The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
18 Consequences of breach of prohibition or restriction
(1) Sections 205 (public censure), 207 (proposal to take disciplinary measures) and 208 (decision notice) of FSMA 2000 apply in relation to a prohibition or restriction imposed by a UK regulator under regulation 15 or 16 as if the references in sections 205, 207 and 208 to an authorised person include a person who is a registered Swiss supplier with the following modifications. (2) For the purposes of paragraph (1)— (a) a prohibition or restriction imposed by a UK regulator under regulation 15 or 16 is to be treated as a requirement imposed under FSMA 2000 for the purposes of section 204A of FSMA 2000; (b) section 207 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3) and (4) were omitted; and (c) section 208 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3), (3A), (4)(b) and (c) and (5) were omitted.
18 Consequences of breach of prohibition or restriction
(1) Sections 205 (public censure), 207 (proposal to take disciplinary measures) and 208 (decision notice) of FSMA 2000 apply in relation to a prohibition or restriction imposed by a UK regulator under regulation 15 or 16 as if the references in sections 205, 207 and 208 to an authorised person include a person who is a registered Swiss supplier with the following modifications. (2) For the purposes of paragraph (1)— (a) a prohibition or restriction imposed by a UK regulator under regulation 15 or 16 is to be treated as a requirement imposed under FSMA 2000 for the purposes of section 204A of FSMA 2000; (b) section 207 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3) and (4) were omitted; and (c) section 208 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3), (3A), (4)(b) and (c) and (5) were omitted.
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