The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
17 Exercise of prohibition or restriction power: procedure
(1) This regulation applies to the exercise of the UK regulator’s power to impose, vary or cancel a prohibition or a restriction in relation to a registered Swiss supplier (“A”). (2) The imposition, variation or cancellation of a prohibition or restriction takes effect— (a) immediately, if the notice given under paragraph (4) states that this is the case, (b) on such date as may be specified in the notice, or (c) when the matter to which the notice relates is no longer open to review, if the notice neither specifies— (i) that the imposition, variation or cancellation takes effect immediately, nor (ii) the date on which the imposition, variation or cancellation takes effect. (3) The imposition, variation or cancellation of a prohibition or restriction may be expressed to take effect immediately or on a specified date only if the UK regulator concerned, having regard to the ground on which it is exercising its power to impose, vary or cancel the prohibition or restriction, reasonably considers that it is necessary for the imposition, variation or cancellation of the prohibition or restriction to take effect immediately or on that date. (4) If the UK regulator proposes to impose, vary or cancel a prohibition or restriction, it must give A notice. (5) A notice under this regulation must— (a) give details of the imposition, variation or cancellation of the prohibition or restriction, (b) state the UK regulator’s reasons for the imposition, variation or cancellation of the prohibition or restriction, (c) inform A that A may make representations to the UK regulator within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal), (d) inform A when the imposition, variation or cancellation of the prohibition or restriction takes effect, (e) if A’s entry on the register will be removed or modified because of the prohibition or restriction— (i) give details of the removal or modification of the entry on the register, and (ii) specify the date on which the removal or modification takes effect, and (f) inform A of A’s right to refer the matter to the Tribunal. (6) The UK regulator may extend the period allowed under the notice for making representations. (7) If, having considered any representations made by A, the UK regulator decides— (a) to impose, vary or cancel the prohibition or restriction in the way proposed, or (b) if the prohibition or restriction has taken effect, not to cancel the imposition of the prohibition or restriction, it must give A notice. (8) If, having considered any representations made by A, the UK regulator decides— (a) not to impose, vary or cancel the prohibition or restriction in the way proposed, (b) to vary the prohibition or restriction in a way other than the way proposed, (c) to impose a prohibition instead of the restriction, (d) to impose a different restriction, or (e) to cancel a prohibition or restriction which has effect, it must give A notice. (9) A notice under paragraph (7) must inform A of A’s right to refer the matter to the Tribunal. (10) A notice under paragraph (8)(b), (c) or (d) must comply with paragraph (5). (11) If a notice informs A of A’s right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference. (12) For the purposes of paragraph (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8) of FSMA 2000. (13) A UK regulator must inform FINMA of any decision it takes under paragraph (7) or (8) as soon as practicable.
17 Exercise of prohibition or restriction power: procedure
(1) This regulation applies to the exercise of the UK regulator’s power to impose, vary or cancel a prohibition or a restriction in relation to a registered Swiss supplier (“A”). (2) The imposition, variation or cancellation of a prohibition or restriction takes effect— (a) immediately, if the notice given under paragraph (4) states that this is the case, (b) on such date as may be specified in the notice, or (c) when the matter to which the notice relates is no longer open to review, if the notice neither specifies— (i) that the imposition, variation or cancellation takes effect immediately, nor (ii) the date on which the imposition, variation or cancellation takes effect. (3) The imposition, variation or cancellation of a prohibition or restriction may be expressed to take effect immediately or on a specified date only if the UK regulator concerned, having regard to the ground on which it is exercising its power to impose, vary or cancel the prohibition or restriction, reasonably considers that it is necessary for the imposition, variation or cancellation of the prohibition or restriction to take effect immediately or on that date. (4) If the UK regulator proposes to impose, vary or cancel a prohibition or restriction, it must give A notice. (5) A notice under this regulation must— (a) give details of the imposition, variation or cancellation of the prohibition or restriction, (b) state the UK regulator’s reasons for the imposition, variation or cancellation of the prohibition or restriction, (c) inform A that A may make representations to the UK regulator within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal), (d) inform A when the imposition, variation or cancellation of the prohibition or restriction takes effect, (e) if A’s entry on the register will be removed or modified because of the prohibition or restriction— (i) give details of the removal or modification of the entry on the register, and (ii) specify the date on which the removal or modification takes effect, and (f) inform A of A’s right to refer the matter to the Tribunal. (6) The UK regulator may extend the period allowed under the notice for making representations. (7) If, having considered any representations made by A, the UK regulator decides— (a) to impose, vary or cancel the prohibition or restriction in the way proposed, or (b) if the prohibition or restriction has taken effect, not to cancel the imposition of the prohibition or restriction, it must give A notice. (8) If, having considered any representations made by A, the UK regulator decides— (a) not to impose, vary or cancel the prohibition or restriction in the way proposed, (b) to vary the prohibition or restriction in a way other than the way proposed, (c) to impose a prohibition instead of the restriction, (d) to impose a different restriction, or (e) to cancel a prohibition or restriction which has effect, it must give A notice. (9) A notice under paragraph (7) must inform A of A’s right to refer the matter to the Tribunal. (10) A notice under paragraph (8)(b), (c) or (d) must comply with paragraph (5). (11) If a notice informs A of A’s right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference. (12) For the purposes of paragraph (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8) of FSMA 2000. (13) A UK regulator must inform FINMA of any decision it takes under paragraph (7) or (8) as soon as practicable.
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