Related provisions for SUP 14.2.18
1 - 3 of 3 items.
Where the change arises from circumstances within the control of the incoming EEA firm, the requirements in regulation 4(4) are that:(1) the incoming EEA firm has given notice to the appropriate UK regulator12 (see SUP 14.4.1 G) and to its Home State regulator stating the details of the proposed change;12(2) the appropriate UK regulator12 has received a notice stating those details; and12(3) either:(a) the appropriate UK regulator12 has informed the firm that it may make the change;
If the change arises from circumstances beyond the incoming EEA firm's control, the firm is required by regulation 4(5) (see SUP 14.2.2 G) or regulation 6(5) (see SUP 14.2.5 G (2)) to give a notice to the appropriate UK regulator12 (see SUP 14.4.1 G) and to its Home State regulator stating the details of the change as soon as reasonably practicable.12
The appropriate UK regulator12 believes that for a change to arise from circumstances beyond the control of an incoming EEA firm, the circumstances should be outside the control of the firm as a whole and not just its UK branch. For example, the appropriate UK regulator12 considers that this provision would be unlikely to apply to circumstances in which lack of planning at the incoming EEA firm's head office resulted in a problem arising in a UKbranch which was outside its control.
10The FCA believes that, for a change to arise from circumstances beyond the control of an incoming EEA firm, the circumstances should be outside the control of the incoming EEA firm as a whole and not just its UKbranch. For example, the FCA considers that this provision would be unlikely to apply to circumstances in which lack of planning at the incoming EEA firm's head office resulted in a problem arising in a UKbranch. In practice, therefore, use of this provision is likely
9Where the change arises from circumstances within the control of the incoming EEA firm, the relevant requirements in regulation 7B(4) are that: (1) the incoming EEA firm has given a notice to the FCA and its Home State regulator stating the details of the proposed changes; and (2) either: (a) the FCA has informed the incoming EEA firm that it may make the change; or(b) a period of one month has elapsed beginning with the day on which the incoming EEA firm gave the notice under
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(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