Article 6 Contravention by relevant EEA firm

(1)

Paragraph (2) applies if—

(a)

before the commencement date, the Authority—

(i)

gave a notice under section 194A(4)^f1 (contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive) or section 195A(4)^f2 (contravention by relevant EEA firm or EEA UCITS of directive requirements: home state regulator primarily responsible for securing compliance), and

(ii)

had not exercised its power of intervention further to that notice in respect of the firm to whom the notice was given; and

(b)

the notice under section 194A(4) or section 195A(4) could have been given by the PRA as the appropriate regulator (within the meaning of section 194A(10) or section 195A(12), as the case may be) had the notice had been given on the commencement date.

(2)

The following are to be treated as if given by the PRA (as well as by the FCA, in a case in which either the FCA or the PRA could be the appropriate regulator)—

(a)

the notice given under section 194A(4) or section 195A(4);

(b)

information given before the commencement date by the Authority to the firm’s home state regulator, for the purposes of section 194A(5)(c) or section 195A(9), of an intention to exercise a power of intervention.

Annotations

Footnotes

f1: Section 194A was inserted by S.I. 2007/126 and was amended by S.I. 2012/916; it is further amended by the 2012 Act, Schedule 4, Part 4, paragraph 33.
f2: Section 195A was substituted by 2011/1613 and amended by S.I. 2012/916; it is further amended by the 2012 Act, Schedule 4, Part 4, paragraph 35.