Related provisions for SUP 11.3.14

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SUP 18.2.1AGRP
(1) 7Part VII of the Act prescribes certain statutory functions in relation to insurance business transfer schemes for both the PRA and the FCA. In accordance with the Act, the PRA and the FCA maintain a Memorandum of Understanding, which describes each regulator’s role in relation to the exercise of its functions under the Act relating to matters of common regulatory interest and how each regulator intends to ensure the coordinated exercise of such functions. Under the Memorandum
SUP 18.2.1BGRP
7In exercising its functions under the Act, each regulator will, so far as is reasonably possible, act in a way which is compatible with, and most appropriate for advancing, its statutory objectives as set out in the Act and will have regard to the regulatory principles in section 3B of the Act.
SUP 18.2.14GRP
Under section 109(2) of the Act a scheme report may only be made by a person:(1) appearing to the appropriate regulator7 to have the skills necessary to enable him to make a proper report; and7(2) nominated or approved for the purpose by the appropriate regulator7.7
SUP 18.2.20GRP
Under section 107(2) of the Act, the application to the court may be made by the transferor or the transferee or both. As soon as reasonably practical, the intended applicant should choose their nominee for independent expert in the light of any criteria advised by the appropriate regulator. The intended applicant(s) should then advise the appropriate regulator of their choice, unless the appropriate regulator7 wishes them to defer nomination or to make its own nomination. The
SUP 18.2.31GRP
Under section 109 of the Act, a scheme report must accompany an application to the court to approve an insurance business transfer scheme. This report must be made in a form approved by the appropriate regulator. The appropriate regulator would generally expect a scheme report to contain at least the information specified in SUP 18.2.33 G before giving its approval.77
SUP 18.2.54GRP
Either regulator7 may exercise its other powers under the Act, if it considers this a more effective method of advancing its statutory objectives7.77
SUP 18.2.57BGRP
7When assessing a proposed scheme under Part VII of the Act each regulator will, taking into account all relevant matters in each case, consider whether it should provide a report to the court. As it will lead the Part VII process for insurance business transfers, the PRA will usually provide such a report.
SUP 18.2.59EGRP
7Where either regulator has indicated to the parties to the proposed transfer that it intends to appear at any hearing before the court in relation to a proposed scheme under Part VII of the Act a copy set of the bundle of documents filed with the court should be provided to it as soon as practicable.
SUP 11.3.1BGRP
12SUP 11 Annex 6G provides guidance on when one person's holding of shares or voting power must be aggregated with that of another person for the purpose of determining whether an acquisition or increase of control will take place as contemplated by section 181 or 182 of the Act such that notice must be given to the appropriate regulator15 in accordance with section 178 of the Act before making the acquisition or increase. This will be:15(1) where those persons are acting in concert,
SUP 11.3.2GRP
Sections 178(1) and 191D(1)10 of the Act require a person (whether or not he is an authorised person) to notify the appropriate regulator15 in writing if he decides 10to acquire, increase or reduce10control or to cease to have control10 over a UK domestic firm . Failure to notify is an offence under section 191F10 of the Act (Offences under this Part).46101510101010
SUP 11.3.4GRP
If a person decides10 to acquire control or increase control over a UK domestic firm in a way described in SUP 11.4.2 Ror acquire control in a way described in SUP 11.4.2AR (1)4, he must obtain the appropriate regulator's15 approval before doing so. Making an acquisition before the appropriate regulator15 has approved of it10is an offence under section 191F of the Act (Offences under this Part).10101510154610
SUP 11.3.5AGRP
6The appropriate regulator15 recognises that firms acting as investment managers may have difficulties in complying with the prior notification requirements in sections 178 and 191D 10of the Act as a result of acquiring or disposing of listed shares in the course of that fund management activity. To ameliorate these difficulties, the appropriate regulator15 may accept pre-notification of proposed changes in control, made in accordance with SUP D, and may grant approval of such
SUP 11.3.5BDRP
6The appropriate regulator15 may treat as notice given in accordance with sections 178 and 191D15 of the Act a written notification from a firm which contains the following statements:151015(1) that the firm proposes to acquire and/or dispose of control, on one or more occasions, of any UK domestic firm whose shares or those of its ultimate parent undertaking are, at the time of the acquisition or disposal of control, listed, or which are traded or admitted to trading on a MTF
SUP 11.3.7DRP
A section 178 notice10 given to the appropriate regulator15 by a person who is acquiring control or increasing his control over a UK domestic firm, in a way described in SUP 11.4.2 R (1) to (4), or acquiring control in a way described in SUP 11.4.2A R, must contain the information and be accompanied by such documents as are required by the controllers form approved by the appropriate regulator15 for the relevant application. 4610151015
SUP 11.3.10DRP
(1) A person who has submitted a section 178 notice10under SUP 11.3.7 D must notify the appropriate regulator15 immediately if he becomes aware, or has information that reasonably suggests, that he has or may have provided the appropriate regulator15 with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed, in a material particular. The notification must include:101515(a) details of the information which is or may be false,
SUP 11.3.11GRP
The appropriate regulator15 will inform a section 178 notice giver as soon as reasonably practicable if it considers the section 178 notice to be incomplete.1065181015
SUP 11.3.12GRP
86 The appropriate regulator15 has power, under section 179(3) 10of the Act (Requirements for section 178 notices1510), to vary or waive these 10requirements in relation to a section 178 notice in particular cases 10if it considers it appropriate to do so.8881015101015108
SUP 11.3.17GRP
6Notifications to the appropriate regulator15 by proposed controllers and controllers under Part XII of the Act may be made on a joint basis outlined in SUP 11.5.8 G to SUP 11.5.10 G.1510
SUP 6.3.16GRP
(1) Section 55(U)(2)24 of the Act (Applications under this Part) requires that the application for variation of Part 4A permission24 must contain a statement:2424(a) of the desired variation; and(b) of the regulated activity or regulated activities which the firm proposes to carry on if its permission is varied.(1A) Section 55(U)(3) of the Act requires that an application for variation of a requirement imposed under section 55L or 55M or the imposition of a new requirement must
SUP 6.3.28GRP
(1) The relevant regulator24 is required by section 55B(3) of the Act to ensure that a firm applying to gain or vary a Part 4A permission or to impose or vary a requirement24 satisfies and will continue to satisfy the threshold conditions in relation to all the regulated activities for which the firm has or will have a Part 4A permission.2424241524(2) [deleted]24151524
SUP 6.3.31GRP
In considering whether to grant (or consent to, as the case may be)24 a firm's application to vary its Part 4A permission or impose or vary a requirement, the regulator concerned will also have regard, under section 55R(1)24 of the Act (Persons connected with an applicant), to any person6 appearing to be, or likely to be, in a relationship with the firm which is relevant. The Financial Groups Directive Regulations make special consultation provisions where the regulator is exercising
SUP 6.3.35GRP
Under section 55V(1)24 of the Act (Determination of applications), the relevant regulator24 has six months to consider a completed application from the date of receipt.2424
SUP 6.3.36GRP
If the relevant regulator24 receives an application which is incomplete (that is, if information or a document required as part of the application is not provided), section 55V(2)24 of the Act requires the relevant regulator24 to determine that incomplete application within 12 months of the initial receipt of the application.242424
DEPP 7.2.1GRP
Under section 169(1)(b) and section 131FA2 of the Act, the FCA3 may appoint an investigator to investigate any matter at the request of an overseas regulator or EEA regulator2. The powers of the investigator appointed by the FCA3 (referred to here as the 'FCA's3 investigator') include the power to require persons to attend at a specified time and place and answer questions (the compulsory interview power).333
DEPP 7.2.2GRP
Where the FCA3 appoints an investigator in response to a request from an overseas regulator or EEA regulator2 it may, under section 169(7) or section 131FA2 of the Act, direct him to permit a representative of that regulator to attend and take part in any interviews conducted for the purposes of the investigation. The FCA3 may only give a direction under section 169(7) or section 131FA2 if it is satisfied that any information obtained by an overseas regulator or EEA regulator2
DEPP 7.2.6GRP
Before making a direction under section 169(7) or section 131FA2 the FCA3 will discuss and determine with the overseas regulator or EEA regulator2 how this statement of policy will apply to the conduct of the interview, taking into account all the circumstances of the case. Amongst other matters, the FCA3 will at this stage determine the extent to which the representative of the overseas regulator or EEA regulator2 will be able to participate in the interview. The overseas regulator
SUP 18.4.9GRP
For an amalgamation the successor society, and for a transfer the transferee, may need to apply for permission, or to vary its permission, under Part 4A1 of the Act. The regulators1 will need sufficient time before a transfer is confirmed1 to consider whether any necessary permission or variation should be given. If the transferee is an EEA firm or a Swiss general insurance company, then confirmation will be needed from its Home State regulator that it meets the Home State's solvency
SUP 18.4.25GRP
The criteria that the appropriate authority1 must use in determining whether to confirm a proposed amalgamation or transfer are set out in schedule 15 to the Friendly Societies Act 1992. These criteria include that:1(1) confirmation must not be given if the appropriate authority1 considers that:1(a) there is a substantial risk that the successor society or transferee will be unable lawfully to carry out the engagements to be transferred to it;(b) information material to the members'
BIPRU 7.10.15GRP
The appropriate regulator may complement its own review of a VaR model permission request with one or more reviews by a skilled person under section 166 of the Act (Reports by skilled persons). Such a review may also be used where a VaR model permission has been granted to ensure that the requirements BIPRU 7.10 and of the VaR model permission continue to be met.
3The appropriate regulator may use its powers under section 55J (Variation etc. on the Authority's own initiative) of the Act to impose on the firm a capital add-on to cover the material shortfall reported under BIPRU 7.10.55ZA R.
SUP 3.8.2RRP
An auditor of a firm must cooperate with the appropriate regulator in the discharge of its functions under the Act.
SUP 3.8.3GRP
The appropriate regulator may ask the auditor to attend meetings and to supply it with information about the firm. In complying with SUP 3.8.2 R, the auditor should attend such meetings as the appropriate regulator requests and supply it with any information the appropriate regulator may reasonably request about the firm to enable the appropriate regulator to discharge its functions under the Act.
SUP 3.8.4RRP
An auditor of a firm must give any skilled person appointed by the firm or appointed by the appropriate regulator4 all assistance that person4 reasonably requires (see SUP 5 and section 166(5) of the Act (Reports by skilled persons)).4
SUP 3.8.9GRP
Within the legal constraints that apply, the appropriate regulator may pass on to an auditor any information which it considers relevant to his function. An auditor is bound by the confidentiality provisions set out in Part XXIII of the Act (Public record, disclosure of information and cooperation) in respect of confidential information he receives from the appropriate regulator. An auditor may not pass on such confidential information without lawful authority, for example if
SUP 3.8.10GRP
(1) Auditors are subject to regulations made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator). Section 343 and the regulations also apply to an auditor of an authorised person in his capacity as an auditor of a person who has close links with the authorised person.3(2) These regulations oblige auditors to report certain matters to the appropriate regulator. Sections 342(3) and 343(3) of the Act provide that an
SUP 11.7.2GRP
Section 191A deals with the procedure the appropriate regulator5 must follow where the appropriate regulator reasonably believes that:5445(1) there has been a failure to give notice under section 178(1) of the Act in circumstances where notice was required;5(2) there has been a breach of a condition imposed under section 187 of the Act; or5(3) there are grounds for objecting to control on the basis of the matters in section 186 of the Act.5
SUP 11.7.3GRP
The appropriate regulator5 may serve restriction notices in certain circumstances in accordance with section 191B of the Act4.45
SUP 11.7.4GRP
The appropriate regulator5 may apply to the court for an order for the sale of shares in accordance with section 191C of the Act4.45
SUP 11.7.13GRP
Before making a determination under section 185 or4 giving a4warning notice under section 191A4, the appropriate regulator5 must comply with the 4 requirements as to consultation with EC41competent authorities set out in section 188 of the Act4and with the other regulator set out in sections 187A, 187B and 191A of the Act, as applicable.545144
DEPP 6.2.6GRP
In addition to the general factors outlined in DEPP 6.2.1 G, there are some additional considerations that may be relevant when deciding whether to take action against an individual under6section 66 of the Act. This list of those considerations is non-exhaustive. Not all considerations below may be relevant in every case, and there may be other considerations, not listed, that are relevant.(1) The individual's6 position and responsibilities. The FCA4 may take into account the
SUP 18.1.1CGRP
3References to the ‘Memorandum of Understanding’ in this chapter is to the memorandum of understanding in force between the regulators under section 3E of the Act.
SUP 18.1.8GRP
3Legislation in respect of other transactions, for example, cross-border mergers, does not negate the requirements under Part VII of the Act. It is for the firms participating in such transactions to determine whether or not the proposed transfer gives rise to an insurance business transfer. The regulators expect firms proposing such transactions to discuss the proposal with them as soon as practicable.
SUP 4.5.7GRP
(1) Actuaries appointed under PRA rules made under section 340 of the Act, or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 6,6 are subject to regulations5 made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator7). Section 343 and the regulations also apply to an actuary of an authorised person in his capacity as an actuary of a person with close links with the authorised person.47(2)
SUP 4.5.9RRP
An actuary appointed under PRA rules made under section 340 of the Act, or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 66 must notify the appropriate regulator5 without delay if he:2255(1) is removed from office by a firm; or(2) resigns before his term of office expires; or(3) is not reappointed by a firm.
SUP 4.5.10RRP
An actuary2 who has ceased to be appointed under PRA rules made under section 340 of the Act, or for the purposes of PRA Rulebook: Solvency II firms: Conditions Governing Business, 66 or who has been formally notified that he will cease to be so 2appointed, must notify the appropriate regulator5 without delay:222525(1) of any matter connected with the cessation which he thinks ought to be drawn to the appropriate regulator's attention; or(2) that there is no such matter.
SUP 18.3.1GRP
Under section 115 of the Act, the appropriate regulator2 has the power to give a certificate confirming that a firm possesses any necessary margin of solvency,1 to facilitate an insurance business transfer to the firm under overseas legislation from a firm authorised in another EEA State or from a Swiss general insurance company. This section provides guidance on how the appropriate regulator2 would exercise this power and on related matters.212
SUP 18.3.6GRP
If the effect of the transfer may have a material adverse effect on the transferee or the security of policyholders, the appropriate regulator2 will consider whether it is appropriate to exercise its powers under the Act to achieve its statutory objectives2.22
SUP 13.3.2GRP
A UK firm17 cannot establish a branch in another EEA State for the first time under an EEA right unless the relevant13 conditions in paragraphs 19(2), (4) and (5)12 of Part III of Schedule 3 to the Act are satisfied. It is an offence for a UK firm which is not an authorised person to contravene this prohibition (paragraph 21 of Part III of Schedule 3 to the Act). These conditions are that:913121213(1) the UKfirm has given the appropriate UK regulator,20 in accordance with the
SUP 13.3.5AGRP
20Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give a consent notice, except where paragraph 19(7A) of Part III of Schedule 3 to the Act applies. Where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.3.7GRP
(1) If the appropriate UK regulator20 proposes to refuse to give a consent notice, then paragraph 19(8) of Part III of Schedule 3 to the Act requires the appropriate UK regulator20 to give the UK firm a warning notice.2020(2) If the appropriate UK regulator20 decides to refuse to give a consent notice, then paragraph 19(12) of Part III of Schedule 3 to the Act requires the appropriate UK regulator20 to give the UK firm a decision notice within three months8 of the date on which
SUP 13A.4.3GRP
For the purposes of paragraph 13(2)(b) of Part II of Schedule 3 to the Act, the applicable provisions may include the appropriate UK regulator's11rules. The EEA firm is required to comply with relevant rules when carrying on a passported activity through a branch in the United Kingdom as well as with relevant UK legislation.11
SUP 13A.4.4GRP
(1) When the appropriate regulator11 receives a consent notice from the EEA firm'sHome State regulator, it will, under paragraphs 13(2)(b), (c) and 13(3) of Part II of Schedule 3 to the Act, notify the applicable provisions (if any)911within two months of the notice2 date.2(1A) The notice date is:2(a) for a MiFID investment firm, the date on which the Home State gave the consent notice; and2(b) in any other case, the date on which the appropriate UK regulator11 received the consent
SUP 11.2.1GRP
Part XII of the Act (Control Over Authorised Persons5) places an obligation on the controllers and proposed controllers of those UK domestic firms not listed in SUP 11.1.1 R (1) to SUP 11.1.1 R (6) to notify the appropriate regulator5 of changes in control, including acquiring, increasing or reducing control or ceasing to have control over a firm.3 Furthermore, those persons are required to obtain the appropriate regulator's approval5 before becoming a controller or increasing
SUP 11.2.3GRP
As the approval of the appropriate regulator5 is not required under the Act for a new controller of an overseas firm, the notification rules on such firms are less prescriptive than they are for UK domestic firms. Nevertheless, the appropriate regulator5 still needs to monitor such an overseas firm's continuing satisfaction of the threshold conditions, which normally includes consideration of a firm's connection with any person, including its controllers and parent undertakings
SUP 11.2.5GRP
Similarly, the appropriate regulator5 needs to monitor a firm's continuing satisfaction of the5threshold conditions5 set out in paragraphs 3B, 4F and 5F of Schedule 6 to the Act (as applicable) (in relation to threshold conditions for which the FCA is responsible,5 see COND 2.32), which requires that a firm's close links are not likely to prevent the appropriate regulator's5 effective supervision of that firm. Accordingly the appropriate regulator5 needs to be notified of any
SUP 13.4.2GRP
A UK firm17 or an AIFM exercising an EEA right to market an AIF under AIFMD13,9 cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from17AIFMD, MiFID or the UCITS Directive,13paragraph 20(4B) of Part III of Schedule 3 to the Act. If a UK firm derives its EEA right from the MCD, it cannot start providing cross border services
SUP 13.4.4GRP
8(2) [deleted]17(2A) 8(a) If the UK firm'sEEA right derives from the Insurance Mediation Directive, and the EEA State in which the UK firm is seeking to provide services has notified the European Commission of its wish to be informed of the intention of persons to provide cross border services in its territory in accordance with article 6(2) of that directive, paragraph 20(3B)(a) of Part III of Schedule 3 to the Act requires the appropriate UK regulator20 to send a copy of the
SUP 13.4.5GRP
When the appropriate UK regulator20 sends a copy of a notice of intention8, or if it gives a consent notice to the Host State regulator, it must inform the UK firm in writing that it has done so (paragraphs 20 (3B)(b), (3D)(a)(iii)13 and (4) and 20C(9)13 of Schedule 3 to the Act).4208
SUP 6.5.1GRP
Under section 33(2) of the Act (Withdrawal of authorisation), if the appropriate regulator cancels a firm'sPart 4A permission,1 and as a result there is no regulated activity for which the firm has permission, the regulator authorising that firm1 is required to give a direction withdrawing the firm's status as an authorised person.111
SUP 6.4.18GRP
(1) A firm which is applying for cancellation of Part 4A permission and which is not otherwise authorised by, or under, the Act should, at the same time:15(a) comply with:15(i) SUP 10A.14.8R (for a firm that is not a relevant authorised person);15(ii) SUP 10C.14.5R (for a relevant authorised person); or15(iii) the corresponding PRA requirements; and15(b) notify the appropriate regulator of persons ceasing to perform controlled functions specified by that regulator.15(2) These
SUP 8.3.1GRP
Under section 138A(4) of the Act, the appropriate regulator7 may not give a waiver unless it is satisfied that:77(1) compliance by the firm with the rules, or with the rules as unmodified, would be unduly burdensome, or would not achieve the purpose for which the rules were made; and(2) the waiver would not adversely affect the advancement of, in the case of the PRA, any of its objectives and, in the case of the FCA, any of its operational objectives.77