The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
32 Application of Part 26 of FSMA 2000 (notices)
(1) Part 26 of FSMA 2000 (notices) applies with respect to the giving of notices under regulation 31 as it applies with respect to the giving of notices under FSMA 2000, with the following modifications. (2) Part 26 of FSMA 2000 applies as if— (a) each reference to “the Act” includes a reference to these Regulations, (b) each reference to a section of FSMA 2000 were a reference to that section as applied by these Regulations, and (c) each reference to a regulator or to the regulator concerned were a reference to the UK regulator giving the notice. (3) Section 387 of FSMA 2000 (warning notices) applies as if subsections (1A) and (3A) were omitted. (4) Section 388 of FSMA 2000 (decision notices) applies as if subsections (1A) and (2) were omitted. (5) Section 390 of FSMA 2000 (final notices) applies as if— (a) subsections (3), (4), (5) and (6) were omitted, and (b) subsections (8), (9) and (10) were omitted. (6) Section 391 of FSMA 2000 (publication) applies as if— (a) in subsection (1) the reference to a warning notice falling within subsection (1ZB) were to a warning notice given under regulation 31(3)(a), (b) subsections (1ZA) and (1ZB) were omitted, (c) subsections (4A), (5) and (5A) were omitted, (d) subsections (8), (8A), (8AA), (8B), (8C), (8D), (8E) and (8G) were omitted, and (e) subsection (10) were omitted. (7) Sections 391A to 391F (special provisions relating to publication) of FSMA 2000 do not apply. (8) Section 392 of FSMA 2000 (application of sections 393 and 394) applies as if for paragraphs (a) and (b) there were substituted— (a) a warning notice given in accordance with regulation 31(3)(a) of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025, and (b) a decision notice given in accordance with regulation 31(3)(b) of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025. . (9) Section 395 of FSMA 2000 (the FCA’s and PRA’s procedures) applies as if— (a) in subsection (1), for paragraph (a) there were substituted— (a) a decision which gives rise to an obligation to give a warning notice or a decision notice, , (b) in subsection (1) paragraphs (b) to (d) were omitted, (c) in subsection (2)(a), for “any of paragraphs (a) to (c)”, there were substituted “paragraph (a)”, (d) subsection (2)(b) and (c) were omitted, (e) subsections (3) and (4) were omitted, (f) in subsection (9)— (i) “a supervisory notice, or”, and (ii) “other than a warning notice or decision notice relating to a decision of the PRA that is required by a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)” were omitted, (g) subsection (9A) were omitted, and (h) subsection (13) were omitted.
32 Application of Part 26 of FSMA 2000 (notices)
(1) Part 26 of FSMA 2000 (notices) applies with respect to the giving of notices under regulation 31 as it applies with respect to the giving of notices under FSMA 2000, with the following modifications. (2) Part 26 of FSMA 2000 applies as if— (a) each reference to “the Act” includes a reference to these Regulations, (b) each reference to a section of FSMA 2000 were a reference to that section as applied by these Regulations, and (c) each reference to a regulator or to the regulator concerned were a reference to the UK regulator giving the notice. (3) Section 387 of FSMA 2000 (warning notices) applies as if subsections (1A) and (3A) were omitted. (4) Section 388 of FSMA 2000 (decision notices) applies as if subsections (1A) and (2) were omitted. (5) Section 390 of FSMA 2000 (final notices) applies as if— (a) subsections (3), (4), (5) and (6) were omitted, and (b) subsections (8), (9) and (10) were omitted. (6) Section 391 of FSMA 2000 (publication) applies as if— (a) in subsection (1) the reference to a warning notice falling within subsection (1ZB) were to a warning notice given under regulation 31(3)(a), (b) subsections (1ZA) and (1ZB) were omitted, (c) subsections (4A), (5) and (5A) were omitted, (d) subsections (8), (8A), (8AA), (8B), (8C), (8D), (8E) and (8G) were omitted, and (e) subsection (10) were omitted. (7) Sections 391A to 391F (special provisions relating to publication) of FSMA 2000 do not apply. (8) Section 392 of FSMA 2000 (application of sections 393 and 394) applies as if for paragraphs (a) and (b) there were substituted— (a) a warning notice given in accordance with regulation 31(3)(a) of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025, and (b) a decision notice given in accordance with regulation 31(3)(b) of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025. . (9) Section 395 of FSMA 2000 (the FCA’s and PRA’s procedures) applies as if— (a) in subsection (1), for paragraph (a) there were substituted— (a) a decision which gives rise to an obligation to give a warning notice or a decision notice, , (b) in subsection (1) paragraphs (b) to (d) were omitted, (c) in subsection (2)(a), for “any of paragraphs (a) to (c)”, there were substituted “paragraph (a)”, (d) subsection (2)(b) and (c) were omitted, (e) subsections (3) and (4) were omitted, (f) in subsection (9)— (i) “a supervisory notice, or”, and (ii) “other than a warning notice or decision notice relating to a decision of the PRA that is required by a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)” were omitted, (g) subsection (9A) were omitted, and (h) subsection (13) were omitted.
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