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

52(6)(a)

when the FSA is proposing to grant an application for a Part IV permission with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

SUP 6

Executive procedures

52(6)(b)

when the FSA is proposing to grant an application to vary a firm's Part IV permission but, other than as part of the application, to restrict the Part IV permission (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)

Executive procedures

52(7)

when the FSA is proposing to refuse an application for a Part IV permission

Executive procedures

52(7)

when the FSA is proposing to refuse an application to vary a firm's Part IV permission

SUP 6

Executive procedures

52(7)

when the FSA is proposing to refuse an application to cancel a firm's Part IV permission

SUP 6

Executive procedures

52(9)(a)

when the FSA is deciding to grant an application for a Part IV permission with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

RDC or executive procedures

See DEPP 2.5.6 G

52(9)(b)

when the FSA is deciding to grant an application to vary a firm's Part IV permission but, other than as part of the application, to restrict the Part IV permission (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)

SUP 6

RDC or executive procedures

See DEPP 2.5.6 G

52(9)(c)

when the FSA is deciding to refuse an application for a Part IV permission

RDC or executive procedures

See DEPP 2.5.5 G

52(9)(c)

when the FSA is deciding to refuse an application to vary a firm's Part IV permission

SUP 6

RDC or executive procedures

See DEPP 2.5.6 G

52(9)(c)

when the FSA is deciding to refuse an application to cancel a firm's Part IV permission

SUP 6

RDC or executive procedures

See DEPP 2.5.5 G

54(1)/(2)

when the FSA is proposing or deciding to cancel a firm's Part IV permission otherwise than at its request *

RDC

57(1)/(3)

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

RDC

58(3)/(4)

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

RDC

62(2)

when the FSA is proposing to refuse an application for approval of a person performing a controlled function

SUP 10

Executive procedures

62(3)

when the FSA is deciding to refuse an application for approval of a person performing a controlled function

SUP 10

RDC or executive procedures

See DEPP 2.5.5 G

63(3)/(4)

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

RDC

863B(1)/(3)

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

RDC

67(1)/(4)

when the FSA is proposing or deciding to take action against an approved person by exercising the disciplinary powers conferred by section 66*

RDC

76(4)/(5)

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

LR 2 and LR 3

Executive procedures

78(10)/(11)(a)

when the FSA 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

LR 5

Executive procedures

378A(4)/(5)

When the FSA 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

LR 5

Executive procedures

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

When the FSA 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

LR 5

Executive procedures

87M(2)/(3)

when the FSA 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

RDC347

788(4)/(6)

when the FSA is proposing or deciding to (1) refuse a person's application for approval as a sponsor; or (2) on its own initiative, cancel a person's approval as a sponsor10

LR 8

RDC

89(2)/(3)

when the FSA is proposing or deciding to publish a statement censuring a sponsor*4

RDC9

989K(2)/(3)

when the FSA 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

RDC

92(1)/(4)

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

RDC

126(1)/ 127(1)

when the FSA is proposing or deciding to impose a sanction for market abuse *

RDC

8131H(1)/ (4)

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

RDC

189(4)/(7)6

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

SUP 11

Executive procedures

189(4)/(7)6

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

SUP 11

Executive procedures

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

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

SUP 11

Executive procedures6

6191A(4)/(6)

when the FSA is proposing or deciding to object to a person's control on the basis of the matters in section 186

SUP 11

Executive procedures

6191A(4)/(6)

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

SUP 11

Executive procedures

200(4)/(5)

when the FSA is proposing or deciding to refuse an application for variation or rescission of a requirement imposed on an EEA incoming firm

RDC or executive procedures

See DEPP 2.5.6 G

207(1)/ 208(1)

when the FSA 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

RDC

245(1)/(2)

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

COLL 2

RDC or executive procedures

See DEPP 2.5.15 G

252(1)/(4)

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

COLL 2

Executive procedures

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

when the FSA 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

COLL 11

Executive procedures

255(1)/(2)

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

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

RDC9

9256(4)/(5)

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

RDC

260(1)/(2)

when the FSA, 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

RDC

264(2)/ 265(4)

[deleted]11

269(1)/(2)

when the FSA, on an application under section 267(4) or (5) by an operator of a section 264 recognised scheme to revoke or vary a direction that the promotion of the scheme be suspended, proposes or decides to refuse the application or to vary the direction otherwise than in accordance with the application

RDC

271(1)/(3)

when the FSA is proposing or deciding to refuse approval of a collective investment scheme as a recognised scheme under section 270

COLL 9

Executive procedures

276(1)/(2)

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

COLL 9

Executive procedures

280(1)/(2)

when the FSA is proposing or deciding to direct that a section 270 recognised scheme is to cease to be recognised or to revoke a section 272 order in respect of a recognised scheme *

RDC

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

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

REC 4.2C

Executive procedures12

2301I(3)/(4)6

when the FSA 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

REC 4.2C

Executive procedures

2301I(3)/(4)6

when the FSA 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

REC 4.2C

Executive procedures

1313B(9)

[deleted]9

2313B(10)/(11)

[deleted]9

9313BB(5)/ 313BC(5)

when, upon the application of an institution, the FSA 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

REC 4.2D

Executive procedures

9313BD(5)/ 313BE(4)

when, upon the application of an issuer, the FSA 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

REC 4.2D

Executive procedures

321(8)/(9)

when the FSA is proposing or deciding to refuse an application for variation or revocation of a direction or a requirement imposed on a former underwriting member of Lloyd's*

RDC

331(1)/(3)

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

RDC

331(7)/(8)

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

RDC

345(2)/(3)

when the FSA 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 or ICVC *

RDC

385(1)/ 386(1)

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

RDC

1412B(2)/(3)

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

Executive procedures

1412B(4)/(5)

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

Executive procedures

1412B(8)/(9)

when the FSA 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*

Executive procedures11

11Paragraph 15A(4) of Schedule 3

when the FSA is notifying an EEA firm wishing to manage a UCITS scheme and its Home State regulator that the EEA firm does not comply with the fund application rules, or is not authorised by its Home State regulator to manage the type of collective investment scheme for which authorisation is required, or has not provided the documentation required under article 20(1) of the UCITS Directive

SUP 13A

See DEPP 2.5.16 G

Executive procedures

Paragraph 15A(5) of Schedule 3

[deleted]11

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

when the FSA is deciding not to withdraw a notice issued to an EEA firm wishing to manage a UCITS scheme and to its Home State regulator that the EEA firm does not comply with the fund application rules, or is not authorised by its Home State regulator to manage the type of collective investment scheme for which authorisation is required, or has not provided the documentation required under article 20(1) of the UCITS Directive

SUP 13A

Executive procedures

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

when the FSA is proposing or deciding to refuse to give a consent notice to a UK firm wishing to establish a branch under an EEA right

SUP 13

RDC

36A(5)/(5A)

when the FSA is proposing or deciding to issue a prohibition order under section 36A prohibiting the continuance or carrying on of an activity and requiring the disposal of assets acquired or otherwise in a building society's possession by virtue of the activity, where the society has failed to carry into effect a restructuring plan which it has been directed to carry out by the FSA under section 36(8)

See DEPP 2.5.18G (1)

RDC

46A(1)(a)/(3)(a)

when the FSA is proposing or deciding to give a direction under section 36(3), (5), (6), (7) or (10) requiring a building society to submit for its approval a restructuring plan or to submit to the society's members the requisite transfer resolutions for a transfer of the society's business to a company or (if such a direction is given) imposing limitations on the issue of shares, acceptance of deposits or making of loans or requiring the society to take certain steps or refrain from certain action or requiring the removal of a director or other officer*4

RDC

46A(1)(b)/(3)(b)

when the FSA is proposing or deciding to give a direction under section 42B(1) (other than a direction varying a previous direction with the agreement of the building society concerned) that a building society transfers all its engagements to one or more other building societies under section 94 or that it transfers its business to an existing company under section 97*

RDC or executive procedures

See DEPP 2.5.12 G

93(6)

when the FSA, on an amalgamation between building societies, each of which has a Part IV permission to accept deposits , notifies the successor society of the terms of its Part IV permission

See DEPP 2.5.18G (2)

RDC or executive procedures

see DEPP 2.5.12 G

20

where the FSA is proposing to cancel or suspend the registration of a credit union or to petition for the winding up of a credit union

RDC

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

when the FSA 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*

See DEPP 2.5.18G (3)

RDC

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

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

RDC

85(4A)

when the FSA, on an amalgamation between friendly societies each of which has a Part IV permission, notifies the successor society of the terms of its Part IV permission

RDC or executive procedures

See DEPP 2.5.12 G

Regulation 16(1)/(2)

when the FSA is proposing or deciding to refuse an application for an authorisation order in respect of a proposed ICVC

COLL 2

RDC or executive procedures

See DEPP 2.5.15 G

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

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

COLL 2

Executive procedures11

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

when the FSA 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

COLL 11

Executive procedures

Regulation 24(1)/(2)

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

RDC

Regulation 28(1)/(2)

when the FSA 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

RDC

Paragraph 20 of Schedule 5

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

RDC

Article 95(2)/(3)

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

SUP 12.4.10 G

RDC

Article 95(7)/(8)

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

SUP 12.4.10 G

RDC

Regulations 9(7) and 14

when the FSA is proposing to refuse an application for authorisation as an authorised payment institution, or for registration as a small payment institution, or to9 impose a requirement, or to refuse an application to vary an authorisation9

Executive procedures

Regulations 9(8)(a) and 14

when the FSA is deciding to refuse an application for authorisation as an authorised payment institution, or for registration of a small payment institution, or to9 impose a requirement, or to refuse an application to vary an authorisation9

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 10(2) and 10(3)(a) and 14

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

Regulations 11(6), 11(9), 11(10)(b) and 14

When the FSA is exercising its powers to vary a person's authorisation on its own initiative

RDC or Executive procedures

See also DEPP 3.4

(Note 1)

Regulation 24(2)

when the FSA is proposing to refuse to register an EEA branch

Executive procedures

Regulation 24(3)(a)

when the FSA is deciding to refuse to register an EEA branch

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 24(2) and 24(3)(a)

when the FSA is proposing or deciding to cancel the registration of an EEA branch*

RDC

Regulation 29(9)

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

Executive procedures

Regulation 29(10)(a)

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

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 30(2) and 30(3)(a)

when the FSA is proposing or deciding to remove an agent from the FSA Register otherwise than at the request of a payment institution*

RDC

Regulations 86(1) and 86(3)

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

RDC

Regulations 86(1) and 86(3)

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

RDC

Regulations 89(1) and 89(3)

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

RDC

Regulation 121(7)

when the FSA is proposing to decide that it has not received the required information or that the required conditions are not met as concerns deemed authorisation

Executive Procedures

Regulation 121(8)

when the FSA is deciding that it has not received the required information or that the required conditions are not met as concerns deemed authorisation

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Schedule 5 paragraph 1

when the FSA 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)

RDC

Schedule 5 paragraph 1

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

RDC

Notes:

(1) The RDC will take the decision to give a notice exercising the FSA's own initiative power 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.

For all other types of action the decision to give a notice will be taken by FSA staff under executive procedures.

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

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

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

RCB 6

Executive procedures

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

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

RCB 6

Executive procedures

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

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

RCB 6

Executive procedures

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

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

RCB 6

Executive procedures

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

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

RCB 6

Executive procedures

Regulation 35(1)/(3)

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

RCB 6

RDC

Regulations 7(1) and 7(3)

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

RDC

Regulations 7(1) and 7(3)

when the FSA is proposing or deciding to publish a statement that a payment service provider has contravened the EU Cross-Border Regulation*

RDC

Regulations 10(1) and 10(3)

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

RDC

Schedule paragraph 1

when the FSA is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the EU Cross-Border Regulation (Note 1)

RDC

Schedule paragraph 1

when the FSA is proposing or deciding to impose a financial penalty against a relevant person (Note 1)

RDC

Note:

(1) The Cross-Border Payments in Euro Regulations do not require third party rights and access to FSA material when the FSA exercises this power. However, the FSA generally intends to allow for third party rights and access to material when exercising this power.

Regulations 9(6) and 15

where the FSA 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

Executive procedures

Regulations 9(7)(a) and 15

when the FSA 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

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

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

when the FSA 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 *

RDC

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

when the FSA 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

RDC or Executive procedures (Note 1)

Regulation 29(2)

when the FSA is proposing to refuse to register an EEA branch of an authorised electronic money institution

Executive procedures

Regulation 29(3)(a)

when the FSA is deciding to refuse to register an EEA branch of an authorised electronic money institution

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

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

when the FSA is proposing or deciding to cancel the registration of an EEA branch of an authorised electronic money institution*

RDC

Regulation 34(9)

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

Executive procedures

Regulation 34(10)(a)

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

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

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

when the FSA is proposing or deciding to remove an agent from the FSA Register otherwise than at the request of the electronic money institution *

RDC

Regulations 53(1) and 53(3)

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

RDC

Regulations 53 (1) and 53 (3)

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

RDC

Regulations 53(1) and 53(3)

When the FSA 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 *

RDC

Regulations 56(1) and 56(3)

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

RDC

Regulation 74(7)

when the FSA is proposing to decide not to include a person on the register

Executive procedures

Regulation 74(8) (a)

when the FSA is deciding not to include a person on the register

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Schedule 3, paragraph 1

when the FSA 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)

RDC

Schedule 3, paragraph 1

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

RDC

Notes:

(1)

The RDC will take the decision to give the notice exercising the FSA's own-initiative power 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.

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