The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
24 Conditions to be satisfied for regulation 22 to apply
(1) The conditions are that— (a) either— (i) a prohibition or restriction has been imposed on the person concerned (“P”) by the FCA under regulation 15, or by the PRA under regulation 16, and the prohibition or restriction is in force, (ii) a prohibition or restriction has been imposed on P by the FCA or the PRA under regulation 41 and the prohibition or restriction is in force, or (iii) Recognition of a Covered Sector or part thereof has been withdrawn under Article 21 of the Agreement and the withdrawal covers a registered service specified in P’s entry in the register, (b) the FCA has modified or removed P’s entry in the register accordingly under regulation 9, and (c) as a result of the modification or removal of P’s entry in the register, the exclusion in article 72ZA of the RAO no longer applies to P in relation to a regulated activity. (2) The conditions are that— (a) the Agreement is terminated, (b) as a result of the Agreement ceasing to be in force, the exclusion in article 72ZA of the RAO no longer applies to the person concerned (“P”) in relation to a regulated activity, and (c) P was carrying on that regulated activity in the United Kingdom otherwise than through a UK branch immediately before the Agreement ceased to be in force.
24 Conditions to be satisfied for regulation 22 to apply
(1) The conditions are that— (a) either— (i) a prohibition or restriction has been imposed on the person concerned (“P”) by the FCA under regulation 15, or by the PRA under regulation 16, and the prohibition or restriction is in force, (ii) a prohibition or restriction has been imposed on P by the FCA or the PRA under regulation 41 and the prohibition or restriction is in force, or (iii) Recognition of a Covered Sector or part thereof has been withdrawn under Article 21 of the Agreement and the withdrawal covers a registered service specified in P’s entry in the register, (b) the FCA has modified or removed P’s entry in the register accordingly under regulation 9, and (c) as a result of the modification or removal of P’s entry in the register, the exclusion in article 72ZA of the RAO no longer applies to P in relation to a regulated activity. (2) The conditions are that— (a) the Agreement is terminated, (b) as a result of the Agreement ceasing to be in force, the exclusion in article 72ZA of the RAO no longer applies to the person concerned (“P”) in relation to a regulated activity, and (c) P was carrying on that regulated activity in the United Kingdom otherwise than through a UK branch immediately before the Agreement ceased to be in force.
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