The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
15 Imposition of prohibitions and restrictions by FCA
(1) If both the condition in paragraph (2) and the condition in paragraph (3) are met, the FCA may— (a) prohibit the registered Swiss supplier from providing one or more registered services, or (b) impose either or both of the following restrictions— (i) a restriction in relation to the categories of relevant clients to whom a registered service may be provided; (ii) a restriction in relation to the categories of relevant financial instruments in relation to which a registered service may be provided. (2) The condition in this paragraph is that the FCA has reasonable grounds to suspect that the registered Swiss supplier— (a) has failed to comply with a requirement in Annex 5 of the Agreement, or (b) in carrying on any activities relating to registered services, has caused or is likely to cause material harm to— (i) a relevant client, or (ii) the integrity or stability of the financial system of the United Kingdom. (3) The condition in this paragraph is— (a) that the FCA reasonably considers that the dialogue between the FCA 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, or (b) that— (i) it is not practicable for the FCA to notify FINMA of a matter under Annex 5 Section X paragraph A.3.a of the Agreement, and (ii) in the FCA’s view there are exceptional circumstances that require immediate action to mitigate a risk of material harm to— (aa) relevant clients, or (bb) the integrity or stability of the financial system of the United Kingdom. (4) The FCA may, on the basis of information provided by the registered Swiss supplier or FINMA— (a) vary a prohibition or restriction imposed by the FCA under this regulation, or (b) cancel such prohibition or restriction. (5) The FCA must consult the PRA before imposing, varying or cancelling a prohibition or a restriction imposed by the FCA under this regulation which relates to— (a) a registered Swiss supplier who would be a PRA-authorised person if it had permission under Part 4A of FSMA 2000 to carry on the registered services it provides, or (b) a registered Swiss supplier who is a member of a group which includes a PRA-authorised person.
15 Imposition of prohibitions and restrictions by FCA
(1) If both the condition in paragraph (2) and the condition in paragraph (3) are met, the FCA may— (a) prohibit the registered Swiss supplier from providing one or more registered services, or (b) impose either or both of the following restrictions— (i) a restriction in relation to the categories of relevant clients to whom a registered service may be provided; (ii) a restriction in relation to the categories of relevant financial instruments in relation to which a registered service may be provided. (2) The condition in this paragraph is that the FCA has reasonable grounds to suspect that the registered Swiss supplier— (a) has failed to comply with a requirement in Annex 5 of the Agreement, or (b) in carrying on any activities relating to registered services, has caused or is likely to cause material harm to— (i) a relevant client, or (ii) the integrity or stability of the financial system of the United Kingdom. (3) The condition in this paragraph is— (a) that the FCA reasonably considers that the dialogue between the FCA 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, or (b) that— (i) it is not practicable for the FCA to notify FINMA of a matter under Annex 5 Section X paragraph A.3.a of the Agreement, and (ii) in the FCA’s view there are exceptional circumstances that require immediate action to mitigate a risk of material harm to— (aa) relevant clients, or (bb) the integrity or stability of the financial system of the United Kingdom. (4) The FCA may, on the basis of information provided by the registered Swiss supplier or FINMA— (a) vary a prohibition or restriction imposed by the FCA under this regulation, or (b) cancel such prohibition or restriction. (5) The FCA must consult the PRA before imposing, varying or cancelling a prohibition or a restriction imposed by the FCA under this regulation which relates to— (a) a registered Swiss supplier who would be a PRA-authorised person if it had permission under Part 4A of FSMA 2000 to carry on the registered services it provides, or (b) a registered Swiss supplier who is a member of a group which includes a PRA-authorised person.
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