Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XIII/crossheading/interpretation/2013-07-22
Timestamp: 2019-09-19 05:16:55
Document Index: 706332394

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

(3)The [F12FCA] may exercise its power of intervention in respect of the firm if [F13the Office of Fair Trading] has informed the [F12FCA] that—
has done any of the things specified in paragraphs [F14(a) to (e) of section 25(2A)] of the M1Consumer Credit Act 1974.
F12Word in s. 194(3) 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. 32(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F13Words 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)
F14Words 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
[F16194A Contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive: [F17appropriate regulator] primarily responsible for securing compliance U.K.
(b)[F18the 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)[F18The appropriate regulator] must give the firm written notice which—
(b)states that [F18the 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 [F18the appropriate regulator] proposes to impose on the firm in exercise of its power of intervention in the event of the power becoming exercisable.
(5)[F18The appropriate regulator] may exercise its power of intervention in respect of the firm if—
(c)[F18the 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 [F18the appropriate regulator's] power of intervention is also exercisable as a result of section 194.
(7) If [F18the 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 [F19 , ESMA] and the Commission of—
(a)the fact that [F18the appropriate regulator] has exercised that power in respect of the firm; and
[F20(8) If the firm has failed to put an end to the contravention as described in subsection (5)(b), [F18the 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)).]
[F21(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)—
F16S. 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
F17Words in s. 194A heading 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. 33(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F18Words in s. 194A 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. 33(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F19Words 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)
F20S. 194A(8) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 2(7)(b)
F21S. 194A(9)(10) 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. 33(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
C2S. 194A(7) modified by S.I. 2001/3084, art. 2(8)(a) (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))
C3S. 194A(7) modified by SI 2001/3084 art. 2(8)(a) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 58(b))
C4S. 195 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(5); S.I. 2001/3538, art. 2(1)
C5S. 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))
C6S. 195A(11) modified by SI 2001/3084 art. 2(8)(b) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 58(b))
[F44196 The power of intervention.U.K.
F44S. 196 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. 36 (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.