26 Control over authorised persons
Financial Services Act 2012 (2012 c 21) | Legislation

Control over authorised persons

26  Control over authorised persons

(1)     FSMA 2000 is amended as follows.

(2)     In every provision of Part 12 (control over authorised persons), for “Authority” or “Authority's”, in each place (where not expressly amended by the following provisions), substitute “appropriate regulator” or “appropriate regulator's”.

(3)     In section 178 (obligation to notify an acquisition of control), after subsection (2) insert—

“(2A)     In this Part, “the appropriate regulator” means—

(a)     where the UK authorised person is a PRA-authorised person, the PRA;

(b)     in any other case, the FCA.”

(4)     In section 179 (requirements for section 178 notices) in subsection (2), for “The Authority” substitute “Each regulator”.

(5)     In section 187 (approval with conditions), for subsection (2) substitute—

“(2)     The appropriate regulator may only impose conditions where—

(a)     if it did not impose those conditions, it would propose to object to the acquisition, or

(b)     it is required to do so by a direction under section 187A(3)(b) or section 187B(3).”

(6)     After section 187 insert—

“187A Assessment: consultation by PRA with FCA

(1)     The PRA must consult the FCA before acting under section 185.

(2)     The FCA may make representations to the PRA in

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