Regulation 9 Financial institutions giving up right to authorisationI1
United Kingdom
The F1appropriate UK regulator may, on an application by a financial institution which is qualified for authorisation under Schedule 3, direct that the firm’s qualification for authorisation under Schedule 3 is cancelled from such date as may be specified in the direction.
The appropriate UK regulator must not give such a direction unless—
the firm has given notice to its home state regulator; and
the appropriate UK regulator has agreed with the home state regulator that the direction should be given.
The date specified in such a direction—
must not be earlier than the date requested in the application; but
subject to that, is to be such date as may be agreed between the appropriate UK regulator and the firm’s home state regulator.
The appropriate UK regulator must, as soon as practicable, send a copy of the direction to the firm and to the firm’s home state regulator.
A firm in respect of which such a direction has been given may (notwithstanding subsection (3) of section 40 of the Act) apply for permission under that section, to take effect not earlier than the date referred to in paragraph (1).
In this regulation, “the appropriate UK regulator” means—
in relation to an EEA firm which is a PRA-authorised person, the PRA;
in any other case, the FCA.
Annotations
Textual amendments
- F1
Words in reg. 9 substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(h)(i)
- F2
Reg. 9(6) inserted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 3(h)(ii)