The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
14 Obtaining information from a registered Swiss supplier
(1) The UK regulator may, if any of the conditions in paragraph (2) are met, by notice given to a registered Swiss supplier, require that supplier— (a) to provide specified information or information of a specified description, or (b) to produce specified documents or documents of a specified description, and for these purposes, “specified” means specified in the notice. (2) The conditions in this paragraph are that— (a) the UK regulator reasonably considers that the dialogue between the UK regulator and FINMA under Annex 5 Section X paragraph A.3.b of the Agreement has not resolved a matter notified under Annex 5 Section X paragraph A.3.a of the Agreement, (b) the UK regulator reasonably considers that it may be necessary to take regulatory action (within the meaning of regulation 40(1)) under regulation 41, (c) the UK regulator reasonably requires information or documents to ensure that a registered Swiss supplier is complying with the obligations under Annex 5 Section VIII paragraph A.1.c.i of the Agreement, or (d) the FCA reasonably requires information or documents in connection with the monitoring or enforcement of rules made by virtue of regulation 13. (3) If paragraph (2)(a) or (b) applies, the UK regulator may only require information to be provided or documents to be produced under paragraph (1) where the information or documents concerned are reasonably required by the UK regulator for the purposes of determining— (a) whether the registered Swiss supplier— (i) has failed to comply with a requirement in Annex 5 of the Agreement, or (ii) in carrying on any activities relating to registered services, has caused or is likely to cause material harm to a relevant client, or the integrity or stability of the financial system of the United Kingdom, or (b) whether it is necessary for the FCA or the PRA to take regulatory action (within the meaning of regulation 40(1)) under Part 5 and what form that regulatory action should take. (4) The FCA or the PRA must notify FINMA of any requirement made under this regulation as soon as reasonably practicable after the requirement has been made. (5) If a UK regulator has the power to require a person to produce a document under paragraph (1), that power is to be treated as a power under Part XI of FSMA 2000 for the purposes of section 175 of that Act. (6) Section 205 (public censure) of FSMA 2000 applies in relation to a requirement imposed by a UK regulator under paragraph (1) by virtue of the condition in paragraph (2)(a) or paragraph (2)(b) being met as if— (a) the requirement was a relevant requirement (within the meaning of section 204A of FSMA 2000), and (b) the references in section 205 of FSMA 2000 to an authorised person include a person who is a registered Swiss supplier. (7) In relation to statements under section 205 of FSMA 2000 as applied by paragraph (6)— (a) section 207 of FSMA 2000 applies as if— (i) references to an authorised person include a person who is a registered Swiss supplier, and (ii) subsections (1)(b) and (c), (1A), (3) and (4) were omitted, and (b) section 208 of FSMA 2000 applies as if— (i) references to an authorised person include a person who is a registered Swiss supplier, and (ii) subsections (1)(b) and (c), (1A), (3), (3A), (4)(b) and (c) and (5) were omitted. (8) A requirement imposed under paragraph (1) by virtue of the condition in paragraph (2)(c) or (2)(d) being met is to be treated as a requirement imposed under Part XI of FSMA 2000 for the purposes of section 177 of FSMA 2000(offences). (9) Section 380 (injunctions) of FSMA 2000 applies in relation to a requirement imposed under paragraph (1) by virtue of the condition in paragraph (2)(c) or (2)(d) being met as if that requirement were a relevant requirement within the meaning of section 380(6) of FSMA 2000.
14 Obtaining information from a registered Swiss supplier
(1) The UK regulator may, if any of the conditions in paragraph (2) are met, by notice given to a registered Swiss supplier, require that supplier— (a) to provide specified information or information of a specified description, or (b) to produce specified documents or documents of a specified description, and for these purposes, “specified” means specified in the notice. (2) The conditions in this paragraph are that— (a) the UK regulator reasonably considers that the dialogue between the UK regulator and FINMA under Annex 5 Section X paragraph A.3.b of the Agreement has not resolved a matter notified under Annex 5 Section X paragraph A.3.a of the Agreement, (b) the UK regulator reasonably considers that it may be necessary to take regulatory action (within the meaning of regulation 40(1)) under regulation 41, (c) the UK regulator reasonably requires information or documents to ensure that a registered Swiss supplier is complying with the obligations under Annex 5 Section VIII paragraph A.1.c.i of the Agreement, or (d) the FCA reasonably requires information or documents in connection with the monitoring or enforcement of rules made by virtue of regulation 13. (3) If paragraph (2)(a) or (b) applies, the UK regulator may only require information to be provided or documents to be produced under paragraph (1) where the information or documents concerned are reasonably required by the UK regulator for the purposes of determining— (a) whether the registered Swiss supplier— (i) has failed to comply with a requirement in Annex 5 of the Agreement, or (ii) in carrying on any activities relating to registered services, has caused or is likely to cause material harm to a relevant client, or the integrity or stability of the financial system of the United Kingdom, or (b) whether it is necessary for the FCA or the PRA to take regulatory action (within the meaning of regulation 40(1)) under Part 5 and what form that regulatory action should take. (4) The FCA or the PRA must notify FINMA of any requirement made under this regulation as soon as reasonably practicable after the requirement has been made. (5) If a UK regulator has the power to require a person to produce a document under paragraph (1), that power is to be treated as a power under Part XI of FSMA 2000 for the purposes of section 175 of that Act. (6) Section 205 (public censure) of FSMA 2000 applies in relation to a requirement imposed by a UK regulator under paragraph (1) by virtue of the condition in paragraph (2)(a) or paragraph (2)(b) being met as if— (a) the requirement was a relevant requirement (within the meaning of section 204A of FSMA 2000), and (b) the references in section 205 of FSMA 2000 to an authorised person include a person who is a registered Swiss supplier. (7) In relation to statements under section 205 of FSMA 2000 as applied by paragraph (6)— (a) section 207 of FSMA 2000 applies as if— (i) references to an authorised person include a person who is a registered Swiss supplier, and (ii) subsections (1)(b) and (c), (1A), (3) and (4) were omitted, and (b) section 208 of FSMA 2000 applies as if— (i) references to an authorised person include a person who is a registered Swiss supplier, and (ii) subsections (1)(b) and (c), (1A), (3), (3A), (4)(b) and (c) and (5) were omitted. (8) A requirement imposed under paragraph (1) by virtue of the condition in paragraph (2)(c) or (2)(d) being met is to be treated as a requirement imposed under Part XI of FSMA 2000 for the purposes of section 177 of FSMA 2000(offences). (9) Section 380 (injunctions) of FSMA 2000 applies in relation to a requirement imposed under paragraph (1) by virtue of the condition in paragraph (2)(c) or (2)(d) being met as if that requirement were a relevant requirement within the meaning of section 380(6) of FSMA 2000.
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