DEPP 2 Annex 2 Supervisory notices

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

RDC or executive procedures

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’s Part 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

RDC or executive procedures

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

RDC or executive procedures

See DEPP 2.5.18G(5)

1755XA(1)(f)

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

RDC or executive procedures See DEPP 2.5.18G(5)

55Y(4)

55Y(7)

55Y(8)(b)3

when the FCA3 is exercising its own-initiative variation power3 to vary a firm's Part 4A permission 3

SUP 71

RDC or executive procedures

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

RDC or executive procedures

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)

RDC

355Y(4)

55Y(7)

55Y(8)(b)

when the FCA is exercising its own-initiative requirement power

RDC or executive procedures

See DEPP 2.5.7 G

78(2)/(5)

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

LR 5

RDC or executive procedures

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

LR 5

Executive procedures2

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

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

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.

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

DTR

Executive procedures2

137S(5)

137S(8)(a)

when the FCA gives a direction under section 137S

Executive procedures

2191B(1)

when the FCA3 gives a restriction notice under section 191B

Executive procedures

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

[deleted]19

19

19

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

COLL

RDC4

4261Z1

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

COLL

RDC

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

COLL

RDC

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

COLL

2301J(1)

when the FCA3 gives a restriction notice under section 301J

Executive procedures

321(2)/(5)

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

RDC

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

COLL

RDC

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

when14 the FCA 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)7

7Schedule 514, paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7)

when the FCA is14 exercising its power to impose a prohibition or restriction, or to vary a restriction

RDC or executive procedures (Note 2)

See also DEPP 3.4

Notes:

(1) The RDC will take the decision to give a notice exercising the FCA'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 FCA staff under executive procedures.

(2) The RDC will take the decision to give a notice imposing a prohibition or imposing or varying a restriction under Schedule 4A paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7). However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the imposition of a prohibition or imposition or variation of a restriction.7

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 manager 1920

RDC or executive procedures

See DEPP 2.5.7 G to DEPP 2.5.8 G

Regulation 22(4)

[deleted]19

19

Schedule 2A, paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7)

when exercising its power to impose a prohibition or restriction, or to vary a restriction

RDC or executive procedures (Note 1)

See also DEPP 3.4

Notes:

(1) The RDC will take the decision to give a notice imposing a prohibition or imposing or varying a restriction under Schedule 2A paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7). However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the imposition of a prohibition or imposition or variation of a restriction.

19

19

19

19

8The 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

9The 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

RDC or executive proceduresSee DEPP 2.5.7G and DEPP 2.5.7AG

Regulation 30

when the FCA is exercising the power to impose a direction

RDC or executive procedures (Note)

See DEPP 2.5.17G

Note: The RDC will take the decision to give a notice imposing a direction. However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the direction.

Regulation19 12(2)

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

RDC or executive procedures

(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

RDC

Regulation 22(6)

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

RDC or executive procedures

(see Note)

Note: The RDC will take the decision to give a notice imposing a restriction or limitation if it involves restricting a person from providing a data reporting service. Otherwise the decision to give a notice will be taken by FCA staff under executive procedures.

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

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

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

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

RDC or executive procedures

(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

RDC or executive procedures

(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

RDC

(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

RDC or executive procedures

(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

RDC or executive procedures

(see DEPP 2.5.18G(6))

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

RDC or executive procedures (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

RDC (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

RDC or executive procedures (see DEPP 2.5.18G(7))

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

RDC or executive procedures

(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

RDC

(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

RDC or executive procedures

(see DEPP 2.5.18G(8))

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

RDC or executive procedures

(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)

RDC

(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)

RDC or executive procedures

(see DEPP 2.5.18G(9))

Regulation 74C(5)

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

RDC or executive procedures