The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
42 Prudential measures: procedure
(1) When the UK regulator proposes to impose a measure under regulation 41(4), the UK regulator must give notice to each registered Swiss supplier (“A”) to which the measure will apply. (2) The measure takes effect— (a) immediately, if the notice given under paragraph (1) states that this is the case, or (b) on such date as may be specified in the notice. (3) The imposition of a measure may be expressed to take effect immediately only if the UK regulator concerned, having regard to the ground on which it is taking the measure, reasonably considers that it is necessary for the measure to take effect immediately. (4) A notice given under paragraph (1) must— (a) give details of the measure being imposed, (b) state the UK regulator’s reasons for taking the measure, (c) inform A that A may make representations to the UK regulator within such period as may be specified in the notice, (d) state the date on which the measure comes into effect, (e) if A’s entry on the register will be removed or modified because of the measure, specify— (i) details of the removal or modification of the entry on the register, and (ii) the date on which the removal or modification takes effect, (f) state the consequences of A failing to comply with the measure, and (g) inform A of A’s right to refer the matter to the Tribunal. (5) The UK regulator may extend the period allowed under the notice for making representations. (6) If, having considered any representations made in response to the notice given under paragraph (1), the UK regulator decides— (a) to take the proposed measure, (b) to vary the proposed measure, or (c) if the measure has been imposed, not to rescind the proposed measure, the UK regulator must give a notice of its decision to A, informing A of A’s right to refer the matter to the Tribunal. (7) A notice given under paragraph (6) must— (a) contain the information referred to in paragraph (4)(a), (b), (d) and (f), and (b) inform A of A’s right to refer the matter to the Tribunal. (8) If, having considered any representations made in response to the notice given under paragraph (1), the UK regulator decides— (a) not to impose the proposed measure, or (b) to rescind the proposed measure, the UK regulator must give notice of its decision to A. (9) If a notice given under this regulation informs A of A’s right to refer a matter to the Tribunal, it must also inform A of the procedure on such a reference. (10) The UK regulator must inform FINMA of any measure imposed under regulation 41 as soon as possible.
42 Prudential measures: procedure
(1) When the UK regulator proposes to impose a measure under regulation 41(4), the UK regulator must give notice to each registered Swiss supplier (“A”) to which the measure will apply. (2) The measure takes effect— (a) immediately, if the notice given under paragraph (1) states that this is the case, or (b) on such date as may be specified in the notice. (3) The imposition of a measure may be expressed to take effect immediately only if the UK regulator concerned, having regard to the ground on which it is taking the measure, reasonably considers that it is necessary for the measure to take effect immediately. (4) A notice given under paragraph (1) must— (a) give details of the measure being imposed, (b) state the UK regulator’s reasons for taking the measure, (c) inform A that A may make representations to the UK regulator within such period as may be specified in the notice, (d) state the date on which the measure comes into effect, (e) if A’s entry on the register will be removed or modified because of the measure, specify— (i) details of the removal or modification of the entry on the register, and (ii) the date on which the removal or modification takes effect, (f) state the consequences of A failing to comply with the measure, and (g) inform A of A’s right to refer the matter to the Tribunal. (5) The UK regulator may extend the period allowed under the notice for making representations. (6) If, having considered any representations made in response to the notice given under paragraph (1), the UK regulator decides— (a) to take the proposed measure, (b) to vary the proposed measure, or (c) if the measure has been imposed, not to rescind the proposed measure, the UK regulator must give a notice of its decision to A, informing A of A’s right to refer the matter to the Tribunal. (7) A notice given under paragraph (6) must— (a) contain the information referred to in paragraph (4)(a), (b), (d) and (f), and (b) inform A of A’s right to refer the matter to the Tribunal. (8) If, having considered any representations made in response to the notice given under paragraph (1), the UK regulator decides— (a) not to impose the proposed measure, or (b) to rescind the proposed measure, the UK regulator must give notice of its decision to A. (9) If a notice given under this regulation informs A of A’s right to refer a matter to the Tribunal, it must also inform A of the procedure on such a reference. (10) The UK regulator must inform FINMA of any measure imposed under regulation 41 as soon as possible.
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