DEPP 2 Annex 2 Supervisory notices

Section of the Act

Description

Handbook reference

Decision maker

1755XA(1)(a) and 55XA(1)(b)

when the FCA is deciding to grant an application for a Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order with a limitation or a requirement which was not applied for, or with a narrower or wider description of regulated activity than that applied for

Executive procedures26

See DEPP 2.5.18G(5)

1755XA(1)(c) and 55XA(1)(d)

when the FCA is deciding to grant an application to vary a firm’s Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order but, other than as part of the application, to restrict the Part 4A permission either by imposing a limitation or requirement which was not applied for or by specifying a narrower or wider description of regulated activity than that applied for

Executive procedures26

See DEPP 2.5.18G(5)

1755XA(1)(e)

when the FCA is deciding to refuse an application for a Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order

Executive procedures26

See DEPP 2.5.18G(5)

1755XA(1)(f)

when the FCA is deciding to refuse an application to vary a firm’s Part 4A permission to carry on the regulated activity specified in article 63S of the Regulated Activities Order

Executive procedures26See DEPP 2.5.18G(5)

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

Executive procedures26

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

Executive procedures26

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)

Executive procedures26

355Y(4)

55Y(7)

55Y(8)(b)

when the FCA is exercising its own-initiative requirement power

Executive procedures26

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

Executive procedures26

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

27

S143U(2)(a)

When the FCA decides to grant an application for the variation or revocation of a prohibition order under S143N(1) of the Act

Executive procedures

27

S143X

When the FCA decides to vary or cancel a restriction under S143W(6) of the Act

RDC or executive procedures

2191B(1)

when the FCA3 gives a restriction notice under section 191B

3

Executive procedures

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

[deleted]19

33

19

19

2

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

Executive procedures26

4

4261Z1

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

COLL

Executive procedures26

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

Executive procedures26

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

Executive procedures26

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

Executive procedures26

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

Executive procedures26

3Payment Services Regulations

Description

Handbook reference

Decision maker

12(6), 12(9), 12(10)(b), 15 and 1914

when14 the FCA is exercising its powers to vary a person's26 authorisation on its own initiative

Executive procedures26

(Note 1)7

714 14

26

Notes:

(1) FCA staff under executive procedures26 will take all decisions26 to give a notice exercising the FCA's own initiative power to vary a person’s authorisation, including26 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.

26

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 SEF manager or RVECA manager 1920

Executive procedures26

See DEPP 2.5.7 G to DEPP 2.5.8 G

Regulation 22(4)

[deleted]19

19

6 The Financial Services Act 2012 (Consumer Credit) Order 2013 [deleted]19

19

19

19

19

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 or executive procedures26

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

Executive procedures26See 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

Executive procedures26

See DEPP 2.5.17G

26

15Markets in Financial Instruments Regulations 2017

Description

Handbook reference

Decision maker

Regulation19 12(2)

when the FCA is exercising its power of intervention in respect of a third country firm

Executive procedures26

(see DEPP 2.5.7G and DEPP 2.5.7AG)

Regulation 28(4)

when the FCA is imposing a limitation, restriction or requirement under regulation 24

Executive procedures

(see DEPP 2.5.18G)

Regulation 36(4)

when the FCA is imposing a requirement under regulation 36

Executive procedures

(see DEPP 2.5.18G)

Regulations 40(3) and 40(6)

when the FCA is proposing or deciding to impose a requirement, or deciding to not rescind the imposition of a requirement that has already taken effect under regulation 40

Executive procedures26

15Data Reporting Services Regulations 2017

Description

Handbook reference

Decision maker

Regulation 22(6)

when the FCA is imposing a limitation or other restriction under regulation 22

Executive procedures26

26

16Packaged Retail and Insurance-based Investment Products Regulations 2017

Description

Handbook reference

Decision maker

Regulations 9(3)(a) and (c)

when the FCA is proposing to make an order under regulation 4 or makes an order under regulation 4 with immediate effect

RDC

Regulations 9(3)(b) and (d)

when the FCA is proposing to increase the period of a suspension under regulation 5(2) or increases the period of a suspension under regulation 5(2) with immediate effect

RDC

Regulation 9(6)(a)

when the FCA is deciding to make or vary an order made under regulations 4 or 5(2) in the way proposed

RDC

Regulation 9(6)(b)

when the FCA is deciding not to revoke an order made under regulations 4 and 5(2) or not to rescind the variation of an order made under regulations 4 and 5(2)

RDC

Regulation 9(7)(b)

when the FCA is deciding to make an order under regulations 4 or 5(2) in different terms or to vary an order made under regulations 4 or 5(2) in a different way

RDC

17UK Benchmarks Regulations 2018

Description

Handbook reference

Decision maker

Regulation 6(6)

when the FCA is exercising its power under regulation 6(2) to impose, vary or cancel a requirement on its own initiative

Executive procedures

18UK Securitisation Regulations

Description

Handbook reference

Decision maker

Regulation 15(3) and (6)

when the FCA is exercising its powers under regulation 14 to temporarily withdraw authorisation, vary the period for which a temporary withdrawal has effect or revoke the temporary withdrawal to provide a third-party verification service

Executive procedures

Regulation 22(3) and (6)

when the FCA is exercising its powers under regulation 21 to impose a temporary ban, vary the period for which a temporary ban has effect or revoke a temporary ban to provide simple, transparent and standardised (STS) notifications

Executive procedures

21CRA Regulation

Description

Handbook reference

Decision maker

Article 18(2) and 18(10)

when the FCA is exercising its power under article 16 to refuse an application for registration of a credit rating agency

Executive procedures26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 17 to refuse an application for registration of a group of credit rating agencies

Executive procedures26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 20(1) and 20(2) to withdraw the registration of a credit rating agency on its own initiative

Executive procedures26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 20(3) to refuse an application made by a credit rating agency to withdraw its registration

Executive procedures26

(see DEPP 2.5.18G(6))

Article 18(2) and 18(10)

when the FCA is exercising its power under article 24(1) to impose a direction to temporarily prohibit a credit rating agency from issuing credit ratings or to suspend the use of credit ratings issued by a credit rating agency

Executive procedures26

(see DEPP 2.5.18G(6))

22Trade Repositories (EU Exit) Regulations

Description

Handbook reference

Decision maker

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 58 to refuse an application for registration of a trade repository

Executive procedures26(see DEPP 2.5.18G(7))

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 71(1) or 71(2) to withdraw the registration of a trade repository on its own initiative

Executive procedures26(see DEPP 2.5.18G(7))

Article 71a(6) and 71a(10)

when the FCA is exercising its power under article 71(3) to refuse an application made by a trade repository to withdraw its registration

Executive procedures26(see DEPP 2.5.18G(7))

25Securitisation (Amendment) (EU Exit) Regulations

Description

Handbook reference

Decision maker

Article 13(6)(a) and 13(11)(a) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to refuse an application for registration of a securitisation repository under article 12 of the Securitisation Regulation as amended by regulation 15

Executive procedures26

(see DEPP 2.5.18G(8))

Article 13(6)(b) and 13(11)(b) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to withdraw the registration of a securitisation repository on its own initiative under article 13a(1) or 13a(2) of the Securitisation Regulation as amended by regulation 15

Executive procedures26

(see DEPP 2.5.18G(8))

Article 13(6)(c) and 13(11)(c) of the Securitisation Regulation as amended by regulation 15

when the FCA is exercising its power to refuse an application made by a securitisation repository to withdraw its registration under article 13a(3) of the Securitisation Regulation as amended by regulation 15

Executive procedures26

(see DEPP 2.5.18G(8))

24Securities Financing Transactions Regulation

Description

Handbook reference

Decision maker

Article 10a(6)(a) and 10a(11)(a)

when the FCA is exercising its power under article 7 of the Securities Financing Transactions Regulation to refuse an application for registration of a trade repository

Executive procedures26

(see DEPP 2.5.18G(9))

Article 10a(6)(b) and 10a(11)(b)

when the FCA is exercising its power to withdraw the registration of a trade repository on its own initiative under article 10(1) or 10(2)

Executive procedures26

(see DEPP 2.5.18G(9))

Article 10a(6)(c) and 10a(11)(c)

when the FCA is exercising its power to refuse an application made by a trade repository to withdraw its registration under article 10(3)

Executive procedures26

(see DEPP 2.5.18G(9))

23The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Description

Handbook reference

Decision maker

Regulation 74C(5)

When the FCA is exercising its own initiative powers to impose, vary or rescind a direction.

Executive procedures26