The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
16 Imposition of prohibitions and restrictions by PRA
(1) If the condition in paragraph (2) and the condition in paragraph (3) are met, the PRA 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 PRA 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 PRA reasonably considers that the dialogue between the PRA 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 PRA to notify FINMA of a matter under Annex 5 Section X paragraph A.3.a of the Agreement, and (ii) in the PRA’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 PRA may, on the basis of information provided by the registered Swiss supplier or FINMA— (a) vary a prohibition or restriction imposed by the PRA under this regulation, or (b) cancel such prohibition or restriction. (5) The PRA must consult the FCA before imposing, varying or cancelling a prohibition or a restriction imposed by the PRA under this regulation.
16 Imposition of prohibitions and restrictions by PRA
(1) If the condition in paragraph (2) and the condition in paragraph (3) are met, the PRA 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 PRA 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 PRA reasonably considers that the dialogue between the PRA 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 PRA to notify FINMA of a matter under Annex 5 Section X paragraph A.3.a of the Agreement, and (ii) in the PRA’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 PRA may, on the basis of information provided by the registered Swiss supplier or FINMA— (a) vary a prohibition or restriction imposed by the PRA under this regulation, or (b) cancel such prohibition or restriction. (5) The PRA must consult the FCA before imposing, varying or cancelling a prohibition or a restriction imposed by the PRA under this regulation.
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