The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
30 Variation and cancellation of an exemption under regulation 22
(1) In respect of a person to whom regulation 22 applies, a UK regulator may— (a) direct that the exemption in regulation 22 does not apply in relation to a specified regulated activity, (b) direct that regulation 22 ceases to apply to that person on a specified date, or (c) direct that regulation 22 is to apply subject to specified conditions, and for these purposes, “specified” means specified in the direction. (2) The conditions which a UK regulator may impose under paragraph (1)(c) may include any requirement which the UK regulator could impose under section 55L (imposition of requirements by FCA) or 55M (imposition of requirements by PRA) of FSMA 2000 on an authorised person with permission under Part 4A of FSMA 2000 to carry on the regulated activity in relation to which the exemption under regulation 22 applies. (3) A UK regulator may only exercise the power in paragraph (1)(a), (b) or (c) if it considers that the exercise of the power is necessary or expedient— (a) for the prevention, detection, investigation or prosecution of a criminal offence, (b) for the protection of consumers, (c) in the case of the exercise of the power by the FCA, to advance one or more of its operational objectives, or (d) in the case of the exercise of the power by the PRA— (i) to advance its general objective, or (ii) so far as relating to the activity of effecting or of carrying out contracts of insurance, to enable the PRA to act in a way which is both compatible with, and advances, its insurance objective. (4) The objectives of the FCA and the PRA referred to in paragraph (3) are their objectives as specified in Part 1A of FSMA 2000. (5) Before exercising the power in paragraph (1)— (a) the PRA must consult the FCA, (b) the FCA must consult the PRA if 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)), and (c) the UK regulator must inform FINMA.
30 Variation and cancellation of an exemption under regulation 22
(1) In respect of a person to whom regulation 22 applies, a UK regulator may— (a) direct that the exemption in regulation 22 does not apply in relation to a specified regulated activity, (b) direct that regulation 22 ceases to apply to that person on a specified date, or (c) direct that regulation 22 is to apply subject to specified conditions, and for these purposes, “specified” means specified in the direction. (2) The conditions which a UK regulator may impose under paragraph (1)(c) may include any requirement which the UK regulator could impose under section 55L (imposition of requirements by FCA) or 55M (imposition of requirements by PRA) of FSMA 2000 on an authorised person with permission under Part 4A of FSMA 2000 to carry on the regulated activity in relation to which the exemption under regulation 22 applies. (3) A UK regulator may only exercise the power in paragraph (1)(a), (b) or (c) if it considers that the exercise of the power is necessary or expedient— (a) for the prevention, detection, investigation or prosecution of a criminal offence, (b) for the protection of consumers, (c) in the case of the exercise of the power by the FCA, to advance one or more of its operational objectives, or (d) in the case of the exercise of the power by the PRA— (i) to advance its general objective, or (ii) so far as relating to the activity of effecting or of carrying out contracts of insurance, to enable the PRA to act in a way which is both compatible with, and advances, its insurance objective. (4) The objectives of the FCA and the PRA referred to in paragraph (3) are their objectives as specified in Part 1A of FSMA 2000. (5) Before exercising the power in paragraph (1)— (a) the PRA must consult the FCA, (b) the FCA must consult the PRA if 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)), and (c) the UK regulator must inform FINMA.
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