The Data Reporting Services Regulations 2024
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Change 1
7 Verification of compliance
(1) Regulations 5, 8 and 9(1) to (5) apply to an application to the FCA for verification of compliance with these Regulations, as those regulations apply to an application for authorisation to provide a data reporting service. (2) If the FCA verifies that an investment firm, credit institution or recognised investment exchange complies with these Regulations, it must give the applicant notice of its decision specifying— (a) the data reporting services to which the verification relates; and (b) any restrictions imposed under regulation 9(5) (as applied by this regulation). (3) The notice must state the date on which the verification takes effect. (4) The FCA must give the applicant a warning notice if it proposes to— (a) impose a restriction on the applicant; or (b) refuse an application. (5) The FCA must, having considered any representations made in response to the warning notice— (a) if it grants the verification without imposing restrictions, give the applicant notice of its decision complying with paragraphs (2) and (3); (b) if it grants the verification subject to the imposition of restrictions on the applicant, give the applicant a decision notice; or (c) if it refuses the application, give the applicant a decision notice. (6) The applicant may refer the matter to the Tribunal if the FCA— (a) grants the application subject to the imposition of restrictions on the applicant; or (b) refuses the application. (7) Regulations 10, 11(1) to (6) and 13 apply to a verification under paragraph (2) as they apply to an authorisation to provide a data reporting service.
7 Verification of compliance
(1) Regulations 5, 8 and 9(1) to (5) apply to an application to the FCA for verification of compliance with these Regulations, as those regulations apply to an application for authorisation to provide a data reporting service. (2) If the FCA verifies that an investment firm, credit institution or recognised investment exchange complies with these Regulations, it must give the applicant notice of its decision specifying— (a) the data reporting services to which the verification relates; and (b) any restrictions imposed under regulation 9(5) (as applied by this regulation). (3) The notice must state the date on which the verification takes effect. (4) The FCA must give the applicant a warning notice if it proposes to— (a) impose a restriction on the applicant; or (b) refuse an application. (5) The FCA must, having considered any representations made in response to the warning notice— (a) if it grants the verification without imposing restrictions, give the applicant notice of its decision complying with paragraphs (2) and (3); (b) if it grants the verification subject to the imposition of restrictions on the applicant, give the applicant a decision notice; or (c) if it refuses the application, give the applicant a decision notice. (6) The applicant may refer the matter to the Tribunal if the FCA— (a) grants the application subject to the imposition of restrictions on the applicant; or (b) refuses the application. (7) Regulations 10, 11(1) to (6) and 13 apply to a verification under paragraph (2) as they apply to an authorisation to provide a data reporting service.
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