The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
27 Information to be supplied by a person to whom regulation 22 applies
(1) A person to whom regulation 22 applies (“P”) must notify the UK regulator if— (a) an authorisation for P by FINMA is varied, or is to be varied, (b) an authorisation for P by FINMA is cancelled, or is to be cancelled, (c) P becomes the subject of a criminal investigation or criminal proceedings, or (d) any insolvency or winding-up proceedings under Swiss law have commenced in relation to P. (2) A notification under paragraph (1) must be made as soon as reasonably practicable following the day on which it comes to P’s attention that an event referred to in that paragraph has occurred. (3) For the purposes of paragraph (1), the notification must— (a) be made in such manner, and during such period, and (b) contain, or be accompanied by, such information, as the UK regulator may direct. (4) In this regulation, references to the UK regulator are, subject to a direction of the PRA or the FCA given with the consent of the other, references to— (a) the PRA, if, were P to be an authorised person (within the meaning of section 31 of FSMA 2000 (authorised persons)), P would be carrying on one or more PRA-regulated activities (within the meaning of section 22A of FSMA 2000 (designation of activities requiring prudential regulation by PRA)), or (b) the FCA, in any other case.
27 Information to be supplied by a person to whom regulation 22 applies
(1) A person to whom regulation 22 applies (“P”) must notify the UK regulator if— (a) an authorisation for P by FINMA is varied, or is to be varied, (b) an authorisation for P by FINMA is cancelled, or is to be cancelled, (c) P becomes the subject of a criminal investigation or criminal proceedings, or (d) any insolvency or winding-up proceedings under Swiss law have commenced in relation to P. (2) A notification under paragraph (1) must be made as soon as reasonably practicable following the day on which it comes to P’s attention that an event referred to in that paragraph has occurred. (3) For the purposes of paragraph (1), the notification must— (a) be made in such manner, and during such period, and (b) contain, or be accompanied by, such information, as the UK regulator may direct. (4) In this regulation, references to the UK regulator are, subject to a direction of the PRA or the FCA given with the consent of the other, references to— (a) the PRA, if, were P to be an authorised person (within the meaning of section 31 of FSMA 2000 (authorised persons)), P would be carrying on one or more PRA-regulated activities (within the meaning of section 22A of FSMA 2000 (designation of activities requiring prudential regulation by PRA)), or (b) the FCA, in any other case.
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