The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
9 Modifications to the register
(1) The FCA must modify the entry for a registered Swiss supplier before the end of a period of 30 days beginning with the day on which the FCA receives the notification and information from FINMA on any changes needed to the information recorded in the entry. (2) The FCA must remove the entry of a registered Swiss supplier (“A”) from the register if— (a) the FCA is notified by FINMA that A has ceased to be a relevant Swiss supplier, (b) the FCA has imposed a prohibition on A prohibiting A from providing registered services, (c) the FCA has imposed a restriction on A in respect of all the registered services in its entry in the register and that restriction has the effect of prohibiting A from providing those registered services, (d) the FCA is notified by the PRA that it has imposed a prohibition on A prohibiting A from providing registered services, (e) the FCA is notified by the PRA that it has imposed a restriction on A in respect of all the registered services in its entry in the register and that restriction has the effect of prohibiting A from providing those registered services, or (f) the United Kingdom has withdrawn Recognition from a Covered Sector or a part thereof under Article 21 of the Agreement and the withdrawal covers all the registered services in its entry in the register. (3) If— (a) the FCA imposes or varies a prohibition or restriction on A, (b) the FCA is notified by the PRA that the PRA has imposed or varied a prohibition or restriction on A, or (c) the United Kingdom withdraws Recognition from a Covered Sector or a part thereof under Article 21 of the Agreement, in respect of a relevant service, a category of relevant financial instruments or a category of relevant clients, the FCA must modify A’s entry on the register to remove or modify any reference to that relevant service, category of relevant financial instruments or category of relevant clients. (4) The FCA must remove A’s entry in accordance with paragraph (2) or modify A’s entry in accordance with paragraph (3) as soon as reasonably practicable after the FCA is notified or otherwise becomes aware of the event requiring the removal or modification. (5) The FCA may modify A’s entry on the register— (a) at A’s request, (b) where A obtains a permission to carry out a regulated activity under Part 4A of FSMA 2000 (permission to carry on regulated activities), or (c) where FINMA or the PRA informs the FCA that any of the information recorded in the register is no longer accurate. (6) In this regulation— (a) a “prohibition” means a prohibition imposed— (i) in the case of the FCA, under regulation 15 or 41, and (ii) in the case of the PRA, under regulation 16 or 41, (b) a “restriction” means— (i) in the case of the FCA, a restriction imposed under regulation 15 or a restriction or condition imposed under regulation 41, and (ii) in the case of the PRA, a restriction imposed under regulation 16 or a restriction or condition imposed under regulation 41.
9 Modifications to the register
(1) The FCA must modify the entry for a registered Swiss supplier before the end of a period of 30 days beginning with the day on which the FCA receives the notification and information from FINMA on any changes needed to the information recorded in the entry. (2) The FCA must remove the entry of a registered Swiss supplier (“A”) from the register if— (a) the FCA is notified by FINMA that A has ceased to be a relevant Swiss supplier, (b) the FCA has imposed a prohibition on A prohibiting A from providing registered services, (c) the FCA has imposed a restriction on A in respect of all the registered services in its entry in the register and that restriction has the effect of prohibiting A from providing those registered services, (d) the FCA is notified by the PRA that it has imposed a prohibition on A prohibiting A from providing registered services, (e) the FCA is notified by the PRA that it has imposed a restriction on A in respect of all the registered services in its entry in the register and that restriction has the effect of prohibiting A from providing those registered services, or (f) the United Kingdom has withdrawn Recognition from a Covered Sector or a part thereof under Article 21 of the Agreement and the withdrawal covers all the registered services in its entry in the register. (3) If— (a) the FCA imposes or varies a prohibition or restriction on A, (b) the FCA is notified by the PRA that the PRA has imposed or varied a prohibition or restriction on A, or (c) the United Kingdom withdraws Recognition from a Covered Sector or a part thereof under Article 21 of the Agreement, in respect of a relevant service, a category of relevant financial instruments or a category of relevant clients, the FCA must modify A’s entry on the register to remove or modify any reference to that relevant service, category of relevant financial instruments or category of relevant clients. (4) The FCA must remove A’s entry in accordance with paragraph (2) or modify A’s entry in accordance with paragraph (3) as soon as reasonably practicable after the FCA is notified or otherwise becomes aware of the event requiring the removal or modification. (5) The FCA may modify A’s entry on the register— (a) at A’s request, (b) where A obtains a permission to carry out a regulated activity under Part 4A of FSMA 2000 (permission to carry on regulated activities), or (c) where FINMA or the PRA informs the FCA that any of the information recorded in the register is no longer accurate. (6) In this regulation— (a) a “prohibition” means a prohibition imposed— (i) in the case of the FCA, under regulation 15 or 41, and (ii) in the case of the PRA, under regulation 16 or 41, (b) a “restriction” means— (i) in the case of the FCA, a restriction imposed under regulation 15 or a restriction or condition imposed under regulation 41, and (ii) in the case of the PRA, a restriction imposed under regulation 16 or a restriction or condition imposed under regulation 41.
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