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

333

SUP 71

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

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 procedures2

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 procedures2

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

RDC4

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

RDC2

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

3Payment 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

5Alternative 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

7Electronic 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.

6The 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

8The 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

9The 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

12The 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.