2013/423, art. 2
F16Words in s. 194A(7) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(7)(a)
F17S. 194A(8) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(7)(b)
F18S. 194A(9)(10) inserted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 33(3) (with Sch. 20); S.I. 2013/423, art. 2
(1)The [F19appropriate regulator] may exercise its power of intervention in respect of an incoming firm at the request of, or for the purpose of assisting, an overseas regulator.
(2)Subsection (1) applies whether or not the [F20appropriate regulator's] power of intervention is also exercisable as a result of section 194.
[F21(2A)“The appropriate regulator” means—
(a)a function corresponding to any function of [F22either regulator] under this Act;
(c)a function corresponding to any function exercised by the Secretary of State under [F24the Companies Acts (as defined in section 2 of the Companies Act 2006)];
(a)a request to the [F25appropriate regulator] for the exercise of its power of intervention has been made by a home state regulator in pursuance of [F26an EU] obligation, or
(b)a home state regulator has notified the [F25appropriate regulator] that an EEA firm’s EEA authorisation has been withdrawn,
the [F25appropriate regulator] must, in deciding whether or not to exercise its power of intervention, consider whether exercising it is necessary in order to comply with [F26an EU] obligation.
(6)In deciding in any case in which the [F25appropriate regulator] does not consider that the exercise of its power of intervention is necessary in order to comply with [F26an EU] obligation, it may take into account in particular—
(7)The [F25appropriate regulator] may decide not to exercise its power of intervention, in response to a request, unless the regulator concerned undertakes to make such contribution to the cost of its exercise as the [F25appropriate regulator] considers appropriate.
(8)Subsection (7) does not apply if the [F25appropriate regulator] decides that it is necessary for it to exercise its power of intervention in order to comply with [F26an EU] obligation.
F19Words in s. 195(1) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F20Words in s. 195(2) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F21S. 195(2A) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F22Words in s. 195(4)(a) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(5)(a) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F23S. 195(4)(b) omitted (24.1.2013 for specified purposes, 27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), ss. 16(14)(h), 122(3), Sch. 4 para. 34(5)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, arts. 2, 3, Sch.
F24Words in s. 195(4)(c) substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 92
F25Words in s. 195(5)-(8) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 34(6) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F26Words in s. 195(5)(6)(8) substituted (22.4.2011 with application in accordance with art. 3 of the amending S.I.) by virtue of The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(1)(3)(4)
[F27195AContravention by relevant EEA firm or EEA UCITS of directive requirements: home state regulator primarily responsible for securing complianceU.K.
(1)This section applies if [F28the appropriate regulator] has clear and demonstrable grounds for believing—
(4)[F28The appropriate regulator] must notify the home state regulator of the firm or EEA UCITS in writing of the situation mentioned in subsection (1).
(b)state that [F28the appropriate regulator's] powers of intervention are likely to become exercisable in relation to the firm or EEA UCITS if it continues the contravention; and
(c)indicate any requirements that [F28the appropriate regulator] proposes to impose on the firm or EEA UCITS in exercise of its power of intervention in the event of the power becoming exercisable.
(6)[F28The appropriate regulator] may exercise its power of intervention in respect of the firm or EEA UCITS if—
(9)Condition C is that [F28the appropriate regulator] has informed the home state regulator of the firm or EEA UCITS of its intention to exercise its power of intervention in respect of the firm or EEA UCITS.
(10)Subsection (6) applies whether or not [F28the appropriate regulator's] power of intervention is also exercisable as a result of section 194 or 195.
(11)If [F28the appropriate regulator] exercises its power of intervention in respect of a relevant EEA firm or EEA UCITS by virtue of subsection (6), it must at the earliest opportunity inform [F29ESMA and] the Commission of—
(a)the fact that [F28the appropriate regulator] has exercised that power in respect of that firm or EEA UCITS; and
[F30(11A) If circumstances exist which enable [F28the appropriate regulator] to exercise its power of intervention under subsection (6), [F28the appropriate regulator] may refer the matter to ESMA (and ESMA may act in accordance with the powers conferred on it under Article 19 of Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority)).]
[F31(11B)Subsection (4) is not to be regarded as requiring the PRA to notify the home state regulator in relation to the contravention of a requirement falling within subsection (2) or (3) in a case where the PRA is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4) in relation to that requirement.]
[F32“the appropriate regulator” means—
F27S. 195A substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(8)
F28Words in s. 195A substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 35(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F29Words in s. 195A(11) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(8)(a)
F30S. 195A(11A) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(8)(b)
F31S. 195A(11B) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 35(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F32Words in s. 195A(12) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 35(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
C4S. 195A(11) excluded by S.I. 2001/3084, art. 2(8)(b) (as inserted (24.8.2012) by The Financial Services and Markets Act 2000 (Gibraltar) (Amendment) Order 2012 (S.I. 2012/2017), arts. 1, 2(2)(e))
[F33196 The power of intervention.U.K.
F33S. 196 substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 36 (with Sch. 20); S.I. 2013/423, art. 2