The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
28 Information to be supplied to a party to a contract with a person to whom regulation 22 applies
(1) A person to whom regulation 22 applies (“P”) must notify each party to a pre-existing contract with P that P is— (a) an exempt person for the purposes of section 19(1)(b) of FSMA 2000 and the reasons why P is an exempt person, (b) not regulated by the FCA or the PRA, and (c) regulated by FINMA. (2) The notification must be made as soon as reasonably practicable following the day on which regulation 22 first applies to P. (3) P must notify each party to a pre-existing contract with P if there is a material change, on or after the relevant day, including in respect of— (a) the protection afforded to assets held by P in relation to the performance of the contract, (b) the mechanisms for resolving disputes in connection with the contract, or (c) the schemes available for compensation in relation to the contract. (4) The UK regulator may issue guidance in respect of compliance with an obligation under this regulation. (5) For the purposes of paragraph (4), reference to the UK regulator is a reference to— (a) the FCA, or (b) in a case where the regulated activities in relation to which regulation 22 has effect consist of or include a PRA-regulated activity (within the meaning of section 22A of FSMA 2000 (designation of activities requiring prudential regulation by PRA)), the PRA.
28 Information to be supplied to a party to a contract with a person to whom regulation 22 applies
(1) A person to whom regulation 22 applies (“P”) must notify each party to a pre-existing contract with P that P is— (a) an exempt person for the purposes of section 19(1)(b) of FSMA 2000 and the reasons why P is an exempt person, (b) not regulated by the FCA or the PRA, and (c) regulated by FINMA. (2) The notification must be made as soon as reasonably practicable following the day on which regulation 22 first applies to P. (3) P must notify each party to a pre-existing contract with P if there is a material change, on or after the relevant day, including in respect of— (a) the protection afforded to assets held by P in relation to the performance of the contract, (b) the mechanisms for resolving disputes in connection with the contract, or (c) the schemes available for compensation in relation to the contract. (4) The UK regulator may issue guidance in respect of compliance with an obligation under this regulation. (5) For the purposes of paragraph (4), reference to the UK regulator is a reference to— (a) the FCA, or (b) in a case where the regulated activities in relation to which regulation 22 has effect consist of or include a PRA-regulated activity (within the meaning of section 22A of FSMA 2000 (designation of activities requiring prudential regulation by PRA)), the PRA.
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