Content Options

DEPP 2.1 Statutory notices

When statutory notices are required

DEPP 2.1.1 G

1The circumstances in which the warning notice and decision notice procedure apply are set out in DEPP 2 Annex 1.

DEPP 2.1.2 G

The circumstances in which the supervisory notice procedure apply are set out in DEPP 2 Annex 2.

DEPP 2.1.3 G

DEPP 2 Annex 1 and DEPP 2 Annex 2 identify the provisions of the Act or other enactment giving rise to the need for the relevant notice, and whether the decision maker is the RDC or FCA2 staff under executive procedures in each case.

2

Consistent decision making

DEPP 2.1.4 G

FCA 2 staff responsible for the taking of a statutory notice decision under executive procedures may refer the matter to the RDC for the RDC to decide whether to give the statutory notice if:

2
  1. (1)

    the RDC is already considering, or is shortly to consider, a closely related matter; and

  2. (2)

    the relevant FCA2 staff believe, having regard to all the circumstances, that the RDC should have responsibility for the decision. The relevant considerations might include:

    2
    1. (a)

      the desirability of consistency in FCA2 decision making;

      2
    2. (b)

      potential savings in the time and cost of reaching a decision;

    3. (c)

      the factors identified in DEPP 3.3.2 G as relevant to an assessment of whether a decision should be regarded as straightforward.

DEPP 2.2 Warning notices and first supervisory notices

DEPP 2.2.1 G

If FCA2 staff consider that action requiring a warning notice or first supervisory notice is appropriate, they will recommend to the relevant decision maker that the notice be given.

2
DEPP 2.2.2 G

For first supervisory notices, the FCA1 staff will recommend whether the action should take effect immediately, on a specified date, or when the matter is no longer open to review (see DEPP 2.2.5 G).

2
DEPP 2.2.3 G

The decision maker will:

  1. (1)

    consider whether the material on which the recommendation is based is adequate to support it; the decision maker may seek additional information about or clarification of the recommendation, which may necessitate additional work by the relevant FCA2 staff;

    2
  2. (2)

    satisfy itself that the action recommended is appropriate in all the circumstances;

  3. (3)

    decide whether to give the notice and the terms of any notice given.

DEPP 2.2.4 G

If the FCA2 decides to take no further action and theFCA2 had previously informed the person concerned that it intended to recommend action, the FCA2 will communicate this decision promptly to the person concerned.

2 2 2
DEPP 2.2.5 G

A matter is open to review (as defined in section 391(8) (Publication) of the Act) (in relation to a supervisory notice which does not take effect immediately or on a specified date) when:

  1. (1)

    the period during which any person may refer a matter to the Tribunal is still running; or

  2. (2)

    the matter has been referred to the Tribunal but has not been dealt with; or

  3. (3)

    the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or

  4. (4)

    such an appeal has been brought but has not been determined.

DEPP 2.3 Decision notices and second supervisory notices

Approach of decision maker

DEPP 2.3.1 G

If a decision maker is asked to decide whether to give a decision notice or second supervisory notice, it will:

  1. (1)

    review the material before it;

  2. (2)

    consider any representations made (whether written, oral or both) and any comments by FCA1 staff or others in respect of those representations;

    1
  3. (3)

    decide whether to give the notice and the terms of any notice given.

Default procedures

DEPP 2.3.2 G

If the FCA1 receives no response or representations within the period specified in a warning notice, the decision maker may regard as undisputed the allegations or matters in that notice and a decision notice will be given accordingly. A person who has received a decision notice and has not previously made any response or representations to the FCA1, may nevertheless refer the FCA's1 decision to the Tribunal.

1 1 1
DEPP 2.3.3 G

If the FCA1 receives no response or representations within the period specified in a first supervisory notice, the FCA1 will not give a second supervisory notice. The outcome depends on when the relevant action took or takes effect (as stated in the notice). If the action:

1 1
  1. (1)

    took effect immediately, or on a specified date which has already passed, it continues to have effect (subject to any decision on a referral to the Tribunal); or

  2. (2)

    was to take effect on a specified date which is still in the future, it takes effect on that date (subject to any decision on a referral to the Tribunal); or

  3. (3)

    was to take effect when the matter was no longer open for review, it takes effect when the period to make representations (or the period for referral to the Tribunal, if longer) expires, unless the matter has been referred to the Tribunal.

DEPP 2.3.4 G

In exceptional cases, the decision maker may permit representations from a person who has received a decision notice (or a second supervisory notice) or against whom action, detailed in a first supervisory notice, has taken effect, and shows on reasonable grounds that he did not receive the warning notice (or first supervisory notice), or that he had reasonable grounds for not responding within the specified period. In these circumstances, the decision maker may decide to give a further decision notice (or a written notice or a supervisory notice).

Further decision notice

DEPP 2.3.5 G

Under section 388(3) of the Act, following the giving of a decision notice but before the FCA1 takes action to which the decision notice relates, the FCA1 may give the person concerned a further decision notice relating to different action concerning the same matter. Under section 388(4) of the Act, the FCA1 can only do this if the person receiving the further decision notice gives its consent. In these circumstances the following procedure will apply:

1 1 1
  1. (1)

    FCA1staff will recommend to the decision maker that a further decision notice be given, either before or after obtaining the person's consent;

    1
  2. (2)

    the decision maker will consider whether the action proposed in the further decision notice is appropriate in the circumstances;

  3. (3)

    if the decision maker decides that the action proposed is inappropriate, he will decide not to give the further decision notice. In this case, the original decision notice will stand and the person's rights in relation to that notice will be unaffected. If the person's consent has already been obtained, the FCA1 will notify the person of the decision not to give the further decision notice;

    1
  4. (4)

    if the decision maker decides that the action proposed is appropriate then, subject to the person's consent being (or having been) obtained, a further decision notice will be given;

  5. (5)

    a person who had the right to refer the matter to the Tribunal under the original decision notice will have that right under the further decision notice. The time period in which the reference to the Tribunal may be made will begin from the date on which the further decision notice is given.

DEPP 2.3.6 G

For the purpose of establishing whether the person receiving the further decision notice gives its consent, the FCA1 will normally require consent in writing.

1

DEPP 2.4 Third party rights and access to FCA material1

DEPP 2.4.1 G

Sections 393 (Third party rights) and 394 (Access to FCA1 material) of the Act confer additional procedural rights relating to third parties and to disclosure of FCA1 material. These rights apply in certain warning notice and decision notice cases referred to in section 392 of the Act (Application of sections 393 and 394). The cases in which these additional rights apply are identified in DEPP 2 Annex 1 by asterisks; these are generally cases in which the warning notice or decision notice is given on the FCA's1 own initiative rather than in response to an application or notification made to the FCA1.

1 1 1 1

DEPP 2.5 Provision for certain categories of decision

Purpose

DEPP 2.5.1 G

Some of the decisions referred to in DEPP 2 Annex 1 and DEPP 2 Annex 2 share similar characteristics. For convenience, DEPP 2.5 sets out some of these and the particular features they have.

Different decision makers

DEPP 2.5.2 G

The decision to give a warning notice and a decision notice in a particular matter will often not be taken by the same decision maker. Certain types of action require that the warning notice decision be taken by FCA6 staff under executive procedures and the decision notice decision be taken by the RDC. Similarly, in enforcement cases the RDC might take the decision to give a warning notice,4 but the decision to give a decision notice could be taken by the settlement decision makers on the basis that the person concerned does not contest the action proposed (see DEPP 5).

6 4

Decisions relating to applications for FCA authorisation or approval6

DEPP 2.5.3 G

FCA 6 staff under executive procedures will take the decision to give a warning notice if the FCA6 proposes to:

6 6
  1. (1)

    refuse an application for a Part 4A permission6 or to refuse an application to cancel a Part 4A permission6;

    66
  2. (2)

    impose a limitation or a requirement which was not applied for, or specify a narrower description of regulated activity than that applied for, on the grant of a Part 4A permission6;

    6
  3. (3)

    refuse an application to vary a Part 4A permission6, or to restrict a Part 4A permission6 on the grant of a variation (by imposing a limitation or a requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for);

    66
  4. (3A)

    refuse an application to vary a requirement imposed under section 55L of the Act, or to impose a new requirement;6

  5. (3B)

    exercise its power under section 55L(1) of the Act in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission;6

  6. (4)

    refuse approved person status;

  7. (4A)

    grant a relevant senior manager application, subject to any conditions or only for a limited period;9

  8. (4B)

    refuse an application to vary an approval under section 59 of the Act that was granted subject to conditions;9

  9. (5)

    refuse an application for a small e-money issuer certificate (see ELM 8 (Small e-money issuers));

  10. (6)

    refuse an application for variation or rescission of a requirement imposed on an incoming EEA firm.

DEPP 2.5.4 G

If no representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3 G within the period specified, a decision notice will be given accordingly: see DEPP 2.3.2 G (Default procedures).

DEPP 2.5.5 G

If representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3G (1), DEPP 2.5.3G (4), DEPP 2.5.3G(4A), DEPP 2.5.3G(4B)9 or DEPP 2.5.3G (5), then the RDC will take the decision to give a decision notice.

DEPP 2.5.5A G

6If representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3G (3B), FCA staff under executive procedures will take the decision to give a decision notice.

DEPP 2.5.6 G

If representations are made in response to a warning notice proposing the action set out atDEPP 2.5.3G (2), DEPP 2.5.3G (3), DEPP 2.5.3G (3A),6 or DEPP 2.5.3G (6), then the RDC will take the decision to give a decision notice if the action involves a fundamental variation or requirement6 (see DEPP 2.5.8 G). Otherwise, the decision to give the decision notice will be taken by FCA6 staff under executive procedures.

6 6 6 6

Decisions relating to applications for PRA authorisation or approval

DEPP 2.5.6A G

6 FCA staff under executive procedures will take the decision where the FCA is proposing or deciding to:

  1. (1)

    refuse its consent to the granting by the PRA of an application for a Part 4A permission, or give its consent subject to conditions;

  2. (2)

    refuse its consent to the granting by the PRA of an application for the variation of a Part 4A permission, or give its consent subject to conditions; or

  3. (3)

    refuse its consent to the granting by the PRA of an application to perform a controlled function, or give its consent subject to conditions9.

FCA's own-initiative powers6

DEPP 2.5.7 G

The RDC will take the decision to give a supervisory notice exercising the FCA's6own-initiative powers6 (by removing a regulated activity, by imposing a limitation or requirement or by specifying a narrower description of regulated activity) if the action involves a fundamental variation or requirement6 (see DEPP 2.5.8 G). Otherwise, the decision to give the supervisory notice6 will be taken by FCA6 staff under executive procedures.

6 6 6 6 6
DEPP 2.5.7A G

3Notwithstanding DEPP 2.5.7 G, FCA6 staff under executive procedures will be the decision maker whenever a firm agrees not to contest the FCA's6 exercise of its own-initiative powers,6 including where the FCA's6 action involves a fundamental variation or requirement.6

6 6 6 6 6
DEPP 2.5.8 G

A fundamental variation or requirement means:6

6
  1. (1)

    removing a type of activity or investment from the firm'spermission; or

  2. (2)

    refusing an application to include a type of activity or investment; or

  3. (3)

    [deleted]6

    6
  4. (4)

    imposing or varying an assets requirement (as defined in section 55P6 of the Act (Prohibitions and restrictions)), or refusing an application to vary or cancel such a requirement.

    6

The FCA’s power to vary SMF manager’s approval on its own initiative

DEPP 2.5.8A G

9The RDC will take the decision under section 63ZB of the Act to vary an approval given to an SMF manager (by imposing a condition, varying a condition, removing a condition or limiting the period for which the approval is to have effect).

DEPP 2.5.8B G

9Notwithstanding DEPP 2.5.7G, FCA staff under executive procedures will be the decision maker whenever all of the interested parties (as defined by section 63ZC(6) of the Act) agree not to contest the FCA’s exercise of its power under section 63ZB of the Act.

DEPP 2.5.8C G

9The FCA’s statement of policy on the use of the power to vary an SMF manager’s approval on its own initiative is set out in DEPP 8.

Decisions relating to listing of securities

DEPP 2.5.9 G

FCA 6 staff under executive procedures will take the following statutory notice decisions:

6
  1. (1)

    the refusal of an application for listing of securities;

  2. (2)

    the suspension of listing on the FCA's6 own initiative or at the request of the issuer;

    6
  3. (3)

    [deleted]2

    2
  4. (4)

    the discontinuance of listing of securities at the issuer's request;

  5. (5)

    the exercise of any of the powers in sections 87K or 87L of the Act in respect of a breach of any applicable provision; and2

  6. (6)

    [deleted]2

    2
  7. (7)

    the refusal of an application by an issuer for cancellation of a suspension of listing made under section 77 of the Act.

DEPP 2.5.10 G

The RDC will take statutory notice decisions relating to the discontinuance of listing of securities on the FCA's6 own initiative.

6
DEPP 2.5.11 G

If securities have matured or otherwise ceased to exist the FCA6 will remove any reference to them from the official list. This is a purely administrative process, and not a discontinuance of listing in the sense used in Part 6 of the Act.

Decisions relating to imposition of limitations or other restrictions of sponsors and primary information providers.6

6

Decisions relating to imposition of limitations or other restrictions of sponsors and primary information providers

DEPP 2.5.11A G

6Under section 88(4)(aa) of the Act, if the FCA proposes to impose limitations or other restrictions on the services to which a sponsor's approval relates, it must give him a warning notice. If, after considering any representations made in response to the warning notice, the FCA decides to impose limitations or other restrictions on the services to which a sponsor's approval relates, it must give him a decision notice. Where the sponsor has requested or otherwise agrees to the limitation or other restriction, FCA staff under executive procedures will take the decision to give the warning notice and decision notice. Otherwise, the RDC will take the decision to give the warning notice and decision notice.

DEPP 2.5.11B G

6If the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal or variation of a limitation or other restriction on the services to which a sponsor's approval relates under section 88(8)(d) of the Act, the decision maker will be FCA staff under executive procedures where FCA staff decided to impose the limitation or other restriction. Otherwise, the RDC will take the decision to give the warning notice and decision notice.

DEPP 2.5.11C G

6Under section 89P(5)(b) of the Act, if the FCA proposes to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates, it must give him a warning notice. If, after considering any representations made in response to the warning notice, the FCA decides to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates, it must give him a decision notice. Where the primary information provider has requested or otherwise agrees to the limitation or other restriction, FCA staff under executive procedures will take the decision to give the warning notice and decision notice. Otherwise, the RDC will take the decision to give the warning notice and decision notice.

DEPP 2.5.11D G

6Under section 89P(9)(d) of the Act, if the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal or variation of a limitation or other restriction on the dissemination of regulated information to which a primary information provider's approval relates, the decision maker will be FCA staff under executive procedures where FCA staff decided to impose the limitation or other restriction. Otherwise, the RDC will take the decision to give the warning notice and decision notice.

Modified procedures in collective investment scheme and certain other cases

DEPP 2.5.12 G

FCA 6 staff will usually inform or discuss with the person concerned any action they contemplate before they recommend to the RDC that the FCA6 takes formal action. The FCA6 may also be invited to exercise certain powers by the persons who would be affected by the exercise of those powers. In these circumstances if the person concerned has agreed to or accepted the action proposed then the decisions referred to in DEPP 2.5.13 G will be taken by FCA6 staff under executive procedures rather than by the RDC.

6 6 6 6
DEPP 2.5.13 G

The decisions referred to in DEPP 2.5.12 G are:

  1. (1)

    the decision to give a supervisory notice pursuant to section 259(3), (8) or 9(b) (directions on authorised unit trust schemes); section 268(3), 7(a) or 9(a) (directions in respect of recognised overseas schemes); or section 282(3), (6) or (7)(b) (directions in respect of relevant recognised schemes) of the Act;

  2. (1A)

    the decision to give a supervisory notice pursuant to section 261Z1(3), (8) or (9)(b) (Procedure on giving directions under section 261X or 261Z and varying them on FCA's own initiative) of the Act;7

  3. (2)

    the decision to give a warning notice or decision notice pursuant to section 280(1) or (2)(a) (revocation of recognised investment scheme) of the Act;

  4. (3)

    the decision to give a supervisory notice in accordance with regulation 27(3), (8) or 9(b) of the OEIC Regulations;and6

  5. (4)

    the decision to give a warning notice or decision notice pursuant to regulation 24 or regulation 28 of the OEIC Regulations.6

  6. (4A)

    the decision to give a warning notice or decision notice pursuant to section 255 or 260 of the Act;7

  7. (4B)

    the decision to give a warning notice or decision notice pursuant to section 261V or 261Z2 of the Act;7

  8. (5)

    [deleted]6

    6
  9. (6)

    [deleted]6

    6
DEPP 2.5.14 G

In determining whether there is agreement to or acceptance of the action proposed, an indication by the following persons will be regarded as conclusive:

  1. (1)

    in relation to an authorised unit trust scheme, the manager and trustee;8

    8
  2. (1A)

    in relation to an authorised contractual scheme, the authorised contractual scheme manager and depositary;7

  3. (2)

    in relation to an ICVC, the directors and the depositary;8

    8
  4. (3)

    in relation to a recognised scheme, the operator and, if any, the trustee8or depositary.

    8
DEPP 2.5.15 G

A decision to give a warning notice or decision notice refusing an application for an authorisation order declaring a scheme7 to be an AUT, ACS7 or ICVC2 will be taken by the RDC only if the application is by an authorised fund manager who is not the operator of an existing AUT, ACS7 or ICVC. Otherwise, the decision to give the warning notice or decision notice will be taken by FCA6 staff under executive procedures.2

7 6 2
DEPP 2.5.16 G

A notice under paragraph 15A(4) of Schedule 3 to5 the Act relating to the application by an EEA firm for approval to manage a UCITS scheme5 is not a warning notice, but the FCA6 will operate a procedure for this5 notice which will be similar to the procedure for a warning notice.

5 5 5 6 5

Notices under other enactments6

DEPP 2.5.17 G

The FCA6 expects to adopt a procedure in respect of notices under enactments other than the Act which is similar to that for statutory notices under the Act, but which recognises any differences in the legislative framework and requirements. DEPP 2 Annex 1 and DEPP 2 Annex 2 therefore identify notices to be given pursuant to other enactments and the relevant FCA6 decision maker.

6 6
DEPP 2.5.18 G

Some of the distinguishing features of notices given under enactments other than the Act are as follows:

  1. (1)

    [deleted]6

    6
  2. (2)

    [deleted]6

    6
  3. (3)

    Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by section 58A(5), to have the matter referred to the Tribunal. A decision notice under section 58A(3) may only relate to action under the same section of the Friendly Societies Act 1992 as the action proposed in the warning notice. A final notice under section 390 of the Act must set out the terms of the direction and state the date from which it takes effect. Section 392 of the Act is to be read as if it included references to a warning notice given under section 58A(1) and a decision notice given under section 58A(3).

    16

DEPP 2 Annex 1 Warning notices and decision notices under the Act and certain other enactments

Note: Third party rights and access to FCA18 material apply to the powers listed in this Annex where indicated by an asterisk * (see DEPP 2.4)

18

Section of the Act

Description

Handbook reference

Decision maker

55X(1)(a) and(b)18

18

when the FCA18 is proposing to grant an application for a Part 4A permission18 with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

18 18

SUP 6

Executive procedures

55X(1)(c) and (d)18

18

when the FCA18 is proposing to grant an application to vary a firm'sPart 4A permission18 but, other than as part of the application, to restrict the Part 4A permission18 (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for)

18 18 18

Executive procedures

1855X(1)(e)

when the FCA is proposing to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application for a Part 4A permission18

18 18

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application to vary a firm'sPart 4A permission18

18 18

SUP 6

Executive procedures

55X(2)18

18

when the FCA18 is proposing to refuse an application to cancel a firm'sPart 4A permission18

18 18

SUP 6

Executive procedures

1855X(2)

when the FCA is proposing to refuse an application for the variation of a requirement imposed under section 55L or for the imposition of a new requirement

RDC or executive procedures See DEPP 2.5.6 G

55X(4)(a)

55X(4)(b)18

18

when the FCA18 is deciding to grant an application for a Part 4A permission18 with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for

18 18

RDC or executive procedures

See DEPP 2.5.6 G

55X(4)(c)

55X(4)(d)18

18

when the FCA18 is deciding to grant an application to vary a firm's Part 4A permission18but, other than as part of the application, to restrict the Part 4A permission18 (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for)

18 18 18

SUP 6

RDC or executive procedures

See DEPP 2.5.6 G

1855X(4)(e)

when the FCA is deciding to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission

Executive procedures

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application for a Part 4A permission18

18 18

RDC or executive procedures

See DEPP 2.5.5 G

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application to vary a firm's Part 4A permission18

18 18

SUP 6

RDC or executive procedures

See DEPP 2.5.6 G

55X(4)(f)18

18

when the FCA18 is deciding to refuse an application to cancel a firm'sPart 4A permission18

18 18

SUP 6

RDC or executive procedures

See DEPP 2.5.5 G

1855X(4)(f)

When the FCA is deciding to refuse an application for the variation of a requirement imposed under section 55L or for the imposition of a new requirement

RDC or executive procedures See DEPP 2.5.6 G

55Z(1)

55Z(2)18

18

when the FCA18 is proposing or deciding to cancel a firm's Part 4A permission18 otherwise than at its request *

18 18

RDC

57(1)/(3)

when the FCA18 is proposing or deciding to make a prohibition order against an individual*

18

RDC

58(3)/(4)

when the FCA18 is proposing or deciding to refuse an application for the variation or revocation of a prohibition order

37

RDC

62(2)

when the FCA18 is proposing to refuse an application for approval of a person performing a controlled function or to grant the application subject to conditions or for a limited period (or both)27

18

SUP 10A and SUP 10C27

Executive procedures

62(3)

when the FCA18 is deciding to refuse an application for approval of a person performing a controlled function or to grant the application subject to conditions or for a limited period (or both)27

18

SUP 10A and SUP 10C27

RDC or executive procedures

See DEPP 2.5.5 G

63(3)/(4)

when the FCA18 is proposing or deciding to withdraw approval from an approved person *

18

RDC

863B(1)/(3)

when the FCA18 is proposing or deciding to impose a penalty on a person under section 63A*

18

RDC

2763ZA(4)(b) and 62(2)

when the FCA is proposing to refuse an application for variation of an approval granted to an SMF manager, subject to conditions

SUP 10C

Executive procedures

2763ZA(8) and 62(3)

when the FCA is deciding to refuse an application for variation of an approval granted to an SMF manager, subject to conditions

SUP 10C

RDC or executive procedures

See DEPP 2.5.5G

67(1)/(4)

when the FCA18 is proposing or deciding to take action against an individual27 by exercising the disciplinary powers conferred by section 66*

18

RDC

76(4)/(5)

when the FCA18 is proposing or deciding to refuse an application for listing of securities

18

LR 2 and LR 3

Executive procedures

78(10)/(11)(a)

when the FCA18 has suspended, on its own initiative,3 the listing of securities3and is proposing or deciding to refuse an application by an issuer for cancellation of the suspension

18 3

LR 5

Executive procedures

378A(4)/(5)

When the FCA18 is proposing or deciding to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities

18

LR 5

Executive procedures

378A(7)/(8)(a)

When the FCA18 has suspended the listing of securities on the application of the issuer of the securities and is proposing or deciding to refuse an application by the issuer for the cancellation of the suspension

18

LR 5

Executive procedures

87M(2)/(3)

when the FCA18 is proposing or deciding to publish a statement censuring an issuer of transferable securities, a person offering transferable securities to the public or a person requesting the admission of transferable securities to trading on a regulated market

18

RDC 3 4 7

788(4)(a)

88(6)(a)

88(8)(a)18

18

when the FCA18 is proposing or deciding to refuse a person's application for approval as a sponsor

18 18 10 18

LR 8

RDC

1888(4)(a)

88(6)(a)

88(8)(b)

when the FCA is proposing or deciding to refuse a sponsor's application for the suspension of an approval as a sponsor

Executive procedures

1888(4)(a)

88(6)(a)

88(8)(c)

when the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal of the suspension of an approval as a sponsor

Executive procedures

1888(4)(a)

88(6)(a)

88(8)(d)

when the FCA is proposing or deciding to refuse a sponsor's application for the withdrawal or variation of a limitation, or other restriction on the services to which a sponsor's approval relates

RDC or executive procedures

See DEPP 2.5.11B G

1888(4)(aa)

88(6)(aa)

when the FCA is proposing or deciding to impose limitations or restrictions on the services to which a sponsor's approval relates

RDC or executive procedures

See DEPP 2.5.11A G

18 88(4)(b)

88(6)(b)

when the FCA is proposing or deciding to cancel a sponsor's approval as a sponsor otherwise than at the sponsor's request*

RDC

1888B(1)

88B(5)

when the FCA is proposing or deciding to take action against a sponsor by exercising the disciplinary powers conferred by section 88A*

RDC

989K(2)/(3)

when the FCA18 is proposing or deciding to publish a statement that an issuer of securities admitted to trading on a regulated market is failing or has failed to comply with an applicable transparency obligation

18

RDC

1889P(5)(a)

89P(7)(a)

89P(9)(a)

when the FCA is proposing or deciding to refuse a person's application for approval as a primary information provider

RDC

1889P(5)(a)

89P(7)(a)89P(9)(b)

when the FCA is proposing or deciding to refuse a primary information provider's application for the suspension of an approval as a primary information provider

Executive procedures

1889P(5)(a)

89P(7)(a)

89P(9)(c)

when the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal of the suspension of an approval as a primary information provider

Executive procedures

1889P(5)(a)

89P(7)(a)

89P(9)(d)

when the FCA is proposing or deciding to refuse a primary information provider's application for the withdrawal or variation of a limitation or other restriction on the dissemination of regulated information to which a primary information provider's approval relates

RDC or executive procedures

See DEPP 2.5.11D G

1889P(5)(b)

89P(7)(b)

when the FCA is proposing or deciding to impose limitations or other restrictions on the dissemination of regulated information to which a primary information provider's approval relates.

RDC or executive procedures

See DEPP 2.5.11A G

89P(5)(c)

89P(7)(c)

when the FCA is proposing or deciding to cancel a person's approval as a primary information provider otherwise than at the primary information provider's request

RDC

89R(1)

89R(5)

when the FCA is proposing or deciding to take action against a primary information provider by exercising the disciplinary powers conferred by section 89Q

RDC

92(1)/(4)

when the FCA18 is proposing or deciding to take action against any person under section 91 for breach of Part 6 rules*4

18

RDC

126(1)/ 127(1)

when the FCA18 is proposing or deciding to impose a penalty or public censure under section 123 of the Act, a disciplinary prohibition under section 123A of the Act, or a suspension or restriction under section 123B of the Act29*

18

RDC

8131H(1)/ (4)

when the FCA18 is proposing or deciding to take action against a person under section 131G*

18

RDC

27142T(1)/ (4)

when the FCA is proposing or deciding to take action against a person under section 142S*

RDC

189(4)/(7)6

6

when the FCA18 is proposing or deciding to object to a change in control following receipt of a section 178 notice6

18 6

SUP 11

Executive procedures

189(4)/(7)6

6

when the FCA18 is proposing or deciding to approve a change in control with conditions, following receipt of a section 178 notice6

18 6

SUP 11

Executive procedures

187(1)/(3) and 188(1)191A(4)/(6)6

when the FCA18 is proposing or deciding to object to a person who has acquired or increased control without giving a section 178 notice6

18 6

SUP 11

Executive procedures 6

6191A(4)/(6)

when the FCA18 is proposing or deciding to object to a person'scontrol on the basis of the matters in section 186

18

SUP 11

Executive procedures

6191A(4)/(6)

when the FCA18 is proposing or deciding to object to a person'scontrol on the grounds that he is in breach of a condition imposed under section 187

18

SUP 11

Executive procedures

18192L(1)

192L(4)

when the FCA is proposing or deciding to take action against a qualifying parent undertaking by exercising the disciplinary powers conferred by section 192K*

RDC

200(4)/(5)

when the FCA18 is proposing or deciding to refuse an application for variation or rescission of a requirement imposed on an EEAincoming firm

18

RDC or executive procedures

See DEPP 2.5.6 G

207(1)/ 208(1)

when the FCA18 is proposing or deciding to publish a statement (under section 205) or impose a financial penalty (under section 206) or suspend a permission or impose a restriction in relation to the carrying on of a regulated activity (under section 206A). This applies in respect of an authorised person, or an unauthorised person to whom section 404C applies.*12

12 18 8 8 8

RDC

245(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an authorisation order declaring a unit trust scheme to be an AUT

18

COLL 2

RDC or executive procedures

See DEPP 2.5.15 G

18249

345B(1)/(4)

when the FCA is proposing or deciding to take action against an auditor by exercising the disciplinary powers conferred by section 249*

RDC

252(1)/(4)

when the FCA18 is proposing or deciding to refuse approval of a proposal to replace the trustee or manager of an AUT

18

COLL 2

Executive procedures

11252A(4)(b)/(6)(a)

when the FCA18 is proposing or deciding to refuse approval of a proposal by the manager of a feeder UCITS to make an alteration to the trust deed to enable the feeder UCITS to convert into a UCITS scheme which is not a feeder UCITS

18

COLL 11

Executive procedures

255(1)/(2)

when the FCA18 is proposing or deciding to make an order under section 254 revoking the authorisation order of an AUT *

18

None, but see Chapter 14 of the Regulatory Guide EG.

RDC 9

9256(4)/(5)

when the FCA18 is proposing or deciding to refuse a request for the revocation of the authorisation order of an AUT

18

RDC

260(1)/(2)

when the FCA18, on an application to revoke or vary a direction under section 257, proposes or decides to refuse to revoke or vary the direction or proposes or decides to vary the direction otherwise than in accordance with the application

18

RDC 19

19261G(1)/(2)

when the FCA is proposing or deciding to refuse an application for an authorisation order declaring a scheme to be an ACS

COLL 2

RDC or executive procedures

See DEPP 2.5.15 G

19261R(1)/(4)

when the FCA is proposing or deciding to refuse approval of a proposal to replace the depositary or authorised contractual scheme manager of an ACS

COLL 2

Executive procedures

19261S(4)(b)/ (6)(a)

when the FCA is proposing or deciding to refuse approval of a proposal by the authorised contractual scheme manager of an ACS which is a feeder UCITS to make an alteration to the contractual scheme deed to enable the feeder UCITS to convert into a UCITS scheme which is not a feeder UCITS

COLL 11

Executive procedures

19261V(1)/(2)

when the FCA is proposing or deciding to make an order under section 261U revoking the authorisation order of an ACS*

None, but see Chapter 14 of the Regulatory Guide EG.

RDC

19261W(4)/(5)

when the FCA is proposing or deciding to refuse a request for the revocation of the authorisation order of an ACS

RDC

19261Z2(1)/(2)

when the FCA, on an application to revoke or vary a direction under section 261X, proposes or decides to refuse to revoke or vary the direction or proposes or decides to vary the direction otherwise than in accordance with the application

RDC

264(2)/ 265(4)

[deleted]11

11
11

269(1)/(2)

when the FCA18, on an application under section 267(4) or (5) by an operator of a section 264 recognised scheme to revoke or vary a direction that the promotion of the scheme be suspended, proposes or decides to refuse the application or to vary the direction otherwise than in accordance with the application

18

RDC 20

276(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an order declaring a collective investment scheme to be a recognised scheme under section 272

18

COLL 9

Executive procedures

280(1)/(2)

when the FCA18 is proposing or deciding to revoke a section 272 order in respect of a recognised scheme *

18 20

RDC

1301G(3)(b)/(5)6

6

when the FCA18 is proposing or deciding12 to object to a proposed acquisition 6of a UKRIE following receipt of a section 301A 6notice .

18 6 6

REC 4.2C

Executive procedures 1 2

2301I(3)/(4)6

6

when the FCA18 is proposing or deciding to object to a person who has acquired or increased control in a UK RIE without giving a section 301 notice6

18 6

REC 4.2C

Executive procedures

2301I(3)/(4)6

6

when the FCA18 is proposing or deciding to object to a person's control in a UK RIE on the basis of the approval requirement in section 301F(4)6

18 6

REC 4.2C

Executive procedures

18312G(1)

312H(1)

when the FCA is proposing or deciding to take action against a recognised investment exchange by exercising the disciplinary powers conferred by sections 312E and 312F*

RDC

1313B(9)

[deleted]9

9
9 9

2313B(10)/(11)

[deleted]9

9
9 9

9313BB(5)/ 313BC(5)

when, upon the application of an institution, the FCA18 is proposing or deciding not to revoke a requirement imposed on an institution under section 313A or is proposing or deciding that a requirement imposed on a class of institutions under section 313A will continue to apply to the applicant

18

REC 4.2D

Executive procedures

9313BD(5)/ 313BE(4)

when, upon the application of an issuer, the FCA18 is proposing or deciding not to revoke a requirement imposed on an institution or a class of institutions under section 313A or to revoke a requirement imposed on a class of institutions under section 313A in relation to the class apart from one or more specified members of it, or one or more specified members of the class only

18

REC 4.2D

Executive procedures

331(1)/(3)

when the FCA18 is proposing or deciding to make an order disapplying the exemption from the general prohibition under section 327*

18

RDC

331(7)/(8)

when the FCA18 is proposing or deciding to refuse an application for the variation or revocation of an order made under section 329*

18

RDC

345B(1)

345B(4)18

18

when the FCA18 is proposing or deciding to disqualify an auditor or actuary from being the auditor of, or acting as an actuary for, any authorised person or class of authorised person or from being the auditor of any AUT, ACS19 or ICVC *

RDC

18345B(1)

345B(4)

when the FCA is proposing or deciding to disqualify an auditor from being the auditor of any recognised investment exchange or any class of recognised investment exchange*

RDC

18345B(1)

345B(4)

when the FCA is proposing or deciding to take action against an auditor or actuary by exercising the disciplinary powers conferred by sections 345(2)(c) or (d)*

RDC

385(1)/ 386(1)

when the FCA18 is proposing or deciding to exercise the power under section 384(5) to require a person to pay restitution*

18

RDC 17

17404A(8)(a)

In connection with a consumer redress scheme, when the FCA is proposing to make a determination of whether a failure by a relevant firm has caused (or may cause) loss or damage to a consumer, or what the redress should be in respect of the failure18

CONRED

Executive procedures

18404A(8)(a)

In connection with a consumer redress scheme, when the FCA is deciding to make a determination of whether a failure by a relevant firm has caused (or may cause) loss or damage to a consumer, or what the redress should be in respect of the failure

CONRED

Executive procedures

1412B(2)/(3)

when the FCA18 is proposing/deciding to refuse to approve a relevant system as defined in section 412A(9) of the Act

18

Executive procedures

1412B(4)/(5)

when the FCA18 is proposing/deciding to suspend or withdraw its approval in relation to a relevant system as defined in section 412A(9) of the Act*

18

Executive procedures

1412B(8)/(9)

when the FCA18 is proposing/deciding to refuse an application to cancel the suspension of approval in relation to a relevant system as defined in section 412A(9) of the Act*

18

Executive procedures 11

11Paragraph 15A(4) of Schedule 3

when the FCA18 is notifying an EEA firm wishing to manage a UCITS scheme and its Home State regulator that the EEA firm does not comply with the fund application rules, or is not authorised by its Home State regulator to manage the type of collective investment scheme for which authorisation is required, or has not provided the documentation required under article 20(1) of the UCITS Directive

18

SUP 13A

See DEPP 2.5.16 G

Executive procedures

Paragraph 15A(5) of Schedule 3

[deleted]11

11
11

11Paragraph 15B(2)18(a) of Schedule 3

18

when the FCA18 is deciding not to withdraw a notice issued to an EEA firm wishing to manage a UCITS scheme and to its Home State regulator that the EEA firm does not comply with the fund application rules, or is not authorised by its Home State regulator to manage the type of collective investment scheme for which authorisation is required, or has not provided the documentation required under article 20(1) of the UCITS Directive

18

SUP 13A

Executive procedures

Paragraph 19(8)/ (12) of Schedule 3

when the FCA18 is proposing or deciding to refuse to give a consent notice to a UK firm wishing to establish a branch under an EEA right

18

SUP 13

RDC

18

Section of the Credit Unions Act 1979

Description

Handbook reference

Decision maker

20

where the FCA18 is proposing to cancel or suspend the registration of a credit union or to petition for the winding up of a credit union

18
14

RDC

15 Articles of the Credit Unions (Northern Ireland) Order 1985

Description

Handbook reference

Decision maker

60(1), 61(1) and 63

where the FCA18 is proposing to consent to the Registrar of Credit Unions for Northern Ireland cancelling or suspending the registration of a Northern Ireland credit union, or petitioning for the winding up of a Northern Ireland credit union

18

RDC

Section of the Friendly Societies Act 1992

Description

Handbook reference

Decision maker

58A(1)(a)/(3)(a)

when the FCA18 is proposing or deciding to give a direction under section 54 or section 55 requiring a friendly society to take or refrain from taking steps where certain activities have become disproportionate to those of the friendly society group or, as the case may be, the society, or varying such a direction other than at the request of the society*

18

See DEPP 2.5.18G (3)

RDC

58A(1)(b)/(3)(b)

when the FCA18 is proposing or deciding to give a direction under section 90 providing for a transfer of the engagements of a friendly society *

18

RDC

85(4A)

when the FCA18, on an amalgamation between friendly societies each of which has a Part 4A permission18, notifies the successor society of the terms of its Part 4A permission18

18 18 18

RDC or executive procedures

See DEPP 2.5.12 G

OEIC Regulations reference

Description

Handbook reference

Decision maker

Regulation 16(1)/(2)

when the FCA18 is proposing or deciding to refuse an application for an authorisation order in respect of a proposed ICVC

18

COLL 2

RDC or executive procedures

See DEPP 2.5.15 G

Regulation 22(1)/(2)/(4)/(5)

when the FCA18 is proposing to refuse approval of (or, having given a warning notice, deciding to refuse) a proposal to replace the depositary or director23of an ICVC, or any other proposal or decision falling within regulation 21

18 23

COLL 2

Executive procedures 11

11Regulation 22A(5)(b)/(8)(a)

when the FCA18 is proposing or deciding to refuse approval of a proposal by an ICVC which is a feeder UCITS to make an alteration to its instrument of incorporation to enable it to convert into a UCITS scheme which is not a feeder UCITS

18

COLL 11

Executive procedures

Regulation 24(1)/(2)

when the FCA18 is proposing or deciding to revoke an authorisation order relating to an ICVC under regulation 23(1)*

18

RDC

Regulation 28(1)/(2)

when the FCA18 is proposing or deciding to refuse an application to revoke or vary a direction in accordance with a request under regulation 25(7) or to vary the direction in accordance with the application

18

RDC

Paragraph 20 of Schedule 5

when the FCA18 is proposing or deciding to use the disqualification powers under section 249(1)*

18

RDC

Regulated Activities Order

Description

Handbook reference

Decision maker

Article 95(2)/(3)

when the FCA18 is proposing or deciding not to include, or to remove, an appointed representative from the Register*

18

SUP 12.4.10 G

RDC

Article 95(7)/(8)

when the FCA18 is proposing or deciding to refuse an application to revoke a determination not to include, or to remove, an appointed representative from the Register*

18

SUP 12.4.10 G

RDC

5 38 Payment Services Regulations

Description

Handbook reference

Decision maker

Regulations 9(7) and 14

when the FCA18 is proposing to refuse an application for authorisation as an authorised payment institution, or for registration as a small payment institution, or to9 impose a requirement, or to refuse an application to vary an authorisation9

18

Executive procedures

Regulations 9(8)(a) and 14

when the FCA18 is deciding to refuse an application for authorisation as an authorised payment institution, or for registration of a small payment institution, or to9 impose a requirement, or to refuse an application to vary an authorisation9

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 10(2) and 10(3)(a) and 14

when the FCA18 is proposing or deciding to either cancel an authorised payment institution's authorisation, or to cancel a small payment institution's registration, otherwise than at that institution's own request*

18

RDC

Regulation 24(2)

when the FCA18 is proposing to refuse to register an EEAbranch

18

Executive procedures

Regulation 24(3)(a)

when the FCA18 is deciding to refuse to register an EEAbranch

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 24(2) and 24(3)(a)

when the FCA18 is proposing or deciding to cancel the registration of an EEAbranch*

18

RDC

Regulation 29(9)

when the FCA18 is proposing to refuse an application for registration as an agent

18

Executive procedures

Regulation 29(10)(a)

when the FCA18 is deciding to refuse an application for registration as an agent

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 30(2) and 30(3)(a)

when the FCA18 is proposing or deciding to remove an agent from the Financial Services Register18 otherwise than at the request of a payment institution*

18 18

RDC

Regulations 86(1) and 86(3)

when the FCA18 is proposing, or deciding, to impose a financial penalty*

18

RDC

Regulations 86(1) and 86(3)

when the FCA18 is proposing, or deciding, to publish a statement that a payment service provider has contravened the Payment Services Regulations*

18

RDC

Regulations 89(1) and 89(3)

when the FCA18 is proposing or deciding to exercise its powers to require restitution*

18

RDC

Regulation 121(7)

when the FCA18 is proposing to decide that it has not received the required information or that the required conditions are not met as concerns deemed authorisation

18

Executive Procedures

Regulation 121(8)

when the FCA18 is deciding that it has not received the required information or that the required conditions are not met as concerns deemed authorisation

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC24

24Schedule 4A paragraph 5(6)

when the FCA is proposing to refuse an application to vary the period, event or condition of a prohibition, or to remove a prohibition, or to vary or remove a restriction

Executive procedures

24Schedule 4A paragraph 5(7)

when the FCA is deciding to refuse an application to vary the period, event or condition of a prohibition, or to remove a prohibition, or to vary or remove a restriction

Executive procedures, where no representations are made in response to a warning notice, otherwise by the RDC

Schedule 5 paragraph 1

when the FCA18 is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the Payment Services Regulations (Note 2)

18

RDC

Schedule 5 paragraph 1

when the FCA18 is proposing or deciding to impose a financial penalty against a relevant person (Note 3)

18

RDC

Notes:

(2) The Payment Services Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

(3) The Payment Services Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

18 18 18 18 18 18

35 The The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 34

Description

Handbook reference

Decision maker

34Regulations 25(6), 25(9) and 25 (10)(b)

when the FCA is exercising its power to give a direction

RDC

34Regulation 59(3)(b)

when the FCA is proposing to refuse an application for registration

Executive procedures

34Regulation 59(4)(b)

when the FCA is deciding to refuse an application for registration

RDC or executive procedures

(Note 1)

Regulations 59(8) and 59(9)34

when34 the FCA is proposing or deciding to suspend or34 cancel the registration of a34 person registered under the Money Laundering Regulations34

RDC

Regulations 81(2) and 78(6)34

when34 the FCA is proposing or deciding to impose a civil penalty under regulations 76, 77 or 78*34

RDC

Note:

(1) The RDC will take the decision to give the notice under regulation 59(4)(b) if representations are made in response to the notice under regulation 59(3)(b) proposing to refuse the registration application.34

4 Regulated Covered Bonds Regulations 2008

Description

Handbook reference

Decision maker

Regulation 13(4)/(5)(a)

when the FCA18 is proposing or deciding to refuse an application under regulation 8

18

RCB 6

Executive procedures

Regulation 20(5)/(6)(a)

when the FCA18 is proposing or deciding not to approve a material change

18

RCB 6

Executive procedures

Regulation 25(5)/(6)(a)

when the FCA18 is proposing or deciding not to approve a change of ownership

18

RCB 6

Executive procedures

Regulation 32(1)(a)/ (2)(a)

before the FCA18 gives a direction under regulation 30 or when it decides to make the direction

18

RCB 6

Executive procedures

Regulation 32(1)(b)/(2)(b)

before the FCA18removes an issuer from the register of issuers under regulation 31 or when it decides to remove the issuer from the register of issuers*

18

RCB 6

Executive procedures

Regulation 35(1)/(3)

when the FCA18 is proposing or deciding to impose a penalty on a person under regulation 34*

18

RCB 6

RDC

9 Cross-Border Payments in Euro Regulations 2010

Description

Handbook reference

Decision maker

Regulations 7(1) and 7(3)

when the FCA18 is proposing or deciding to impose a financial penalty*

18

RDC

Regulations 7(1) and 7(3)

when the FCA18 is proposing or deciding to publish a statement that a payment service provider has contravened the EU Cross-Border Regulation*

18

RDC

Regulations 10(1) and 10(3)

when the FCA18 is proposing or deciding to exercise its powers to require restitution*

18

RDC

Schedule paragraph 1

when the FCA18 is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the EU Cross-Border Regulation (Note 1)

18

RDC

Schedule paragraph 1

when the FCA18 is proposing or deciding to impose a financial penalty against a relevant person (Note 1)

18

RDC

Note:

(1) The Cross-Border Payments in Euro Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

18 18

13 Electronic Money Regulations

Description

Handbook reference

Decision maker

Regulations 9(6) and 15

where the FCA18 is proposing to refuse an application for authorisation as an authorised electronic money institution, or for registration as a small electronic money institution, or impose a requirement, or refuse to vary an authorisation or registration

18

Executive procedures

Regulations 9(7)(a) and 15

when the FCA18 is deciding to refuse an application for authorisation as an authorised electronic money institution, or for registration as a small electronic money institution, or impose a requirement or refuse to vary an authorisation or registration

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 10(4), 10(5)(a)and 15

when the FCA18 is proposing or deciding to either cancel an authorised electronic money institution's authorisation, or to cancel a small electronic money institution's registration otherwise than at that institution's own request *

18

RDC

Regulations 11(6), 11(9), 11(10)(b) and 15

when the FCA18 is exercising its powers to vary an electronic money institution's authorisation or vary a small electronic money institution's registration on its own initiative

18

RDC or Executive procedures (Note 1)

Regulation 29(2)

when the FCA18 is proposing to refuse to register an EEA branch of an authorised electronic money institution

18

Executive procedures

Regulation 29(3)(a)

when the FCA18 is deciding to refuse to register an EEA branch of an authorised electronic money institution

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulation 29(2) and Regulation 29(3)(a)

when the FCA18 is proposing or deciding to cancel the registration of an EEA branch of an authorised electronic money institution*

18

RDC

Regulation 34(9)

when the FCA18 is proposing to refuse an application for registration as an agent

18

Executive procedures

Regulation 34(10)(a)

when the FCA18 is deciding to refuse an application for registration as an agent

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Regulations 35(2) and 35(3)(a)

when the FCA18 is proposing or deciding to remove an agent from the Financial Services Register18 otherwise than at the request of the electronic money institution *

18

RDC

Regulations 53(1) and 53(3)

when the FCA18 is proposing, or deciding, to publish a statement that an electronic money issuer has contravened the Electronic Money Regulations *

18

RDC

Regulations 53 (1) and 53 (3)

when the FCA18 is proposing or deciding, to impose a financial penalty *

18

RDC

Regulations 53(1) and 53(3)

When the FCA18 is proposing or deciding to suspend the authorisation of an authorised electronic money institution or registration of a small electronic money institution, or to limit or otherwise restrict the carrying on of electronic money issuance or payment services business by an electronic money institution *

18

RDC

Regulations 56(1) and 56(3)

when the FCA18 is proposing or deciding to exercise its powers to require restitution *

18

RDC

Regulation 74(7)

when the FCA18 is proposing to decide not to include a person on the register

18

Executive procedures

Regulation 74(8) (a)

when the FCA18 is deciding not to include a person on the register

18

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC24

24Schedule 2A paragraph 5(6)

when the FCA is proposing to refuse an application to vary the period, event or condition of a prohibition, or to remove a prohibition, or to vary or remove a restriction

Executive procedures

24Schedule 2A paragraph 5(7)

when the FCA is deciding to refuse an application to vary the period, event or condition of a prohibition, or to remove a prohibition, or to vary or remove a restriction

Executive procedures, where no representations are made in response to a warning notice, otherwise by the RDC

Schedule 3, paragraph 1

when the FCA18 is proposing or deciding to publish a statement that a relevant person has been knowingly concerned with a contravention of the Electronic Money Regulations (Note 2)

18

RDC

Schedule 3, paragraph 1

when the FCA18 is proposing or deciding to impose a financial penalty against a relevant person (Note 2)

18

RDC

Notes:

(1) The RDC will take the decision to give the notice exercising the FCA's18 own-initiative power if the action involves:

(a) removing a type of activity from an authorisation or registration; or

(b) refusing an application to include a type of activity in an authorisation or registration; or

(c) restricting a person from taking on new business, dealing with a particular category of customer or refusing an application to vary or cancel such a restriction; or

(d) imposing or varying a capital requirement, or refusing an application to vary or cancel such a requirement.

(2) The Electronic Money Regulations do not require third party rights and access to FCA18 material when the FCA18 exercises this power. However, the FCA18 generally intends to allow for third party rights and access to material when exercising this power.

18 18 18 18

16 Recognised Auction Platforms Regulations 2011

Description

Handbook reference

Decision maker

Regulation 5A

where the FCA18 is proposing or deciding to publish a statement censuring an RAP, or to impose a financial penalty on an RAP

18

REC 2A.4

RDC

20 Alternative Investment Fund Managers Regulations 2013

Description

Handbook reference

Decision maker

Regulation 13(1)

where the FCA proposes to refuse an application for entry on the register of small registered UK AIFMs

Executive procedures

Regulation 13(2)(a)

where the FCA decides to refuse an application for entry on the register of small registered UK AIFMs

Executive procedures where no representations are made in response to a warning notice otherwise by the RDC

Regulation 18(1)

where the FCA proposes to revoke the registration of a small registered UK AIFM including, where applicable, its registration as a EuSEF manager or EuVECA manager

RDC

Regulation 18(2)(a)

where the FCA decides to revoke the registration of a small registered UK AIFM including where applicable its registration as a EuSEF manager or EuVECA manager

RDC

31Regulation 23B(1)

where the FCA proposes to refuse an application made by a UK AIF for authorisation as a UK ELTIF

Executive procedures

31Regulation 23B(2)(a)

where the FCA decides to refuse an application made by a UK AIF for authorisation as a UK ELTIF

Executive procedures where no representations are made in response to a warning notice otherwise by the RDC

31Regulation 23C(1)

where the FCA proposes to revoke the authorisation of a UK ELTIF

RDC

31Regulation 23C(2)(a)

where the FCA decides to revoke the authorisation of a UK ELTIF

RDC

Regulation 25(2)

where the FCA proposes to disqualify an external valuer

RDC

Regulation 25(3)(a)

where the FCA decides to disqualify an external valuer

RDC

Regulation 27(2)

where the FCA proposes to revoke approval given to a full-scope UK AIFM for the delegation of functions of portfolio or risk management

Executive procedures

Regulation 27(3)(a)

where the FCA decides to revoke approval given to a full-scope UK AIFM for the delegation of functions of portfolio management or risk management

Executive procedures

Regulation 56

where the FCA is proposing to revoke a full-scope UK AIFM's approval to market an AIF under regulation 54

RDC

Regulation 56

where the FCA is deciding to revoke a full-scope UK AIFM's approval to market an AIF under regulation 54

RDC

Regulation 62(2)

where the FCA proposes to revoke an AIFM's entitlement to market an AIF

RDC

Regulation 62(3)

where the FCA decides to revoke the entitlement of an AIFM to market an AIF

RDC

Regulation 71(1)(e )

where the FCA is proposing or deciding to publish a statement that an unauthorised AIFM has contravened the regulations or directly applicable EuSEF regulation or EuVECA regulation

RDC

Regulation 71(1)(f)

where the FCA is proposing or deciding to impose a financial penalty on an unauthorised AIFM that has contravened the regulations or directly applicable EuSEF regulation or EuVECA regulation

RDC

21 Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013

Description

Handbook reference

Decision maker

Regulation 24(1) and 24(6)

when the FCA is proposing or deciding to exercise its powers to require restitution*

RDC

Regulation 25(1) and 26(1)

when the FCA is proposing or deciding to publish a statement (under regulations 14 or 15) or impose a financial penalty (under regulation 16) or impose a restriction on permission (under regulation 17) or suspend or restrict an approval (under regulation 18)*

RDC

22 The Financial Services Act 2012 (Consumer Credit) Order 2013

Description

Handbook reference

Decision maker

Article 3(3)

when the FCA is proposing or deciding to take action against an approved person for being knowingly concerned in a contravention of a CCA Requirement by an authorised person, by exercising the disciplinary powers conferred by section 66*

RDC

Article 3(7)

when the FCA is proposing or deciding to publish a statement (under section 205) or impose a financial penalty (under section 206) or suspend a permission or impose a restriction in relation to the carrying on of a regulated activity (under section 206A) for the contravention of a CCA Requirement. This applies in respect of an authorised person, or an unauthorised person to whom section 404C applies*

RDC

Article 3(10)

when the FCA is proposing or deciding to exercise the power under section 384(5) to require a person to pay restitution in relation to the contravention of a CCA Requirement*

RDC

36 The Co-operative and Community Benefit Societies Act 2014

Description

Handbook reference

Decision maker

Sections 6 and 8

where the FCA gives at least two months’ notice of the proposed cancellation or suspension of the registration of a registered society

Executive procedures

Sections 6 to 8

where the FCA is proposing to cancel or suspend the registration of a registered society relying on condition C, D or E in section 5

Executive procedures where no representations are made in response to a notice of proposed cancellation, otherwise by the RDC

Section 123

where the FCA is proposing to petition for the winding up of a registered society

RDC

Section 132

where the FCA is proposing to prosecute a registered society

Executive procedures or RDC

25 The Immigration Act 2014 (Bank Accounts 36 ) Regulations 2014

Description

Handbook reference

Decision maker

Regulation 24 and 25

where the FCA is proposing or deciding to publish a statement (under regulations 15 or 16) or impose a financial penalty (under regulation 17) or impose a restriction on permission (under regulation 18) or suspend or restrict an approval (under regulation 19)*

RDC

26 The Mortgage Credit Directive Order 2015

Description

Handbook reference

Decision maker

Article 11(1)

when the FCA is proposing to refuse an application for entry on the register or variation of an existing entry on the register

Executive procedures

Article 11(2)

when the FCA is deciding to refuse an application for entry on the register or variation of an existing entry on the register

Executive procedures where no representations are made in response to a warning notice, otherwise by the RDC

Articles 14(1), 14(2), 16(3) and 16(4)

when the FCA is proposing or deciding to revoke or suspend the registration of a registered CBTL firm other than at the firm’s request or with the firm’s consent*

RDC

Article 23(4)

when the FCA is proposing or deciding to publish a statement (under section 205 of the Act) or impose a financial penalty (under section 206 of the Act)*

RDC

28 The Small and Medium Sized Business (Credit Information) Regulations 2015

Description

Handbook reference

Decision maker

Regulations 39 and 40

when the FCA is proposing or deciding to publish a statement (under regulation 28), or impose a financial penalty (under regulation 29), or impose a limitation or restriction (under regulation 30), or exercise the power to require restitution (under regulation 32(2)

RDC

33 Data Reporting Services Regulations 2017

Description

Handbook reference

Decision maker

Regulation 10(8)(a)

when the FCA is proposing to impose a restriction on the applicant for authorisation as a data reporting services provider

Executive procedures

Regulation 10(9)(b)

when the FCA is deciding to impose a restriction on the applicant for authorisation as a data reporting services provider

RDC or executive procedures

(see Note 1)

Regulations 8(5) and 10(8)(b)

when the FCA is proposing to refuse an application for verification or authorisation as a data reporting services provider

Executive procedures

Regulations 8(6)(b) and 10(9)(c)

when the FCA is deciding to refuse an application for verification or authorisation as a data reporting services provider

RDC or executive procedures

(see Note 2)

Regulations 8(9), 11(4)(a) and 11(5)(b)(i)

when the FCA is proposing or deciding to cancel a verification or the authorisation of a data reporting services provider otherwise than at its request

RDC

Regulations 8(9), 11(4)(a) and 11(5)(b)(i)

when the FCA is proposing to refuse a request to cancel a verification or authorisation of a data reporting services provider

Executive procedures

Regulations 8(9) and 11(5)(b)(ii)

when the FCA is deciding to refuse a request to cancel a verification authorisation of a data reporting services provider

RDC or executive procedures

(see Note 2)

Regulations 8(10) and 12(3)

when the FCA is proposing to refuse a request to vary a verification or the authorisation of a data reporting services provider

Executive procedures

Regulations 8(10) and 12(4)

when the FCA is deciding to refuse a request to vary a verification or the authorisation of a data reporting services provider

RDC or executive procedures

(see Note 1)

Notes:

1) If representations are made in response to a warning notice, then the RDC will take the decision to give a decision notice if the action proposed involves:

(a) restricting a person from providing a data reporting service; or

(b) refusing an application to include a type of activity in a verification or authorisation.

In all other cases, the decision to give a decision notice will be taken by FCA staff under executive procedures.

(2) If representations are made in response to a warning notice then the RDC will take the decision to give a decision notice. Otherwise the decision to give a decision notice will be taken by FCA staff under executive procedures.

30 The Payment Accounts Regulations 2015

Description

Handbook reference

Decision maker

Regulation 34 and Regulation 35(4)(a)

when the FCA is proposing or deciding to publish a statement or impose a financial penalty*

RDC

32 The Small and Medium Sized Business (Finance Platforms) Regulations 2015

Description

Handbook reference

Decision maker

Regulations 36 and 37

when the FCA is proposing or deciding to publish a statement (under regulation 25), or impose a financial penalty (under regulation 26), or impose a limitation or restriction (under regulation 27), or exercise the power to require restitution (under regulation 29(2)).

RDC

DEPP 2 Annex 2 Supervisory notices

Section of the Act

Description

Handbook reference

Decision maker

55Y(4)

55Y(7)

55Y(8)(b)3

3

when the FCA3 is exercising its own-initiative variation power3 to vary a firm's Part 4A permission3

3 3 3

SUP 7 1

RDC or executive procedures

See DEPP 2.5.7 G

1063ZC(4)

63ZC(8)

63ZC(9)(b)

when the FCA is exercising its power to vary, on its own initiative, an approval granted to an SMF manager

RDC or executive procedures

See DEPP 2.5.8AG and DEPP 2.5.8BG

1371H(2), (3), (4), (9) or (11)(a)

where the FCA is proposing or deciding to impose or vary a requirement in relation to a director or senior executive under section 71B or 71C(2) or (8) or to appoint or vary the terms of appointment of a temporary manager under section 71C(1)

RDC

355Y(4)

55Y(7)

55Y(8)(b)

when the FCA is exercising its own-initiative requirement power

RDC or executive procedures

See DEPP 2.5.7 G

78(2)/(5)

when the FCA3 is proposing to discontinue or discontinues the listing of a security

3

LR 5

RDC or executive procedures

See DEPP 2.5.9G (4) and DEPP 2.5.10 G

78(2)/(5)

when the FCA3 is proposing to suspend or suspends the listing of a security

3

LR 5

Executive procedures 2

278A(2)/(8)(b)

when the FCA3 discontinues or suspends the listing of a security on the application of the issuer of the security

3

LR 5

Executive procedures

87O(2)/(5)

when the FCA3 is proposing or deciding to exercise or deciding to maintain, vary or revoke any of the powers in sections 87K or 87L in respect of an infringement of any applicable provision.

3

PR 5

Executive procedures

388F(2)/(5)/(6)(b)

when the FCA is proposing or deciding to take action to suspend, limit or restrict a sponsor's approval under section 88E

Executive procedures

389V(2)

89V(5)

89 V(6)(b)

when the FCA is proposing or deciding to take action to suspend, limit or restrict a primary information provider's approval under section 89U

Executive procedures

122I11

when the FCA3 is proposing to suspend or suspends trading in a financial instrument

3

DTR

Executive procedures 2

137S(5)

137S(8)(a)

when the FCA gives a direction under section 137S

Executive procedures

2191B(1)

when the FCA3 gives a restriction notice under section 191B

3

Executive procedures

197(3)/(6)/(7)(b)

when the FCA3 is exercising its power of intervention in respect of an incoming firm

3

SUP 14

RDC or executive procedures

See DEPP 2.5.7 G and 2.5.7A G2

259(3)/(8)/ (9) (b)

when the FCA3 is exercising its power to give or, on its own initiative, to vary a direction to the manager and trustee of an AUT

3

COLL

RDC 4

4261Z1

when the FCA gives a direction under section 261X or section 261Z

COLL

RDC

268(3)/ (7)(a) or (9)(a) (as a result of (8)(b)/(13))

when the FCA3 is proposing or deciding to give or, on its own initiative, to vary a direction to the operator of a recognised scheme

3

COLL

RDC

282 (3)/(6)/ (7)(b)

when the FCA3 is exercising its power to give a direction to an operator, trustee or depositary of a recognised scheme

3

COLL

RDC 2

2301J(1)

when the FCA3 gives a restriction notice under section 301J

3

Executive procedures

321(2)/(5)

when the FCA3 is exercising its power to impose a requirement on a former underwriting member of Lloyd's

3

RDC

OEIC Regulations reference

Description

Handbook reference

Decision maker

Regulation 27

when the FCA3 is exercising its power to give or, on its own initiative, to vary a direction to an ICVC and its depositary

3

COLL

RDC

3 Payment Services Regulations

Description

Handbook reference

Decision maker

11(6)

11(9)

11(10)(b)

14

When the FCA is exercising its powers to vary a person's authorisation on its own initiative

RDC or Executive procedures See also DEPP 3.4 (Note 1)7

7Schedule 4A, paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7)

when exercising its power to impose a prohibition or restriction, or to vary a restriction

RDC or executive procedures (Note 2)

See also DEPP 3.4

Notes:

(1) The RDC will take the decision to give a notice exercising the FCA's own initiative power if the action involves:

(a) removing a type of activity from an authorisation or registration; or

(b) refusing an application to include a type of activity in an authorisation or registration; or

(c) restricting a person from taking on new business, dealing with a particular category of customer or refusing an application to vary or cancel such a restriction; or

d) imposing or varying a capital requirement, or refusing an application to vary or cancel such a requirement.

For all other types of action the decision to give a notice will be taken by FCA staff under executive procedures.

(2) The RDC will take the decision to give a notice imposing a prohibition or imposing or varying a restriction under Schedule 4A paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7). However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the imposition of a prohibition or imposition or variation of a restriction.7

5 Alternative Investment Fund Managers Regulations 2013

Description

Handbook reference

Decision maker

Regulation 22(4)

where the FCA is exercising its power on its own initiative to give or vary a direction under regulation 22(1) to a small registered UK AIFM, a EuSEF manager or EuVECA manager

RDC or executive procedures

See DEPP 2.5.7 G to DEPP 2.5.8 G

Regulation 22(4)

where the FCA is exercising its power on its own initiative to give or vary a direction under regulation 22(2) to a small registered UK AIFM with its registered office in an EEA State other than the UK in accordance with article 19.3 of the EuSEF regulation or article 18.3 of the EuVECA regulation

RDC or executive procedures

See DEPP 2.5.7 G to DEPP 2.5.8 G

7 Electronic Money Regulations

Description

Handbook reference

Decision maker

Schedule 2A, paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7)

when exercising its power to impose a prohibition or restriction, or to vary a restriction

RDC or executive procedures (Note 1)

See also DEPP 3.4

Notes:

(1) The RDC will take the decision to give a notice imposing a prohibition or imposing or varying a restriction under Schedule 2A paragraphs 1(1), 1(2), 2(2)(a), 2(2)(b), 2(3), 4(6) and 4(7). However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the imposition of a prohibition or imposition or variation of a restriction.

6 The Financial Services Act 2012 (Consumer Credit) Order 2013

Description

Handbook reference

Decision maker

Article 3(6)

when the FCA is exercising its power of intervention in respect of an incoming firm by reference to the contravention or likely contravention of a CCA Requirement

SUP 14

RDC or executive procedures

See DEPP 2.5.7 G and DEPP 2.5.7A G

8 The Immigration Act 2014 (Bank Account) Regulations 2014

Description

Handbook reference

Decision maker

Regulation 24 and 25

where the FCA is proposing or deciding to publish a statement (under regulations 15 or 16) or impose a financial penalty (under regulation 17) or impose a restriction on permission (under regulation 18) or suspend or restrict an approval (under regulation 19)*

RDC

9 The Mortgage Credit Directive Order 2015

Description

Handbook reference

Decision maker

Article 19(6)

when the FCA is exercising its own-initiative power to impose a direction

RDC or executive proceduresSee DEPP 2.5.7G and DEPP 2.5.7AG

12 The Payment Accounts Regulations 2015

Description

Handbook reference

Decision maker

Regulation 30

when the FCA is exercising the power to impose a direction

RDC or executive procedures (Note)

See DEPP 2.5.17G

Note: The RDC will take the decision to give a notice imposing a direction. However, FCA staff under executive procedures will be the decision maker whenever a firm agrees not to contest the direction.