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DEPP 2.1 Statutory notices

When statutory notices are required

DEPP 2.1.1 G RP

1The circumstances in which the warning notice and decision notice procedure apply are set out in DEPP 2 Annex 1.

DEPP 2.1.2 G RP

The circumstances in which the supervisory notice procedure apply are set out in DEPP 2 Annex 2.

DEPP 2.1.3 G RP

DEPP 2 Annex 1 and DEPP 2 Annex 2 identify the provisions of the Act or other enactment giving rise to the need for the relevant notice, and whether the decision maker is the RDC or FCA2 staff under executive procedures in each case.

2

Consistent decision making

DEPP 2.1.4 G RP

FCA 2 staff responsible for the taking of a statutory notice decision under executive procedures may refer the matter to the RDC for the RDC to decide whether to give the statutory notice if:

2
  1. (1)

    the RDC is already considering, or is shortly to consider, a closely related matter; and

  2. (2)

    the relevant FCA2 staff believe, having regard to all the circumstances, that the RDC should have responsibility for the decision. The relevant considerations might include:

    2
    1. (a)

      the desirability of consistency in FCA2 decision making;

      2
    2. (b)

      potential savings in the time and cost of reaching a decision;

    3. (c)

      the factors identified in DEPP 3.3.2 G as relevant to an assessment of whether a decision should be regarded as straightforward.

DEPP 2.1.4A G

3If a statutory notice decision is referred to the RDC which would otherwise be taken by executive procedures in accordance with DEPP 2.1.4G, the RDC will follow the procedure as set out at DEPP 3.2.

DEPP 2.2 Warning notices and first supervisory notices

DEPP 2.2.1 G RP

If FCA2 staff consider that action requiring a warning notice or first supervisory notice is appropriate, they will recommend to the relevant decision maker that the notice be given.

2
DEPP 2.2.2 G RP

For first supervisory notices, the FCA1 staff will recommend whether the action should take effect immediately, on a specified date, or when the matter is no longer open to review (see DEPP 2.2.5 G).

2
DEPP 2.2.3 G RP

The decision maker will:

  1. (1)

    consider whether the material on which the recommendation is based is adequate to support it; the decision maker may seek additional information about or clarification of the recommendation, which may necessitate additional work by the relevant FCA2 staff;

    2
  2. (2)

    satisfy itself that the action recommended is appropriate in all the circumstances;

  3. (3)

    decide whether to give the notice and the terms of any notice given.

DEPP 2.2.4 G RP

If the FCA2 decides to take no further action and theFCA2 had previously informed the person concerned that it intended to recommend action, the FCA2 will communicate this decision promptly to the person concerned.

2 2 2
DEPP 2.2.5 G RP

A matter is open to review (as defined in section 391(8) (Publication) of the Act) (in relation to a supervisory notice which does not take effect immediately or on a specified date) when:

  1. (1)

    the period during which any person may refer a matter to the Tribunal is still running; or

  2. (2)

    the matter has been referred to the Tribunal but has not been dealt with; or

  3. (3)

    the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or

  4. (4)

    such an appeal has been brought but has not been determined.

DEPP 2.3 Decision notices and second supervisory notices

Approach of decision maker

DEPP 2.3.1 G RP

If a decision maker is asked to decide whether to give a decision notice or second supervisory notice, it will:

  1. (1)

    review the material before it;

  2. (2)

    consider any representations made (whether written, oral or both) and any comments by FCA1 staff or others in respect of those representations;

    1
  3. (3)

    decide whether to give the notice and the terms of any notice given.

DEPP 2.3.1A G

2Notwithstanding DEPP 2.3.1G(2), FCA staff under executive procedures who are asked to decide whether to give a decision notice or second supervisory notice will consider oral representations only in exceptional circumstances where they determine that prohibiting oral representations are likely to impact on the fairness of the decision. This may include (but is not limited to) circumstances where:

  1. (1)

    the subject of the decision notice or second supervisory notice is not reasonably able to make written representations due to relevant personal circumstances; and/or

  2. (2)

    oral representations are required due to the urgency or complexity of the matter to be decided.

Default procedures

DEPP 2.3.2 G RP

If the FCA1 receives no response or representations within the period specified in a warning notice, the decision maker may regard as undisputed the allegations or matters in that notice and a decision notice will be given accordingly. A person who has received a decision notice and has not previously made any response or representations to the FCA1, may nevertheless refer the FCA's1 decision to the Tribunal.

1 1 1
DEPP 2.3.3 G RP

If the FCA1 receives no response or representations within the period specified in a first supervisory notice, the FCA1 will not give a second supervisory notice. The outcome depends on when the relevant action took or takes effect (as stated in the notice). If the action:

1 1
  1. (1)

    took effect immediately, or on a specified date which has already passed, it continues to have effect (subject to any decision on a referral to the Tribunal); or

  2. (2)

    was to take effect on a specified date which is still in the future, it takes effect on that date (subject to any decision on a referral to the Tribunal); or

  3. (3)

    was to take effect when the matter was no longer open for review, it takes effect when the period to make representations (or the period for referral to the Tribunal, if longer) expires, unless the matter has been referred to the Tribunal.

DEPP 2.3.4 G RP

In exceptional cases, the decision maker may permit representations from a person who has received a decision notice (or a second supervisory notice) or against whom action, detailed in a first supervisory notice, has taken effect, and shows on reasonable grounds that he did not receive the warning notice (or first supervisory notice), or that he had reasonable grounds for not responding within the specified period. In these circumstances, the decision maker may decide to give a further decision notice (or a written notice or a supervisory notice).

Further decision notice

DEPP 2.3.5 G RP

Under section 388(3) of the Act, following the giving of a decision notice but before the FCA1 takes action to which the decision notice relates, the FCA1 may give the person concerned a further decision notice relating to different action concerning the same matter. Under section 388(4) of the Act, the FCA1 can only do this if the person receiving the further decision notice gives its consent. In these circumstances the following procedure will apply:

1 1 1
  1. (1)

    FCA1staff will recommend to the decision maker that a further decision notice be given, either before or after obtaining the person's consent;

    1
  2. (2)

    the decision maker will consider whether the action proposed in the further decision notice is appropriate in the circumstances;

  3. (3)

    if the decision maker decides that the action proposed is inappropriate, he will decide not to give the further decision notice. In this case, the original decision notice will stand and the person's rights in relation to that notice will be unaffected. If the person's consent has already been obtained, the FCA1 will notify the person of the decision not to give the further decision notice;

    1
  4. (4)

    if the decision maker decides that the action proposed is appropriate then, subject to the person's consent being (or having been) obtained, a further decision notice will be given;

  5. (5)

    a person who had the right to refer the matter to the Tribunal under the original decision notice will have that right under the further decision notice. The time period in which the reference to the Tribunal may be made will begin from the date on which the further decision notice is given.

DEPP 2.3.6 G RP

For the purpose of establishing whether the person receiving the further decision notice gives its consent, the FCA1 will normally require consent in writing.

1

DEPP 2.4 Third party rights and access to FCA material1

DEPP 2.4.1 G RP

Sections 393 (Third party rights) and 394 (Access to FCA1 material) of the Act confer additional procedural rights relating to third parties and to disclosure of FCA1 material. These rights apply in certain warning notice and decision notice cases referred to in section 392 of the Act (Application of sections 393 and 394). The cases in which these additional rights apply are identified in DEPP 2 Annex 1 by asterisks; these are generally cases in which the warning notice or decision notice is given on the FCA's1 own initiative rather than in response to an application or notification made to the FCA1.

1 1 1 1

DEPP 2.5 Provision for certain categories of decision

Purpose

DEPP 2.5.1 G RP

Some of the decisions referred to in DEPP 2 Annex 1 and DEPP 2 Annex 2 share similar characteristics. For convenience, DEPP 2.5 sets out some of these and the particular features they have.

Different decision makers

DEPP 2.5.2 G RP

In some circumstances, the19 decision to give a warning notice and a decision notice in a particular matter will 19not be taken by the same decision maker. For example19, in enforcement cases the RDC might take the decision to give a warning notice,4 but the decision to give a decision notice could be taken by the settlement decision makers on the basis that the person concerned does not contest the action proposed (see DEPP 5).

6 6 4

Decisions relating to applications for FCA authorisation or approval6

DEPP 2.5.3 G RP

FCA 6 staff under executive procedures will take the decision to give a warning notice if the FCA6 proposes to:

6 6
  1. (1)

    refuse an application for a Part 4A permission6 or to refuse an application to cancel a Part 4A permission6;

    66
  2. (2)

    impose a limitation or a requirement which was not applied for, or specify a narrower description of regulated activity than that applied for, on the grant of a Part 4A permission6;

    6
  3. (3)

    refuse an application to vary a Part 4A permission6, or to restrict a Part 4A permission6 on the grant of a variation (by imposing a limitation or a requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for);

    66
  4. (3A)

    refuse an application to vary a requirement imposed under section 55L of the Act, or to impose a new requirement;6

  5. (3B)

    exercise its power under section 55L(1) of the Act in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission;6

  6. (4)

    refuse approved person status;

  7. (4A)

    grant a relevant senior manager application, subject to any conditions or only for a limited period;9

  8. (4B)

    refuse an application to vary an approval under section 59 of the Act that was granted subject to conditions;9

  9. (5)

    refuse an application for a small e-money issuer certificate (see ELM 8 (Small e-money issuers));

  10. (6)

    [deleted]13

DEPP 2.5.4 G RP

If no representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3 G within the period specified, a decision notice will be given accordingly: see DEPP 2.3.2 G (Default procedures).

DEPP 2.5.5 G RP

If representations are made in response to a warning notice proposing any of the actions19 set out at DEPP 2.5.3G, then FCA staff under executive procedures will take the decision to give a decision notice.

9
DEPP 2.5.5A G RP

[deleted]19

6
DEPP 2.5.6 G RP

[deleted]19

6 6 6 6 6 6 6

Decisions relating to applications for PRA authorisation or approval

DEPP 2.5.6A G RP

6 FCA staff under executive procedures will take the decision where the FCA is proposing or deciding to:

  1. (1)

    refuse its consent to the granting by the PRA of an application for a Part 4A permission, or give its consent subject to conditions;

  2. (2)

    refuse its consent to the granting by the PRA of an application for the variation of a Part 4A permission, or give its consent subject to conditions; or

  3. (3)

    refuse its consent to the granting by the PRA of an application to perform a controlled function, or give its consent subject to conditions9.

FCA's own-initiative powers6

DEPP 2.5.7 G RP

FCA staff under executive procedures19 will take the decision to give a supervisory notice exercising the FCA's 6own-initiative powers (by removing a regulated activity, by imposing a limitation or requirement or by specifying a narrower description of regulated activity), including where the action involves a fundamental variation or requirement19 (see DEPP 2.5.8 G).

6 6 6 6 6 6 6 6 6
DEPP 2.5.7A G RP

FCA 6 staff under executive procedures will be the decision maker when19 a firm agrees not to contest the FCA's6 exercise of its own-initiative powers and when the exercise of the FCA’s own-initiative powers is contested by a firm.

3 6 6 6 6 6 6 6 6
DEPP 2.5.7B G

19Any decision made by FCA staff under executive procedures to give a supervisory notice exercising the FCA’s own-initiative powers (by removing a regulated activity, by imposing a limitation or requirement or by specifying a narrower description of regulated activity) which involves a fundamental variation or requirement (see DEPP 2.5.8G) will be taken by a member of FCA staff of at least Director level (which may include an acting Director).

DEPP 2.5.8 G RP

A fundamental variation or requirement means:6

6
  1. (1)

    removing a type of activity or investment from the firm'spermission; or

  2. (2)

    refusing an application to include a type of activity or investment; or

  3. (3)

    [deleted]6

    6
  4. (4)

    imposing or varying an assets requirement (as defined in section 55P6 of the Act (Prohibitions and restrictions)), or refusing an application to vary or cancel such a requirement.

    6

The FCA’s power to vary SMF manager’s approval on its own initiative

DEPP 2.5.8A G RP

FCA staff under executive procedures19 will take the decision under section 63ZB of the Act to vary an approval given to an SMF manager (by imposing a condition, varying a condition, removing a condition or limiting the period for which the approval is to have effect).

9
DEPP 2.5.8B G RP

FCA staff under executive procedures will be the decision maker when19 all of the interested parties (as defined by section 63ZC(6) of the Act) agree not to contest the FCA’s exercise of its power under section 63ZB of the Act and when the exercise of such powers is contested by any of the interested parties (as so defined)19.

9
DEPP 2.5.8C G RP

9The FCA’s statement of policy on the use of the power to vary an SMF manager’s approval on its own initiative is set out in DEPP 8.

Decisions relating to listing of securities

DEPP 2.5.9 G RP

FCA 6 staff under executive procedures will take the following statutory notice decisions:

6
  1. (1)

    the refusal of an application for listing of securities;

  2. (2)

    the suspension of listing on the FCA's6 own initiative or at the request of the issuer;

    6
  3. (3)

    [deleted]2

    2
  4. (4)

    the discontinuance of listing of securities at the issuer's request;

  5. (5)

    the exercise of any of the powers in sections 87K or 87L of the Act in respect of a breach of any applicable provision; and2

  6. (6)

    [deleted]2

    2
  7. (7)

    the refusal of an application by an issuer for cancellation of a suspension of listing made under section 77 of the Act.

DEPP 2.5.10 G RP

FCA staff under executive procedures20 will take statutory notice decisions relating to the discontinuance of listing of securities on the FCA's6 own initiative.

6
DEPP 2.5.11 G RP

If securities have matured or otherwise ceased to exist the FCA6 will remove any reference to them from the official list. This is a purely administrative process, and not a discontinuance of listing in the sense used in Part 6 of the Act.

Decisions relating to imposition of limitations or other restrictions of sponsors and primary information providers.6

6

Decisions relating to imposition of limitations or other restrictions of sponsors and primary information providers

DEPP 2.5.11A G RP

6Under section 88(4)(aa) of the Act, if the FCA proposes to impose limitations or other restrictions on the services to which a sponsor's approval relates, it must give him a warning notice. If, after considering any representations made in response to the warning notice, the FCA decides to impose limitations or other restrictions on the services to which a sponsor's approval relates, it must give him a decision notice. 19FCA staff under executive procedures will take the decision to give the warning notice and decision notice where the sponsor has requested or otherwise agrees to the limitation or other restriction and where the sponsor contests the imposition of the limitation or other restriction19.

DEPP 2.5.11B G RP

6If the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal or variation of a limitation or other restriction on the services to which a sponsor's approval relates under section 88(8)(d) of the Act, the decision maker will be FCA staff under executive procedures.19

DEPP 2.5.11C G RP

6Under section 89P(5)(b) of the Act, if the FCA proposes to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates, it must give him a warning notice. If, after considering any representations made in response to the warning notice, the FCA decides to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates, it must give him a decision notice. 19FCA staff under executive procedures will take the decision to give the warning notice and decision notice where the primary information provider has requested or otherwise agrees to the limitation or other restriction and where the primary information provider contests the imposition of the limitation or other restriction19.

DEPP 2.5.11D G RP

6Under section 89P(9)(d) of the Act, if the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal or variation of a limitation or other restriction on the dissemination of regulated information to which a primary information provider's approval relates, the decision maker will be FCA staff under executive procedures.19

Modified procedures in collective investment scheme and certain other cases

DEPP 2.5.12 G RP

FCA 6 staff will usually inform or discuss with the person concerned any action they contemplate before they recommend to FCA staff under executive procedures19 that the FCA6 takes formal action. The FCA6 may also be invited to exercise certain powers by the persons who would be affected by the exercise of those powers. In these circumstances such decisions, including those referred to in DEPP 2.5.13G, will be taken by FCA staff under executive procedures19 if the person concerned has agreed to or accepted the action proposed and if the proposed action is not agreed19.

6 6 6 6 6
DEPP 2.5.13 G RP

The decisions referred to in DEPP 2.5.12 G are:

  1. (1)

    the decision to give a supervisory notice pursuant to section 259(3), (8) or 9(b) (directions on authorised unit trust schemes); section 268(3), 7(a) or 9(a) (directions in respect of recognised overseas schemes); or section 282(3), (6) or (7)(b) (directions in respect of relevant recognised schemes) of the Act;

  2. (1A)

    the decision to give a supervisory notice pursuant to section 261Z1(3), (8) or (9)(b) (Procedure on giving directions under section 261X or 261Z and varying them on FCA's own initiative) of the Act;7

  3. (2)

    the decision to give a warning notice or decision notice pursuant to section 280(1) or (2)(a) (revocation of recognised investment scheme) or section 282B (public censure)21 of the Act;

  4. (3)

    the decision to give a supervisory notice in accordance with regulation 27(3), (8) or 9(b) of the OEIC Regulations;and6

  5. (4)

    the decision to give a warning notice or decision notice pursuant to regulation 24 or regulation 28 of the OEIC Regulations.6

  6. (4A)

    the decision to give a warning notice or decision notice pursuant to section 255 or 260 of the Act;7

  7. (4B)

    the decision to give a warning notice or decision notice pursuant to section 261V or 261Z2 of the Act;7

  8. (5)

    [deleted]6

    6
  9. (6)

    [deleted]6

    6
DEPP 2.5.14 G RP

In determining whether there is agreement to or acceptance of the action proposed, an indication by the following persons will be regarded as conclusive:

  1. (1)

    in relation to an authorised unit trust scheme, the manager and trustee;8

    8
  2. (1A)

    in relation to an authorised contractual scheme, the authorised contractual scheme manager and depositary;7

  3. (2)

    in relation to an ICVC, the directors and the depositary;8

    8
  4. (3)

    in relation to a recognised scheme, the operator and, if any, the trustee8or depositary.

    8
DEPP 2.5.15 G RP

A decision to give a warning notice or decision notice refusing an application for an authorisation order declaring a scheme7 to be an AUT, ACS7 or ICVC2 or an AUT, ACS or ICVC to be a money market fund12 will be taken by FCA staff under executive procedures, including if the application is by an authorised fund manager who is not the operator of an existing AUT, ACS or ICVC.

7 7 6 6 2 2
DEPP 2.5.16 G RP

[deleted]13

5 5 5 5 5 6 6 5 5

Notices under other enactments6

DEPP 2.5.17 G RP

The FCA6 expects to adopt a procedure in respect of notices under enactments other than the Act which is similar to that for statutory notices under the Act, but which recognises any differences in the legislative framework and requirements. DEPP 2 Annex 1 and DEPP 2 Annex 2 therefore identify notices to be given pursuant to other enactments and the relevant FCA6 decision maker.

6 6
DEPP 2.5.18 G RP

Some of the distinguishing features of notices given under enactments other than the Act are as follows:

  1. (1)

    [deleted]6

    6
  2. (2)

    [deleted]6

    6
  3. (3)

    Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by section 58A(5), to have the matter referred to the Tribunal. A decision notice under section 58A(3) may only relate to action under the same section of the Friendly Societies Act 1992 as the action proposed in the warning notice. A final notice under section 390 of the Act must set out the terms of the direction and state the date from which it takes effect. Section 392 of the Act is to be read as if it included references to a warning notice given under section 58A(1) and a decision notice given under section 58A(3).

    16
  4. (4)

    The FCA is only required to give a single supervisory notice under Regulations 28 and 36 of the MiFI Regulations. No representations can be made to the FCA after the issuing of this notice, but the matter can be referred to the Tribunal.10

  5. (5)

    The decision to give a written notice under section 55XA(1) of the Act will be taken by FCA staff under executive procedures. If the applicant decides to seek a review, by the FCA, of that decision, they can make representations to FCA staff under executive procedures. If FCA staff under executive procedures then decide19 under section 55XA(5) of the Act to confirm the first decision, or take a different decision of the type described by section 55XA(1) of the Act, it must give the applicant a written notice.11

  6. (5A)

    The decision to impose or vary a direction under regulation 74C of the Money Laundering Regulations19 will be taken by FCA staff under executive procedures, including if the direction involves a fundamental imposition or variation19. FCA staff under executive procedures will be the decision maker when19 a cryptoasset business does not contest the direction and when the direction is contested by a cryptoasset business19. A fundamental imposition or variation of a direction means:16

    1. (a)

      preventing a cryptoasset business from undertaking cryptoasset business; or16

    2. (b)

      imposing or varying a direction in relation to the cryptoasset business’ assets, or refusing an application to vary or cancel such a direction.16

  7. (6)

    14CRA Regulation: Where the FCA is exercising its powers to refuse an application for registration under articles 16 or 17, or to refuse an application made by a credit rating agency to withdraw its registration under article 20(3), it must give a written notice in accordance with article 18(2). In these circumstances the decision to give a written notice under article 18(2) will be taken by FCA staff under executive procedures.

    Where the FCA is exercising its powers to withdraw the registration of a credit rating agency on the FCA’s own initiative under article 20(1) or (2), or to give a direction under article 24(1), it must give a written notice in accordance with article 18(2). In these circumstances the decision to give a written notice under article 18(2) will be taken by FCA staff under executive procedures19.

    Upon receipt of a written notice under article 18(2) the credit rating agency may decide to seek a review or to refer the matter directly to the Tribunal under article 18A.

    If the credit rating agency decides to seek a review of the decision set out in the article 18(2) notice, they can make representations to FCA staff under executive procedures. If FCA staff under executive procedures decide to19 maintain the original decision, the credit rating agency may refer the 19decision to do so to the Tribunal.

  8. (7)

    15Trade Repositories (EU Exit) Regulations: Where the FCA is exercising its powers to refuse an application for registration of a trade repository under article 58 of EMIR or to refuse an application made by a trade repository to withdraw its registration under article 71(3) of EMIR, it must give a written notice in accordance with article 71a(6) of EMIR. In these circumstances the decision to give a written notice under article 71a(6) will be taken by FCA staff under executive procedures.

    Where the FCA is exercising its powers to withdraw the registration of a trade repository on the FCA’s own initiative under article 71(1) or (2), it must give a written notice in accordance with article 71a(6). In these circumstances the decision to give a written notice under article 71a(6) will be taken by FCA staff under executive procedures19.

    Upon receipt of a written notice under article 71a(6) the credit rating agency may decide to seek a review or to refer the matter directly to the Tribunal under article 71b.

    If the trade repository decides to seek a review of the decision set out in the article 71a(6) notice, they can make representations to FCA staff under executive procedures19. If FCA staff under executive procedures decide19 to maintain the original decision, the trade repository may refer the19 decision to do so to the Tribunal.

  9. (8)

    Securitisation Regulation (as amended by the Securitisation (Amendment) (EU Exit) Regulations): where the FCA exercises its powers to refuse an application for registration of a securitisation repository under article 12, or to refuse an application made by a securitisation repository to withdraw its registration under article 13a, it must give a written notice in accordance with article 13(6). In these circumstances, the decision to give a written notice under article 13(6) will be taken by FCA staff under executive procedures.18

    Where the FCA exercises its powers to withdraw the registration of a securitisation repository on its own initiative under article 13a, it must give a written notice in accordance with article 13(6)(b). In these circumstances, the decision to give a written notice under article 13(6)(b) will be taken by FCA staff under executive procedures19.

    Upon receipt of a written notice under regulation 13a, the securitisation repository may decide to seek a review or to refer the matter to the Tribunal. If the securitisation repository decides to seek a review of the decision set out in the regulation 13a notice, they can make representations to FCA staff under executive procedures19. If FCA staff under executive procedures decide19 to maintain the original decision, the securitisation repository may refer the19 decision to do so to the Tribunal.

    1818
  10. (9)

    Securities Financing Transactions Regulation (as amended by the SFTR (EU Exit) Regulations): where the FCA is exercising its powers to refuse an application for registration of a trade repository under article 7 of the Securities Financing Transactions Regulation or to refuse an application made by a trade repository to withdraw its registration under article 10(3), it must give a written notice in accordance with article 10a(6). In these circumstances the decision to give a written notice under article 10a(6) will be taken by FCA staff under executive procedures.17

    Where the FCA is exercising its powers to withdraw the registration of a trade repository on the FCA’s own initiative under article 10(1) or 10(2), it must give a written notice in accordance with article 10a(6)(b). In these circumstances, the decision to give a written notice under article 10a(6)(b) will be taken by FCA staff under executive procedures19.

    Upon receipt of a written notice under article 10 the trade repository may decide to seek a review or to refer the matter directly to the Tribunal under article 10b.17

    If the trade repository decides to seek a review of the decision set out in the article 10 notice, they can make representations to FCA staff under executive procedures19. If FCA staff under executive procedures decide19 to maintain the original decision, the trade repository may refer the19 decision to do so to the Tribunal.

    1717

DEPP 2 Annex 1 Warning notices and decision notices under the Act and certain other enactments

G

Note: Third party rights and access to FCA18 material apply to the powers listed in this Annex where indicated by an asterisk * (see DEPP 2.4)

18

Section of the Act

Description

Handbook reference

Decision maker

55X(1)(a) and(b)18

18

when the FCA18 is proposing to grant an application for a Part 4A permission18 with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

18 18

SUP 6

Executive procedures

55X(1)(c) and (d)18

18

when the FCA18 is proposing to grant an application to vary a firm'sPart 4A permission18 but, other than as part of the application, to restrict the Part 4A permission18 (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for)

18 18 18

Executive procedures

1855X(1)(e)

when the FCA is proposing to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application for a Part 4A permission18

18 18

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application to vary a firm'sPart 4A permission18

18 18

SUP 6

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application to cancel a firm'sPart 4A permission18

18 18

SUP 6

Executive procedures

1855X(2)

when the FCA is proposing to refuse an application for the variation of a requirement imposed under section 55L or for the imposition of a new requirement

Executive procedures 56

55X(4)(a)

55X(4)(b)18

18

when the FCA18 is deciding to grant an application for a Part 4A permission18 with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

18 18

Executive procedures 56

55X(4)(c)

55X(4)(d)18

18

when the FCA18 is deciding to grant an application to vary a firm's Part 4A permission18but, other than as part of the application, to restrict the Part 4A permission18 (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for)

18 18 18

SUP 6

Executive procedures 56

1855X(4)(e)

when the FCA is deciding to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application for a Part 4A permission18

18 18

Executive procedures 56

See DEPP 2.5.5 G

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application to vary a firm's Part 4A permission18

18 18

SUP 6

Executive procedures 56

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application to cancel a firm'sPart 4A permission18

18 18

SUP 6

Executive procedures 56

See DEPP 2.5.5 G

1855X(4)(f)

When the FCA is deciding to refuse an application for the variation of a requirement imposed under section 55L or for the imposition of a new requirement

Executive procedures 56

55Z(1)

55Z(2)18

18

when the FCA18 is proposing or deciding to cancel a firm's Part 4A permission18 otherwise than at its request *

18 18

Executive procedures 56

57(1)/(3)

when the FCA18 is proposing or deciding to make a prohibition order against an individual*

18

RDC

58(3)/(4)

when the FCA18 is proposing or deciding to refuse an application for the variation or revocation of a prohibition order

69

RDC

62(2)

when the FCA18 is proposing to refuse an application for approval of a person performing a controlled function or to grant the application subject to conditions or for a limited period (or both)27

18

SUP 10A and SUP 10C27

Executive procedures

62(3)

when the FCA18 is deciding to refuse an application for approval of a person performing a controlled function or to grant the application subject to conditions or for a limited period (or both)27

18

SUP 10A and SUP 10C27

Executive procedures 56

See DEPP 2.5.5 G

63(3)/(4)

when the FCA18 is proposing or deciding to withdraw approval from an approved person *

18

Executive procedures 56

863B(1)/(3)

when the FCA18 is proposing or deciding to impose a penalty on a person under section 63A*

18

RDC

2763ZA(4)(b) and 62(2)

when the FCA is proposing to refuse an application for variation of an approval granted to an SMF manager, subject to conditions

SUP 10C

Executive procedures

2763ZA(8) and 62(3)

when the FCA is deciding to refuse an application for variation of an approval granted to an SMF manager, subject to conditions

SUP 10C

Executive procedures 56

See DEPP 2.5.5G

67(1)/(4)

when the FCA18 is proposing or deciding to take action against an individual27 by exercising the disciplinary powers conferred by section 66*

18

RDC

76(4)/(5)

when the FCA18 is proposing or deciding to refuse an application for listing of securities

18

LR 2 and LR 3

Executive procedures

78(10)/(11)(a)

when the FCA18 has suspended, on its own initiative,3 the listing of securities3and is proposing or deciding to refuse an application by an issuer for cancellation of the suspension

18 3

LR 5

Executive procedures

378A(4)/(5)

When the FCA18 is proposing or deciding to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities

18

LR 5

Executive procedures

378A(7)/(8)(a)

When the FCA18 has suspended the listing of securities on the application of the issuer of the securities and is proposing or deciding to refuse an application by the issuer for the cancellation of the suspension

18

LR 5

Executive procedures

87M(2)/(3)

when the FCA18 is proposing or deciding to publish a statement censuring an issuer of transferable securities, a person offering transferable securities to the public or a person requesting the admission of transferable securities to trading on a regulated market

18

RDC 3 4 7

788(4)(a)

88(6)(a)

88(8)(a)18

18

when the FCA18 is proposing or deciding to refuse a person's application for approval as a sponsor

18 18 10 18

LR 8

Executive procedures 56

1888(4)(a)

88(6)(a)

88(8)(b)

when the FCA is proposing or deciding to refuse a sponsor's application for the suspension of an approval as a sponsor

Executive procedures

1888(4)(a)

88(6)(a)

88(8)(c)

when the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal of the suspension of an approval as a sponsor

Executive procedures

1888(4)(a)

88(6)(a)

88(8)(d)

when the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal or variation of a limitation, or other restriction on the services to which a sponsor's approval relates

Executive procedures 56

See DEPP 2.5.11B G

1888(4)(aa)

88(6)(aa)

when the FCA is proposing or deciding to impose limitations or restrictions on the services to which a sponsor's approval relates

Executive procedures 56

See DEPP 2.5.11A G

1888(4)(b)

88(6)(b)

when the FCA is proposing or deciding to cancel a sponsor's approval as a sponsor otherwise than at the sponsor's request*

Executive procedures 56

1888B(1)

88B(5)

when the FCA is proposing or deciding to take action against a sponsor by exercising the disciplinary powers conferred by section 88A*

RDC

989K(2)/(3)

when the FCA18 is proposing or deciding to publish a statement that an issuer of securities admitted to trading on a regulated market is failing or has failed to comply with an applicable transparency obligation

18

RDC

1889P(5)(a)

89P(7)(a)

89P(9)(a)

when the FCA is proposing or deciding to refuse a person's application for approval as a primary information provider

Executive procedures 56

1889P(5)(a)

89P(7)(a)89P(9)(b)

when the FCA is proposing or deciding to refuse a primary information provider's application for the suspension of an approval as a primary information provider

Executive procedures

1889P(5)(a)

89P(7)(a)

89P(9)(c)

when the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal of the suspension of an approval as a primary information provider

Executive procedures

1889P(5)(a)

89P(7)(a)

89P(9)(d)

when the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal or variation of a limitation or other restriction on the dissemination of regulated information to which a primary information provider's approval relates

Executive procedures 56

See DEPP 2.5.11D G

1889P(5)(b)

89P(7)(b)

when the FCA is proposing or deciding to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates.

Executive procedures 56

See DEPP 2.5.11A G

89P(5)(c)

89P(7)(c)

when the FCA is proposing or deciding to cancel a person's approval as a primary information provider otherwise than at the primary information provider's request

Executive procedures 56

89R(1)

89R(5)

when the FCA is proposing or deciding to take action against a primary information provider by exercising the disciplinary powers conferred by section 89Q

RDC

92(1)/(4)

when the FCA18 is proposing or deciding to take action against any person under section 91 for breach of Part 6 rules*4

18

RDC

126(1)/ 127(1)

when the FCA18 is proposing or deciding to impose a penalty or public censure under section 123 of the Act, a disciplinary prohibition under section 123A of the Act, or a suspension or restriction under section 123B of the Act29*

18

RDC

8131H(1)/ (4)

when the FCA18 is proposing or deciding to take action against a person under section 131G*

18

RDC

27142T(1)/ (4)

when the FCA is proposing or deciding to take action against a person under section 142S*

RDC

57S143T(1)

S143T(3)

When the FCA is proposing or deciding to make a Part 9C prohibition order under S143S(2) of the Act

RDC or executive procedures

57S143U(2) (b)

S143U(2) (c)

When the FCA is proposing or deciding to refuse an application for the variation or revocation of a prohibition order under S143U

RDC or executive procedures

57

S143W(1)

S143W(5)

When the FCA is proposing or deciding to impose a penalty on a person under section 143V (2) of the Act

RDC or executive procedures

57

S143X(1)

S143X(5)

When the FCA is proposing or deciding to publish a statement on a person under section 143P 143W((3) of the Act

RDC or executive procedures

189(4)/(7)6

6

when the FCA18 is proposing or deciding to object to a change in control following receipt of a section 178 notice6

18 6

SUP 11

Executive procedures

189(4)/(7)6

6

when the FCA18 is proposing or deciding to approve a change in control with conditions, following receipt of a section 178 notice6

18 6

SUP 11

Executive procedures

187(1)/(3) and 188(1)191A(4)/(6)6

when the FCA18 is proposing or deciding to object to a person who has acquired or increased control without giving a section 178 notice6

18 6

SUP 11

Executive procedures 6

6191A(4)/(6)

when the FCA18 is proposing or deciding to object to a person'scontrol on the basis of the matters in section 186

18

SUP 11

Executive procedures

6191A(4)/(6)

when the FCA18 is proposing or deciding to object to a person'scontrol on the grounds that he is in breach of a condition imposed under section 187

18

SUP 11

Executive procedures

18192L(1)

192L(4)

when the FCA is proposing or deciding to take action against a qualifying parent undertaking by exercising the disciplinary powers conferred by section 192K*

RDC

200(4)/(5)

[deleted]45

18 18

45

207(1)/ 208(1)

when the FCA18 is proposing or deciding to publish a statement (under section 205) or impose a financial penalty (under section 206) or suspend a permission or impose a restriction in relation to the carrying on of a regulated activity (under section 206A). This applies in respect of an authorised person, or an unauthorised person to whom section 404C applies.*12

12 18 8 8 8

RDC

245(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an authorisation order declaring a unit trust scheme to be an AUT or an AUT to be a money market fund42

18

COLL 2

Executive procedures 56

See DEPP 2.5.15 G

18249

345B(1)/(4)

when the FCA is proposing or deciding to take action against an auditor by exercising the disciplinary powers conferred by section 249*

RDC

252(1)/(4)

when the FCA18 is proposing or deciding to refuse approval of a proposal to replace the trustee or manager of an AUT

18

COLL 2

Executive procedures

11252A(4)(b)/(6)(a)

when the FCA18 is proposing or deciding to refuse approval of a proposal by the manager of a feeder UCITS to make an alteration to the trust deed to enable the feeder UCITS to convert into a UCITS scheme which is not a feeder UCITS

18

COLL 11

Executive procedures

255(1)/(2)

when the FCA18 is proposing or deciding to make an order under section 254 revoking the authorisation order of an AUT *

18

None, but see Chapter 14 of the Regulatory Guide EG.

Executive procedures 56

9

9256(4)/(5)

when the FCA18 is proposing or deciding to refuse a request for the revocation of the authorisation order of an AUT

18

Executive procedures 56

260(1)/(2)

when the FCA18, on an application to revoke or vary a direction under section 257, proposes or decides to refuse to revoke or vary the direction or proposes or decides to vary the direction otherwise than in accordance with the application

18

Executive procedures 56

19

19261G(1)/(2)

when the FCA is proposing or deciding to refuse an application for an authorisation order declaring a scheme to be an ACS or an ACS to be a money market fund42

COLL 2

Executive procedures 56

See DEPP 2.5.15 G

19261R(1)/(4)

when the FCA is proposing or deciding to refuse approval of a proposal to replace the depositary or authorised contractual scheme manager of an ACS

COLL 2

Executive procedures

19261S(4)(b)/ (6)(a)

when the FCA is proposing or deciding to refuse approval of a proposal by the authorised contractual scheme manager of an ACS which is a feeder UCITS to make an alteration to the contractual scheme deed to enable the feeder UCITS to convert into a UCITS scheme which is not a feeder UCITS

COLL 11

Executive procedures

19261V(1)/(2)

when the FCA is proposing or deciding to make an order under section 261U revoking the authorisation order of an ACS*

None, but see Chapter 14 of the Regulatory Guide EG.

Executive procedures 56

19261W(4)/(5)

when the FCA is proposing or deciding to refuse a request for the revocation of the authorisation order of an ACS

Executive procedures 56

19261Z2(1)/(2)

when the FCA, on an application to revoke or vary a direction under section 261X, proposes or decides to refuse to revoke or vary the direction or proposes or decides to vary the direction otherwise than in accordance with the application

Executive procedures 56

264(2)/ 265(4)

[deleted]11

11 		11

269(1)/(2)

[deleted]45

18 18

45

20

276(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an order declaring a collective investment scheme to be a recognised scheme under section 272

18

COLL 9

Executive procedures

280(1)/(2)

when the FCA18 is proposing or deciding to revoke a section 272 order in respect of a recognised scheme *

18 20

Executive procedures 56

59282B

when the FCA is proposing or deciding to publish a statement censuring the operator of a scheme recognised under section 272 of the Act.

COLL 9

Executive procedures

1301G(3)(b)/(5)6

6

when the FCA18 is proposing or deciding12 to object to a proposed acquisition 6of a UKRIE following receipt of a section 301A 6notice .

18 6 6

REC 4.2C

Executive procedures 1 2

2301I(3)/(4)6

6

when the FCA18 is proposing or deciding to object to a person who has acquired or increased control in a UK RIE without giving a section 301 notice6

18 6

REC 4.2C

Executive procedures

2301I(3)/(4)6

6

when the FCA18 is proposing or deciding to object to a person's control in a UK RIE on the basis of the approval requirement in section 301F(4)6

18 6

REC 4.2C

Executive procedures

18312G(1)

312H(1)

when the FCA is proposing or deciding to take action against a recognised investment exchange by exercising the disciplinary powers conferred by sections 312E and 312F*

RDC

1313B(9)

[deleted]9

9 		9 9

2313B(10)/(11)

[deleted]9

9 		9 9

9313BB(5)/ 313BC(5)

when, upon the application of an institution, the FCA18 is proposing or deciding not to revoke a requirement imposed on an institution under section 313A or is proposing or deciding that a requirement imposed on a class of institutions under section 313A will continue to apply to the applicant

18

REC 4.2D

Executive procedures

9313BD(5)/ 313BE(4)

when, upon the application of an issuer, the FCA18 is proposing or deciding not to revoke a requirement imposed on an institution or a class of institutions under section 313A or to revoke a requirement imposed on a class of institutions under section 313A in relation to the class apart from one or more specified members of it, or one or more specified members of the class only

18

REC 4.2D

Executive procedures

331(1)/(3)

when the FCA18 is proposing or deciding to make an order disapplying the exemption from the general prohibition under section 327*

18

Executive procedures 56

331(7)/(8)

when the FCA18 is proposing or deciding to refuse an application for the variation or revocation of an order made under section 329*

18

Executive procedures 56

345B(1)

345B(4)18

18

when the FCA18 is proposing or deciding to disqualify an auditor or actuary from being the auditor of, or acting as an actuary for, any authorised person or class of authorised person or from being the auditor of any AUT, ACS19 or ICVC *

RDC

18345B(1)

345B(4)

when the FCA is proposing or deciding to disqualify an auditor from being the auditor of any recognised investment exchange or any class of recognised investment exchange*

RDC

18345B(1)

345B(4)

when the FCA is proposing or deciding to take action against an auditor or actuary by exercising the disciplinary powers conferred by sections 345(2)(c) or (d)*

RDC

385(1)/ 386(1)

when the FCA18 is proposing or deciding to exercise the power under section 384(5) to require a person to pay restitution*

18

RDC 17

17404A(8)(a)

In connection with a consumer redress scheme, when the FCA is proposing to make a determination of whether a failure by a relevant firm has caused (or may cause) loss or damage to a consumer, or what the redress should be in respect of the failure18

CONRED

Executive procedures

18404A(8)(a)

In connection with a consumer redress scheme, when the FCA is deciding to make a determination of whether a failure by a relevant firm has caused (or may cause) loss or damage to a consumer, or what the redress should be in respect of the failure

CONRED

Executive procedures

1412B(2)/(3)

when the FCA18 is proposing/deciding to refuse to approve a relevant system as defined in section 412A(9) of the Act

18

Executive procedures

1412B(4)/(5)

when the FCA18 is proposing/deciding to suspend or withdraw its approval in relation to a relevant system as defined in section 412A(9) of the Act*

18

Executive procedures

1412B(8)/(9)

when the FCA18 is proposing/deciding to refuse an application to cancel the suspension of approval in relation to a relevant system as defined in section 412A(9) of the Act*

18

Executive procedures 11

11Paragraph 15A(4) of Schedule 3

[deleted]45

18 18

45

45

Paragraph 15A(5) of Schedule 3

[deleted]11

11 		11

11Paragraph 15B(2)18(a) of Schedule 3

18

[deleted]45

18 18

45

45

Paragraph 19(8)/ (12) of Schedule 3

[deleted]45

18 18

45

45

55Paragraph 5(6) of Schedule 6A

when the FCA is proposing to refuse to annul a decision to exercise its additional own-initiative variation power58*

Executive procedures 58

55Paragraph 5(7) of Schedule 6A

when the FCA is deciding to refuse to annul a decision to exercise its additional own-initiative variation power58*

Executive procedures 58

18

43

43 Co-operative and Community Benefit Societies Act (Northern Ireland) 1969

Description

Handbook reference

Decision maker

Sections 15 and 16

where the FCA gives at least two months’ notice of the proposed cancellation or suspension of the registration of a registered society

Executive procedures

Sections 15 and 16

where the FCA is proposing to cancel or suspend the registration of a registered society relying on section 15 (1)(c)(ii)

Executive procedures 56

Section 65

where the FCA is proposing to petition for the winding up of a registered society

Executive procedures 56

Section 75

where the FCA is proposing to prosecute a registered society

Executive procedures 56

43 Credit Unions (Northern Ireland) Order 1985

15

Description

Handbook reference

Decision maker

43Articles 60 and 61

where the FCA gives at least two months’ notice of the proposed cancellation or suspension of the registration of a Northern Ireland credit union

Executive procedures

Articles 60(1) and 61(1)43

where the FCA is proposing to cancel or suspend43 the registration of a Northern Ireland credit union relying on section 60(1)(c)(ii)43

Executive procedures 56

43

43Article 63

where the FCA is proposing to petition for the winding up of a Northern Ireland credit union

Executive procedures 56

43Article 76

where the FCA is proposing to prosecute a Northern Ireland credit union

Executive procedures 56

18 18

Section of the Friendly Societies Act 1992

Description

Handbook reference

Decision maker

58A(1)(a)/(3)(a)

when the FCA18 is proposing or deciding to give a direction under section 54 or section 55 requiring a friendly society to take or refrain from taking steps where certain activities have become disproportionate to those of the friendly society group or, as the case may be, the society, or varying such a direction other than at the request of the society*

18

See DEPP 2.5.18G (3)

Executive procedures 56

58A(1)(b)/(3)(b)

when the FCA18 is proposing or deciding to give a direction under section 90 providing for a transfer of the engagements of a friendly society *

18

Executive procedures 56

85(4A)

when the FCA18, on an amalgamation between friendly societies each of which has a Part 4A permission18, notifies the successor society of the terms of its Part 4A permission18

18 18 18

Executive procedures 56

See DEPP 2.5.12 G

OEIC Regulations reference

Description

Handbook reference

Decision maker

Regulation 16(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an authorisation order in respect of a proposed ICVC or an ICVC to be a money market fund42

18

COLL 2

Executive procedures 56

See DEPP 2.5.15 G

Regulation 22(1)/(2)/(4)/(5)

when the FCA18 is proposing to refuse approval of (or, having given a warning notice, deciding to refuse) a proposal to replace the depositary or director23of an ICVC, or any other proposal or decision falling within regulation 21

18 23

COLL 2

Executive procedures 11

11Regulation 22A(5)(b)/(8)(a)

when the FCA18 is proposing or deciding to refuse approval of a proposal by an ICVC which is a feeder UCITS to make an alteration to its instrument of incorporation to enable it to convert into a UCITS scheme which is not a feeder UCITS

18

COLL 11

Executive procedures

Regulation 24(1)/(2)

when the FCA18 is proposing or deciding to revoke an authorisation order relating to an ICVC under regulation 23(1)*

18

Executive procedures 56

Regulation 28(1)/(2)

when the FCA18 is proposing or deciding to refuse an application to revoke or vary a direction in accordance with a request under regulation 25(7) or to vary the direction in accordance with the application

18

Executive procedures 56

Paragraph 20 of Schedule 5

when the FCA18 is proposing or deciding to use the disqualification powers under section 249(1)*

18

RDC

Regulated Activities Order

Description

Handbook reference

Decision maker

Article 95(2)/(3)

when the FCA18 is proposing or deciding not to include, or to remove, an appointed representative from the Register*

18

SUP 12.4.10 G

Executive procedures 56

Article 95(7)/(8)

when the FCA18 is proposing or deciding to refuse an application to revoke a determination not to include, or to remove, an appointed representative from the Register*

18

SUP 12.4.10 G

Executive procedures 56

5 70 Payment Services Regulations

Description

Handbook reference

Decision maker

Regulations 9(7), 15 and 1935

when the FCA18 is proposing to refuse an application for authorisation as an authorised payment institution, or for registration as a small payment institution, or for registration as an account information service provider,35 or to9 impose a requirement, or to refuse an application to vary an authorisation9 or existing registration35

18

Executive procedures

Regulations 9(8)(a), 15 and 1935

when the FCA18 is deciding to refuse an application for authorisation as an authorised payment institution, or for registration of a small payment institution, or for registration as an account information service provider,35 or to9 impose a requirement, or to refuse an application to vary an authorisation9 or existing registration35

18

Executive procedures 56

Regulations 10(2), 10(3)(a), 15 and 1935

when the FCA18 is proposing or deciding to either cancel an authorised payment institution's authorisation, or to cancel a small payment institution or account information service provider’s35 registration, otherwise than at that institution's own request*

18

Executive procedures 56

Regulations 28(1) and 2635

[deleted]45

18 18 35

45

Regulations 28(2)(a) and 2635

[deleted]45

18 18 35

45

Regulations 28(1), 28(2)(a) and 2635

[deleted]45

18 18 35

45

Regulation 34(8)35

when the FCA18 is proposing to refuse an application for registration as an agent

18

Executive procedures

Regulation 34(9)(a)35

when the FCA18 is deciding to refuse an application for registration as an agent

18

Executive procedures 56

Regulations 35(2) and 35(3)(a)35

when the FCA18 is proposing or deciding to remove an agent from the Financial Services Register18 otherwise than at the request of a payment institution*

18 18

Executive procedures 56

Regulations 112(1) and 112(3)35

when the FCA18 is proposing, or deciding, to impose a financial penalty*

18

RDC

Regulations 112(1) and 112(3)35

when the FCA18 is proposing, or deciding, to publish a statement that a payment service provider has contravened the Payment Services Regulations*

18

RDC

Regulations 115(1) and 115(3)35

when the FCA18 is proposing or deciding to exercise its powers to require restitution*

18

RDC

35

35

18 18

35

35

35

18 18

35

24
24 35

56

24 35

56

Schedule 635 paragraph 1

when the FCA18 is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the Payment Services Regulations (Note 2)

18

RDC

Schedule 635 paragraph 1

when the FCA18 is proposing or deciding to impose a financial penalty against a relevant person (Note 3)

18

RDC

Notes:

(2) The Payment Services Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

(3) The Payment Services Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

18 18 18 18 18 18

37 The Money Laundering Regulations 2007 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 34

Description

Handbook reference

Decision maker

34Regulations 25(6), 25(9) and 25 (10)(b)

when the FCA is exercising its power to give a direction

Executive procedures 56

34Regulation 59(3)(b)

when the FCA is proposing to refuse an application for registration

Executive procedures

34Regulation 59(4)(b)

when the FCA is deciding to refuse an application for registration

Executive procedures 56

Regulations 60(8) and 60(9)34

when34 the FCA is proposing or deciding to suspend or34 cancel the registration of a34 person registered under the Money Laundering Regulations34

Executive procedures 56

Regulations 81(2) and 81 (6)34

when34 the FCA is proposing or deciding to impose a civil penalty under regulations 76, 77 or 78*34

RDC

56

34

4 Regulated Covered Bonds Regulations 2008

Description

Handbook reference

Decision maker

Regulation 13(4)/(5)(a)

when the FCA18 is proposing or deciding to refuse an application under regulation 8

18

RCB 6

Executive procedures

Regulation 20(5)/(6)(a)

when the FCA18 is proposing or deciding not to approve a material change

18

RCB 6

Executive procedures

Regulation 25(5)/(6)(a)

when the FCA18 is proposing or deciding not to approve a change of ownership

18

RCB 6

Executive procedures

Regulation 32(1)(a)/ (2)(a)

before the FCA18 gives a direction under regulation 30 or when it decides to make the direction

18

RCB 6

Executive procedures

Regulation 32(1)(b)/(2)(b)

before the FCA18removes an issuer from the register of issuers under regulation 31 or when it decides to remove the issuer from the register of issuers*

18

RCB 6

Executive procedures

Regulation 35(1)/(3)

when the FCA18 is proposing or deciding to impose a penalty on a person under regulation 34*

18

RCB 6

RDC

9 Cross-Border Payments in Euro Regulations 2010 [deleted] 45

45

45

18 18

45

45

45

18 18

45

45

45

18 18

45

45

45

18 18

45

45

45

18 18

45

[deleted]45

18 18 18 18 18

13 Electronic Money Regulations

Description

Handbook reference

Decision maker

Regulations 9(6) and 15

where the FCA18 is proposing to refuse an application for authorisation as an authorised electronic money institution, or for registration as a small electronic money institution, or impose a requirement, or refuse to vary an authorisation or registration

18

Executive procedures

Regulations 9(7)(a) and 15

when the FCA18 is deciding to refuse an application for authorisation as an authorised electronic money institution, or for registration as a small electronic money institution, or impose a requirement or refuse to vary an authorisation or registration

18

Executive procedures 56

Regulations 10(4), 10(5)(a)and 15

when the FCA18 is proposing or deciding to either cancel an authorised electronic money institution's authorisation, or to cancel a small electronic money institution's registration otherwise than at that institution's own request *

18

Executive procedures 56

Regulations 11(6), 11(9), 11(10)(b) and 15

when the FCA18 is exercising its powers to vary an electronic money institution's authorisation or vary a small electronic money institution's registration on its own initiative

18

Executive procedures 56

Regulation 29(2)

[deleted]45

18 18

45

Regulation 29(3)(a)

[deleted]45

18 18

45

Regulation 29(2) and Regulation 29(3)(a)

[deleted]45

18 18

45

Regulation 34(9)

when the FCA18 is proposing to refuse an application for registration as an agent

18

Executive procedures

Regulation 34(10)(a)

when the FCA18 is deciding to refuse an application for registration as an agent

18

Executive procedures 56

Regulations 35(2) and 35(3)(a)

when the FCA18 is proposing or deciding to remove an agent from the Financial Services Register18 otherwise than at the request of the electronic money institution *

18

Executive procedures 56

Regulations 53(1) and 53(3)

when the FCA18 is proposing, or deciding, to publish a statement that an electronic money issuer has contravened the Electronic Money Regulations *

18

RDC

Regulations 53 (1) and 53 (3)

when the FCA18 is proposing or deciding, to impose a financial penalty *

18

RDC

Regulations 53(1) and 53(3)

When the FCA18 is proposing or deciding to suspend the authorisation of an authorised electronic money institution or registration of a small electronic money institution, or to limit or otherwise restrict the carrying on of electronic money issuance or payment services business by an electronic money institution *

18

RDC

Regulations 56(1) and 56(3)

when the FCA18 is proposing or deciding to exercise its powers to require restitution *

18

RDC

18 18

56

18 18

56

24
24

56

24

56

Schedule 3, paragraph 1

when the FCA18 is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the Electronic Money Regulations (Note 2)

18

RDC

Schedule 3, paragraph 1

when the FCA18 is proposing or deciding to impose a financial penalty against a relevant person (Note 2)

18

RDC

Notes:

(1)

[deleted]56

(2) The Electronic Money Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

18 18 18 18 18

16 Recognised Auction Platforms Regulations 2011

45

Description 54

Handbook reference 54

Decision maker 54

Regulation 5A54

where the FCA is proposing or deciding to publish a statement censuring a RAP, or to impose a financial penalty on a RAP54

18 18

REC 2A.4 54

RDC

20 Alternative Investment Fund Managers Regulations 2013

Description

Handbook reference

Decision maker

Regulation 13(1)

where the FCA proposes to refuse an application for entry on the register of small registered UK AIFMs

Executive procedures

Regulation 13(2)(a), article 14b of the RVECA regulation and article 15b of the SEF regulation454642

where the FCA decides to refuse an application for entry on the register of small registered UK AIFMs

Executive procedures 56

Regulation 18(1)

where the FCA proposes to revoke the registration of a small registered UK AIFM including, where applicable, its registration as a SEF manager or RVECA manager4546

Executive procedures 56

Regulation 18(2)(a)

where the FCA decides to revoke the registration of a small registered UK AIFM including where applicable its registration as a SEF manager or RVECA manager4546

Executive procedures 56

31Regulation 23B(1)

where the FCA proposes to refuse an application made by a UK AIF for authorisation as a UKLTIF45

Executive procedures

31Regulation 23B(2)(a)

where the FCA decides to refuse an application made by a UK AIF for authorisation as a UKLTIF45

Executive procedures 56

31Regulation 23C(1)

where the FCA proposes to revoke the authorisation of a UKLTIF45

Executive procedures 56

31Regulation 23C(2)(a)

where the FCA decides to revoke the authorisation of a UKLTIF45

Executive procedures 56

42Regulation 23E(1)

where the FCA proposes to refuse an application for registration as a qualifying social entrepreneurship fund or a qualifying venture capital fund

Executive procedures

42Regulation 23E(2)(a)

where the FCA decides to refuse an application for registration as a qualifying social entrepreneurship fund or a qualifying venture capital fund

Executive procedures 56

42Regulation 23F(1)

where the FCA proposes to revoke the registration of a qualifying social entrepreneurship fund or a qualifying venture capital fund

Executive procedures 56

42Regulation 23F(2)(a)

where the FCA decides to revoke the registration of a qualifying social entrepreneurship fund or a qualifying venture capital fund

Executive procedures 56

42Regulation 23H(1)

where the FCA proposes to refuse an application for authorisation as a money market fund

Executive procedures

42Regulation 23H(2)(a)

where the FCA decides to refuse an application for authorisation as a money market fund

Executive procedures 56

42Regulation 23I(1)

where the FCA proposes to revoke the authorisation of a money market fund

Executive procedures 56

42Regulation 23I(2)(a)

where the FCA decides to revoke the authorisation of a money market fund

Executive procedures 56

Regulation 25(2)

where the FCA proposes to disqualify an external valuer

RDC

Regulation 25(3)(a)

where the FCA decides to disqualify an external valuer

RDC

Regulation 27(2)

where the FCA proposes to revoke approval given to a full-scope UK AIFM for the delegation of functions of portfolio or risk management

Executive procedures

Regulation 27(3)(a)

where the FCA decides to revoke approval given to a full-scope UK AIFM for the delegation of functions of portfolio management or risk management

Executive procedures

Regulation 56

where the FCA is proposing to revoke a full-scope UK AIFM's approval to market an AIF under regulation 54

Executive procedures 56

Regulation 56

where the FCA is deciding to revoke a full-scope UK AIFM's approval to market an AIF under regulation 54

Executive procedures 56

Regulation 62(2)

where the FCA proposes to revoke an AIFM's entitlement to market an AIF

Executive procedures 56

Regulation 62(3)

where the FCA decides to revoke the entitlement of an AIFM to market an AIF

Executive procedures 56

Regulation 71(1)(e )

where the FCA is proposing or deciding to publish a statement that an unauthorised AIFM has contravened the regulations or SEF regulation or RVECA regulation4546

RDC

Regulation 71(1)(f)

where the FCA is proposing or deciding to impose a financial penalty on an unauthorised AIFM that has contravened the regulations or SEF regulation or RVECA regulation4546

RDC

21 Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013

Description

Handbook reference

Decision maker

Regulation 24(1) and 24(6)

when the FCA is proposing or deciding to exercise its powers to require restitution*

RDC

Regulation 25(1) and 26(1)

when the FCA is proposing or deciding to publish a statement (under regulations 14 or 15) or impose a financial penalty (under regulation 16) or impose a restriction on permission (under regulation 17) or suspend or restrict an approval (under regulation 18)*

RDC

22 The Financial Services Act 2012 (Consumer Credit) Order 2013

Description

Handbook reference

Decision maker

Article 3(3)

when the FCA is proposing or deciding to take action against an approved person for being knowingly concerned in a contravention of a CCA Requirement by an authorised person, by exercising the disciplinary powers conferred by section 66*

RDC

Article 3(7)

when the FCA is proposing or deciding to publish a statement (under section 205) or impose a financial penalty (under section 206) or suspend a permission or impose a restriction in relation to the carrying on of a regulated activity (under section 206A) for the contravention of a CCA Requirement. This applies in respect of an authorised person, or an unauthorised person to whom section 404C applies*

RDC

Article 3(10)

when the FCA is proposing or deciding to exercise the power under section 384(5) to require a person to pay restitution in relation to the contravention of a CCA Requirement*

RDC

39 The Co-operative and Community Benefit Societies Act 2014

Description

Handbook reference

Decision maker

Sections 6 and 8

where the FCA gives at least two months’ notice of the proposed cancellation or suspension of the registration of a registered society

Executive procedures

Sections 6 to 8

where the FCA is proposing to cancel or suspend the registration of a registered society relying on condition C, D or E in section 5

Executive procedures 56

Section 123

where the FCA is proposing to petition for the winding up of a registered society

Executive procedures 56

Section 132

where the FCA is proposing to prosecute a registered society

Executive procedures 56

25 The Immigration Act 2014 (Bank Accounts 39 ) Regulations 2014

Description

Handbook reference

Decision maker

Regulation 24 and 25

where the FCA is proposing or deciding to publish a statement (under regulations 15 or 16) or impose a financial penalty (under regulation 17) or impose a restriction on permission (under regulation 18) or suspend or restrict an approval (under regulation 19)*

RDC

26 The Mortgage Credit Directive Order 2015

Description

Handbook reference

Decision maker

Article 11(1)

when the FCA is proposing to refuse an application for entry on the register or variation of an existing entry on the register

Executive procedures

Article 11(2)

when the FCA is deciding to refuse an application for entry on the register or variation of an existing entry on the register

Executive procedures 56

Articles 14(1), 14(2), 16(3) and 16(4)

when the FCA is proposing or deciding to revoke or suspend the registration of a registered CBTL firm other than at the firm’s request or with the firm’s consent*

Executive procedures 56

Article 23(4)

when the FCA is proposing or deciding to publish a statement (under section 205 of the Act) or impose a financial penalty (under section 206 of the Act)*

RDC

28 The Small and Medium Sized Business (Credit Information) Regulations 2015

Description

Handbook reference

Decision maker

Regulations 39 and 40

when the FCA is proposing or deciding to publish a statement (under regulation 28), or impose a financial penalty (under regulation 29), or impose a limitation or restriction (under regulation 30), or exercise the power to require restitution (under regulation 32(2)

RDC

36 Markets in Financial Instruments Regulations 2017

Description

Handbook reference

Decision maker

Paragraphs 12(1)(a) and 13(1)(a) of Schedule 1

when the FCA is proposing or deciding to publish a statement

RDC

Paragraphs 12(1)(b) and 13(1)(b) of Schedule 1

when the FCA is proposing or deciding to impose a penalty

RDC

Paragraph 21(1) and 21(7) of Schedule 1

when the FCA is proposing or deciding to require restitution

RDC

33 Data Reporting Services Regulations 2017

Description

Handbook reference

Decision maker

Regulation 10(8)(a)

when the FCA is proposing to impose a restriction on the applicant for authorisation as a data reporting services provider

Executive procedures

Regulation 10(9)(b)

when the FCA is deciding to impose a restriction on the applicant for authorisation as a data reporting services provider

Executive procedures 56

Regulations 8(5) and 10(8)(b)

when the FCA is proposing to refuse an application for verification or authorisation as a data reporting services provider

Executive procedures

Regulations 8(6)(b) and 10(9)(c)

when the FCA is deciding to refuse an application for verification or authorisation as a data reporting services provider

Executive procedures 56

Regulations 8(9), 11(4)(a) and 11(5)(b)(i)

when the FCA is proposing or deciding to cancel a verification or the authorisation of a data reporting services provider otherwise than at its request

Executive procedures 56

Regulations 8(9), 11(4)(a) and 11(5)(b)(i)

when the FCA is proposing to refuse a request to cancel a verification or authorisation of a data reporting services provider

Executive procedures

Regulations 8(9) and 11(5)(b)(ii)

when the FCA is deciding to refuse a request to cancel a verification authorisation of a data reporting services provider

Executive procedures 56

Regulations 8(10) and 12(3)

when the FCA is proposing to refuse a request to vary a verification or the authorisation of a data reporting services provider

Executive procedures

Regulations 8(10) and 12(4)

when the FCA is deciding to refuse a request to vary a verification or the authorisation of a data reporting services provider

Executive procedures 56

36Regulations 25(1)(a) and 26(1)(a)

when the FCA is proposing or deciding to publish a statement

RDC

36Regulations 25(1)(b) and 26(1)(b)

when the FCA is proposing or deciding to impose a financial penalty

RDC

36Regulation 36(1) and 36(7)

when the FCA is proposing or deciding to require restitution

RDC

56

30 The Payment Accounts Regulations 2015

Description

Handbook reference

Decision maker

Regulation 34 and Regulation 35(4)(a)

when the FCA is proposing or deciding to publish a statement or impose a financial penalty*

RDC

32 The Small and Medium Sized Business (Finance Platforms) Regulations 2015

Description

Handbook reference

Decision maker

Regulations 36 and 37

when the FCA is proposing or deciding to publish a statement (under regulation 25), or impose a financial penalty (under regulation 26), or impose a limitation or restriction (under regulation 27), or exercise the power to require restitution (under regulation 29(2)).

RDC

38 The Risk Transformation Regulations 2017

Description

Handbook reference

Decision maker

Regulation 22

when the FCA is proposing or deciding to refuse an application to register a protected cell company

Not applicable

Executive procedures

Regulation 28

when the FCA is proposing or deciding to refuse approval of a proposed amendment to a protected cell company’'s instrument of incorporation

Not applicable

Executive procedures

40 Packaged Retail and Insurance-based Investment Products Regulations 2017

Description

Handbook reference

Decision maker

Regulations 10(1) and 10(4)

when the FCA is proposing or deciding to take action against a person under regulation 6*

RDC

Paragraph 5(7) of Schedule 1

when the FCA is proposing or deciding to exercise the power under section 384(5) of the Act to require a person to pay restitution*

RDC

41 UK Benchmarks Regulations 2018

Description

Handbook reference

Decision maker

Regulation 6(5)

when the FCA is proposing or deciding to refuse an application for the imposition of a requirement under regulation 6 or for the variation or cancellation of a requirement imposed under regulation 6

Executive Procedures

Regulations 12(1)(a) and 13(1)(a)

when the FCA is proposing or deciding to publish a statement under regulation 10

RDC

Regulations 12(1)(b) and 13(1)(b)

when the FCA is proposing or deciding to impose a financial penalty under regulation 11

RDC

Regulations 22(1), 22(2) and 22(7)

when the FCA is proposing or deciding to require restitution under regulation 22

RDC

44 UK Securitisation Regulations

Description

Handbook reference

Decision maker

Regulation 19(1)(a) and 20(1)(a)

when the FCA is proposing or deciding to impose a temporary prohibition relating to management functions under regulation 5

RDC

Regulation 19(1)(b) and 20(1)(b)

when the FCA is proposing or deciding to publish a statement under regulation 7

RDC

Regulation 19(1)(c) and 20(1)(c)

when the FCA is proposing or deciding to impose a financial penalty under regulation 8

RDC

Regulation 19(1)(d) and 20(1)(d)

when the FCA is proposing or deciding to refuse an application under regulation 13

Executive procedures 56

Regulation 19(1)(e) and 20(1)(e)

when the FCA is proposing or deciding to cancel the authorisation of a third-party verification service otherwise than at its request under regulation 16

Executive procedures 56

Regulation 19(1)(f) and 20(1)(f)

when the FCA is proposing or deciding to refuse a request to cancel the authorisation of a third-party verification service under regulation 17

Executive procedures 56

Paragraph 1 of Schedule 1

when the FCA is proposing or deciding to take action against an individual by exercising the disciplinary powers conferred by section 66*49, as applied by paragraph 1 of schedule 1

RDC

Paragraph 4 of Schedule 1

when the FCA is proposing or deciding to publish a statement (under section 205)49, impose a financial penalty (under section 206)49, or suspend a permission or impose a restriction in relation to the carrying on of a regulated activity (under section 206A) as applied by paragraph 4 of schedule 1

RDC

Paragraph 6 of Schedule 1

when the FCA is proposing or deciding to require restitution

RDC

56

50 Proxy Advisors (Shareholders’ Rights) Regulations

Description

Handbook reference

Decision maker

Regulation 11

when the FCA is proposing or deciding to publish a statement under regulation 11

RDC or executive procedures

Regulation 12

when the FCA is proposing or deciding to impose a financial penalty under regulation 12

RDC 56

Regulation 25

when the FCA is proposing or deciding to require restitution under regulation 25

RDC

Regulation 32

when the FCA is proposing or deciding to remove a proxy advisor from the public list.

Executive procedures

51 OPBAS Regulations

Description

Handbook reference

Decision maker

Regulation 16

when the FCA is proposing or deciding to publish a statement censuring a self-regulatory organisation

RDC

Regulation 17

when the FCA is proposing to make a recommendation to the Treasury that a self-regulatory organisation is removed from Schedule 1 to the Money Laundering Regulations

Executive procedures 56

Regulation 17

when the FCA is deciding to recommend to the Treasury that a self-regulatory organisation is removed from Schedule 1 to the Money Laundering Regulations

Executive procedures 56

47 CRA (EU Exit) Regulations

Description

Handbook reference

Decision maker

Regulation 11(1)(a) and 12(1)(a)

when the FCA is proposing or deciding to impose a penalty under regulation 7

RDC

Regulation 11(1)(b) and 12(1)(b)

when the FCA is proposing or deciding to publish a statement under regulation 10

RDC

53Regulations 65(b) and 66(b)

when the FCA is proposing or deciding to impose a financial penalty under regulation 68

RDC

48 Trade Repositories (EU Exit) Regulations

Description

Handbook reference

Decision maker

Regulations 65(a) and 66(a)

when the FCA is proposing or deciding to publish a statement under regulation 67

RDC

Regulations 65(b) and 66(b)

when the FCA is proposing or deciding to impose a financial penalty under regulation 68

RDC

53 Securitisation (Amendment) (EU Exit) Regulations

Description

Handbook reference

Decision maker

Regulations 65(a) and 66(a) of the Trade Repositories (EU Exit) Regulations as applied by regulation 15

when the FCA is proposing or deciding to publish a statement under regulation 67 of the Trade Repositories (EU Exit) Regulations as applied by regulation 15

RDC

Regulations 65(b) and 66(b) of the Trade Repositories (EU Exit) Regulations as applied by regulation 15

when the FCA is proposing or deciding to impose a financial penalty under regulation 68 of the Trade Repositories (EU Exit) Regulations as applied by regulation 15

RDC

52 SFTR (EU Exit) Regulations

Description

Handbook reference

Decision maker

Regulations 26(1)(a) and 27(1)(a)

when the FCA is proposing or deciding to publish a statement under regulation 28

RDC

Regulations 26(1)(b) and 27(1)(b)

when the FCA is proposing or deciding to impose a financial penalty under regulation 29

RDC

DEPP 2 Annex 2 Supervisory notices

Section of the Act

Description

Handbook reference

Decision maker

1755XA(1)(a) and 55XA(1)(b)

when the FCA is deciding to grant an application for a Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order with a limitation or a requirement which was not applied for, or with a narrower or wider description of regulated activity than that applied for

Executive procedures 26

See DEPP 2.5.18G(5)

1755XA(1)(c) and 55XA(1)(d)

when the FCA is deciding to grant an application to vary a firm’sPart 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order but, other than as part of the application, to restrict the Part 4A permission either by imposing a limitation or requirement which was not applied for or by specifying a narrower or wider description of regulated activity than that applied for

Executive procedures 26

See DEPP 2.5.18G(5)

1755XA(1)(e)

when the FCA is deciding to refuse an application for a Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order

Executive procedures 26

See DEPP 2.5.18G(5)

1755XA(1)(f)

when the FCA is deciding to refuse an application to vary a firm’sPart 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order

Executive procedures 26See DEPP 2.5.18G(5)

55Y(4)

55Y(7)

55Y(8)(b)3

3

when the FCA3 is exercising its own-initiative variation power3 to vary a firm's Part 4A permission3

3 3 3

SUP 7 1

Executive procedures 26

See DEPP 2.5.7 G

1063ZC(4)

63ZC(8)

63ZC(9)(b)

when the FCA is exercising its power to vary, on its own initiative, an approval granted to an SMF manager

Executive procedures 26

See DEPP 2.5.8AG and DEPP 2.5.8BG

1371H(2), (3), (4), (9) or (11)(a)

where the FCA is proposing or deciding to impose or vary a requirement in relation to a director or senior executive under section 71B or 71C(2) or (8) or to appoint or vary the terms of appointment of a temporary manager under section 71C(1)

Executive procedures 26

355Y(4)

55Y(7)

55Y(8)(b)

when the FCA is exercising its own-initiative requirement power

Executive procedures 26

See DEPP 2.5.7 G

78(2)/(5)

when the FCA3 is proposing to discontinue or discontinues the listing of a security

3

LR 5

Executive procedures 26

See DEPP 2.5.9G (4) and DEPP 2.5.10 G

78(2)/(5)

when the FCA3 is proposing to suspend or suspends the listing of a security

3

LR 5

Executive procedures 2

278A(2)/(8)(b)

when the FCA3 discontinues or suspends the listing of a security on the application of the issuer of the security

3

LR 5

Executive procedures

87O(2)/(5)

when the FCA3 is proposing or deciding to exercise or deciding to maintain, vary or revoke any of the powers in sections 87K or 87L in respect of an infringement of any applicable provision.

3

PR 5

Executive procedures

388F(2)/(5)/(6)(b)

when the FCA is proposing or deciding to take action to suspend, limit or restrict a sponsor's approval under section 88E

Executive procedures

389V(2)

89V(5)

89 V(6)(b)

when the FCA is proposing or deciding to take action to suspend, limit or restrict a primary information provider's approval under section 89U

Executive procedures

122I11

when the FCA3 is proposing to suspend or suspends trading in a financial instrument

3

DTR

Executive procedures 2

137S(5)

137S(8)(a)

when the FCA gives a direction under section 137S

Executive procedures

27

S143U(2)(a)

When the FCA decides to grant an application for the variation or revocation of a prohibition order under S143N(1) of the Act

Executive procedures

27

S143X

When the FCA decides to vary or cancel a restriction under S143W(6) of the Act

RDC or executive procedures

2191B(1)

when the FCA3 gives a restriction notice under section 191B

3

Executive procedures

197(3)/(6)/(7)(b)

[deleted]19

3 3

19

19

2

259(3)/(8)/ (9) (b)

when the FCA3 is exercising its power to give or, on its own initiative, to vary a direction to the manager and trustee of an AUT

3

COLL

Executive procedures 26

4

4261Z1

when the FCA gives a direction under section 261X or section 261Z

COLL

Executive procedures 26

268(3)/ (7)(a) or (9)(a) (as a result of (8)(b)/(13))

when the FCA3 is proposing or deciding to give or, on its own initiative, to vary a direction to the operator of a recognised scheme

3

COLL

Executive procedures 26

282 (3)/(6)/ (7)(b)

when the FCA3 is exercising its power to give a direction to an operator, trustee or depositary of a recognised scheme

3

COLL

Executive procedures 26

2301J(1)

when the FCA3 gives a restriction notice under section 301J

3

Executive procedures

321(2)/(5)

when the FCA3 is exercising its power to impose a requirement on a former underwriting member of Lloyd's

3

Executive procedures 26

OEIC Regulations reference

Description

Handbook reference

Decision maker

Regulation 27

when the FCA3 is exercising its power to give or, on its own initiative, to vary a direction to an ICVC and its depositary

3

COLL

Executive procedures 26

3 Payment Services Regulations

Description

Handbook reference

Decision maker

12(6), 12(9), 12(10)(b), 15 and 1914

when14 the FCA is exercising its powers to vary a person's26 authorisation on its own initiative

Executive procedures 26

(Note 1)7
7 14 14

26

Notes:

(1) FCA staff under executive procedures26 will take all decisions26 to give a notice exercising the FCA's own initiative power to vary a person’s authorisation, including26 if the action involves:

(a) removing a type of activity from an authorisation or registration; or

(b) refusing an application to include a type of activity in an authorisation or registration; or

(c) restricting a person from taking on new business, dealing with a particular category of customer or refusing an application to vary or cancel such a restriction; or

d) imposing or varying a capital requirement, or refusing an application to vary or cancel such a requirement.

26

7

5 Alternative Investment Fund Managers Regulations 2013

Description

Handbook reference

Decision maker

Regulation 22(4)

where the FCA is exercising its power on its own initiative to give or vary a direction under regulation 22(1) to a small registered UK AIFM, a SEF manager or RVECA manager1920

Executive procedures 26

See DEPP 2.5.7 G to DEPP 2.5.8 G

Regulation 22(4)

[deleted]19

19

6 The Financial Services Act 2012 (Consumer Credit) Order 2013 [deleted] 19

19

19

19

19

8 The Immigration Act 2014 (Bank Account) Regulations 2014

Description

Handbook reference

Decision maker

Regulation 24 and 25

where the FCA is proposing or deciding to publish a statement (under regulations 15 or 16) or impose a financial penalty (under regulation 17) or impose a restriction on permission (under regulation 18) or suspend or restrict an approval (under regulation 19)*

RDC or executive procedures26

9 The Mortgage Credit Directive Order 2015

Description

Handbook reference

Decision maker

Article 19(6)

when the FCA is exercising its own-initiative power to impose a direction

Executive procedures 26See DEPP 2.5.7G and DEPP 2.5.7AG

12 The Payment Accounts Regulations 2015

Description

Handbook reference

Decision maker

Regulation 30

when the FCA is exercising the power to impose a direction

Executive procedures 26

See DEPP 2.5.17G

26

15 Markets in Financial Instruments Regulations 2017

Description

Handbook reference

Decision maker

Regulation19 12(2)

when the FCA is exercising its power of intervention in respect of a third country firm

Executive procedures 26

(see DEPP 2.5.7G and DEPP 2.5.7AG)

Regulation 28(4)

when the FCA is imposing a limitation, restriction or requirement under regulation 24

Executive procedures

(see DEPP 2.5.18G)

Regulation 36(4)

when the FCA is imposing a requirement under regulation 36

Executive procedures

(see DEPP 2.5.18G)

Regulations 40(3) and 40(6)

when the FCA is proposing or deciding to impose a requirement, or deciding to not rescind the imposition of a requirement that has already taken effect under regulation 40

Executive procedures 26

15 Data Reporting Services Regulations 2017

Description

Handbook reference

Decision maker

Regulation 22(6)

when the FCA is imposing a limitation or other restriction under regulation 22

Executive procedures 26

26

16 Packaged Retail and Insurance-based Investment Products Regulations 2017

Description

Handbook reference

Decision maker

Regulations 9(3)(a) and (c)

when the FCA is proposing to make an order under regulation 4 or makes an order under regulation 4 with immediate effect

RDC

Regulations 9(3)(b) and (d)

when the FCA is proposing to increase the period of a suspension under regulation 5(2) or increases the period of a suspension under regulation 5(2) with immediate effect

RDC

Regulation 9(6)(a)

when the FCA is deciding to make or vary an order made under regulations 4 or 5(2) in the way proposed

RDC

Regulation 9(6)(b)

when the FCA is deciding not to revoke an order made under regulations 4 and 5(2) or not to rescind the variation of an order made under regulations 4 and 5(2)

RDC

Regulation 9(7)(b)

when the FCA is deciding to make an order under regulations 4 or 5(2) in different terms or to vary an order made under regulations 4 or 5(2) in a different way

RDC

17 UK Benchmarks Regulations 2018

Description

Handbook reference

Decision maker

Regulation 6(6)

when the FCA is exercising its power under regulation 6(2) to impose, vary or cancel a requirement on its own initiative

Executive procedures

18 UK Securitisation Regulations

Description

Handbook reference

Decision maker

Regulation 15(3) and (6)

when the FCA is exercising its powers under regulation 14 to temporarily withdraw authorisation, vary the period for which a temporary withdrawal has effect or revoke the temporary withdrawal to provide a third-party verification service

Executive procedures

Regulation 22(3) and (6)

when the FCA is exercising its powers under regulation 21 to impose a temporary ban, vary the period for which a temporary ban has effect or revoke a temporary ban to provide simple, transparent and standardised (STS) notifications

Executive procedures

21 CRA Regulation

Description

Handbook reference

Decision maker

Article 18(2) and 18(10)

when the FCA is exercising its power under article 16 to refuse an application for registration of a credit rating agency

Executive procedures 26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 17 to refuse an application for registration of a group of credit rating agencies

Executive procedures 26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 20(1) and 20(2) to withdraw the registration of a credit rating agency on its own initiative

Executive procedures 26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 20(3) to refuse an application made by a credit rating agency to withdraw its registration

Executive procedures 26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 24(1) to impose a direction to temporarily prohibit a credit rating agency from issuing credit ratings or to suspend the use of credit ratings issued by a credit rating agency

Executive procedures 26

(see DEPP 2.5.18G(6))

22 Trade Repositories (EU Exit) Regulations

Description

Handbook reference

Decision maker

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 58 to refuse an application for registration of a trade repository

Executive procedures 26(see DEPP 2.5.18G(7))

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 71(1) or 71(2) to withdraw the registration of a trade repository on its own initiative

Executive procedures 26(see DEPP 2.5.18G(7))

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 71(3) to refuse an application made by a trade repository to withdraw its registration

Executive procedures 26(see DEPP 2.5.18G(7))

25 Securitisation (Amendment) (EU Exit) Regulations

Description

Handbook reference

Decision maker

Article 13(6)(a) and 13(11)(a) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to refuse an application for registration of a securitisation repository under article 12 of the Securitisation Regulation as amended by regulation 15

Executive procedures 26

(see DEPP 2.5.18G(8))

Article 13(6)(b) and 13(11)(b) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to withdraw the registration of a securitisation repository on its own initiative under article 13a(1) or 13a(2) of the Securitisation Regulation as amended by regulation 15

Executive procedures 26

(see DEPP 2.5.18G(8))

Article 13(6)(c) and 13(11)(c) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to refuse an application made by a securitisation repository to withdraw its registration under article 13a(3) of the Securitisation Regulation as amended by regulation 15

Executive procedures 26

(see DEPP 2.5.18G(8))

24 Securities Financing Transactions Regulation

Description

Handbook reference

Decision maker

Article 10a(6)(a) and 10a(11)(a)

when the FCA is exercising its power under article 7 of the Securities Financing Transactions Regulation to refuse an application for registration of a trade repository

Executive procedures 26

(see DEPP 2.5.18G(9))

Article 10a(6)(b) and 10a(11)(b)

when the FCA is exercising its power to withdraw the registration of a trade repository on its own initiative under article 10(1) or 10(2)

Executive procedures 26

(see DEPP 2.5.18G(9))

Article 10a(6)(c) and 10a(11)(c)

when the FCA is exercising its power to refuse an application made by a trade repository to withdraw its registration under article 10(3)

Executive procedures 26

(see DEPP 2.5.18G(9))

23 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Description

Handbook reference

Decision maker

Regulation 74C(5)

When the FCA is exercising its own initiative powers to impose, vary or rescind a direction.

Executive procedures 26