The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
31 Variation and cancellation: procedure
(1) In an urgent case, if a UK regulator decides to exercise the power under regulation 30(1), it must give a decision notice to the person to whom the decision relates. (2) A decision notice under paragraph (1) must state when the decision takes effect (which may be immediately upon receipt). (3) In any other case, a UK regulator must— (a) first give the person a warning notice if the UK regulator proposes to exercise the power under regulation 30(1), and (b) then give the person a decision notice once the UK regulator has decided to exercise the power under regulation 30(1). (4) For the purposes of this regulation, an urgent case is one in which the UK regulator reasonably considers it necessary for the decision to take effect at the time stated in the decision notice.
31 Variation and cancellation: procedure
(1) In an urgent case, if a UK regulator decides to exercise the power under regulation 30(1), it must give a decision notice to the person to whom the decision relates. (2) A decision notice under paragraph (1) must state when the decision takes effect (which may be immediately upon receipt). (3) In any other case, a UK regulator must— (a) first give the person a warning notice if the UK regulator proposes to exercise the power under regulation 30(1), and (b) then give the person a decision notice once the UK regulator has decided to exercise the power under regulation 30(1). (4) For the purposes of this regulation, an urgent case is one in which the UK regulator reasonably considers it necessary for the decision to take effect at the time stated in the decision notice.
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