chapter 2 statutory notices and the allocation of decision ... · depp 2 : statutory notices and...

The Decision Procedure and Penalties manual

Chapter 2

Statutory notices and theallocation of decision

making

■ Release 4 ● Feb 2021 www.handbook.fca.org.uk DEPP 2/2

DEPP 2 : Statutory notices and Annex 1the allocation of decision making

2

Warning notices and decision notices under the Act and certain otherenactments

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

Section of theAct Description Handbook reference Decision maker

55X(1)(a) and(b) when the FCA is proposing to grant an SUP 6 Executiveapplication for a Part 4A permission with proceduresa limitation or a requirement which wasnot applied for, or with a narrower de-scription of regulated activity than thatapplied for

55X(1)(c) and (d) when the FCA is proposing to grant an Executiveapplication to vary a firm's Part 4A per- proceduresmission but, other than as part of the ap-plication, to restrict the Part 4A permis-sion (either by imposing a limitation or re-quirement which was not applied for orby specifying a narrower description ofregulated activity than that applied for)

55X(1)(e) when the FCA is proposing to exercise its Executivepower under section 55L(1) in connection procedureswith an application to the PRA for a Part4A permission or the variation of a Part4A permission

55X(2) when the FCA is proposing to refuse an Executiveapplication for a Part 4A permission procedures

55X(2) when the FCA is proposing to refuse an SUP 6 Executiveapplication to vary a firm's Part 4A procedurespermission

55X(2) when the FCA is proposing to refuse an SUP 6 Executiveapplication to cancel a firm's Part 4A procedurespermission

55X(2) when the FCA is proposing to refuse an RDC or execut-application for the variation of a require- ive proceduresment imposed under section 55L or for See DEPP 2.5.6 Gthe imposition of a new requirement

55X(4)(a) when the FCA is deciding to grant an ap- RDC or execut-plication for a Part 4A permission with a ive procedures

55X(4)(b) limitation or a requirement which wasSee DEPP 2.5.6 Gnot applied for, or with a narrower de-

scription of regulated activity than thatapplied for

55X(4)(c) when the FCA is deciding to grant an ap- SUP 6 RDC or execut-plication to vary a firm's Part 4A permis- ive procedures

55X(4)(d) sionbut, other than as part of the ap-See DEPP 2.5.6 Gplication, to restrict the Part 4A permis-

sion (either by imposing a limitation or

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requirement which was not applied foror by specifying a narrower descriptionof regulated activity than that appliedfor)

55X(4)(e) when the FCA is deciding to exercise its Executivepower under section 55L(1) in connec- procedurestion with an application to the PRA for aPart 4A permission or the variation of aPart 4A permission

55X(4)(f) when the FCA is deciding to refuse an ap- RDC or execut-plication for a Part 4A permission ive procedures

See DEPP 2.5.5 G

55X(4)(f) when the FCA is deciding to refuse an ap- SUP 6 RDC or execut-plication to vary a firm's Part 4A ive procedurespermission

See DEPP 2.5.6 G

55X(4)(f) when the FCA is deciding to refuse an ap- SUP 6 RDC or execut-plication to cancel a firm's Part 4A ive procedurespermission

See DEPP 2.5.5 G

55X(4)(f) When the FCA is deciding to refuse an RDC or execut-application for the variation of a require- ive proceduresment imposed under section 55L or for See DEPP 2.5.6 Gthe imposition of a new requirement

55Z(1) when the FCA is proposing or deciding RDCto cancel a firm's Part 4A permission

55Z(2) otherwise than at its request *

57(1)/(3) when the FCA is proposing or deciding RDCto make a prohibition order against anindividual*

58(3)/(4) when the FCA is proposing or deciding RDCto refuse an application for the variationor revocation of a prohibition order

62(2) when the FCA is proposing to refuse an SUP 10A and SUP 10C Executiveapplication for approval of a person per- proceduresforming a controlled function or togrant the application subject to condi-tions or for a limited period (or both)

62(3) when the FCA is deciding to refuse an ap- SUP 10A and SUP 10C RDC or execut-plication for approval of a person per- ive proceduresforming a controlled function or to

See DEPP 2.5.5 Ggrant the application subject to condi-tions or for a limited period (or both)

63(3)/(4) when the FCA is proposing or deciding RDCto withdraw approval from an approvedperson *

63B(1)/(3) when the FCA is proposing or deciding RDCto impose a penalty on a person undersection 63A*

63ZA(4)(b) and when the FCA is proposing to refuse an SUP 10C Executive62(2) application for variation of an approval procedures

granted to an SMF manager, subject toconditions

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63ZA(8) and when the FCA is deciding to refuse an ap- SUP 10C RDC or execut-62(3) plication for variation of an approval ive procedures

granted to an SMF manager, subject toSee DEPP 2.5.5Gconditions

67(1)/(4) when the FCA is proposing or deciding RDCto take action against an individual byexercising the disciplinary powers con-ferred by section 66*

76(4)/(5) when the FCA is proposing or deciding LR 2 and LR 3 Executiveto refuse an application for listing of se- procedurescurities

78(10)/(11)(a) when the FCA has suspended, on its own LR 5 Executiveinitiative, the listing of securitiesand is proceduresproposing or deciding to refuse an ap-plication by an issuer for cancellation ofthe suspension

78A(4)/(5) When the FCA is proposing or deciding LR 5 Executiveto refuse an application by the issuer of proceduresthe securities for the discontinuance orsuspension of the listing of the securities

78A(7)/(8)(a) When the FCA has suspended the listing LR 5 Executiveof securities on the application of the proceduresissuer of the securities and is proposingor deciding to refuse an application bythe issuer for the cancellation of thesuspension

87M(2)/(3) when the FCA is proposing or deciding RDCto publish a statement censuring anissuer of transferable securities, a personoffering transferable securities to thepublic or a person requesting the admis-sion of transferable securities to tradingon a regulated market

88(4)(a) when the FCA is proposing or deciding LR 8 RDCto refuse a person's application for ap-

88(6)(a) proval as a sponsor88(8)(a)

88(4)(a) when the FCA is proposing or deciding Executiveto refuse a sponsor's application for the procedures

88(6)(a) suspension of an approval as a sponsor88(8)(b)

88(4)(a) when the FCA is proposing or deciding Executiveto refuse a sponsor's application for the procedures

88(6)(a) withdrawal of the suspension of an ap-proval as a sponsor88(8)(c)

88(4)(a) when the FCA is proposing or deciding RDC or execut-to refuse a sponsor's application for the ive procedures

88(6)(a) withdrawal or variation of a limitation,See DEPP 2.5.11Bor other restriction on the services to88(8)(d) Gwhich a sponsor's approval relates

88(4)(aa) when the FCA is proposing or deciding RDC or execut-to impose limitations or restrictions on ive procedures

88(6)(aa) the services to which a sponsor's ap-See DEPP 2.5.11Aproval relatesG



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88(4)(b) when the FCA is proposing or deciding RDCto cancel a sponsor's approval as a spon-

88(6)(b) sor otherwise than at the sponsor'srequest*

88B(1) when the FCA is proposing or deciding RDCto take action against a sponsor by exer-

88B(5) cising the disciplinary powers conferredby section 88A*

89K(2)/(3) when the FCA is proposing or deciding RDCto publish a statement that an issuer ofsecurities admitted to trading on a regu-lated market is failing or has failed tocomply with an applicable transparencyobligation

89P(5)(a) when the FCA is proposing or deciding RDCto refuse a person's application for ap-

89P(7)(a) proval as a primary information provider89P(9)(a)

89P(5)(a) when the FCA is proposing or deciding Executiveto refuse a primary information pro- procedures

89P(7)(a)89P(9)(b) vider's application for the suspension ofan approval as a primary informationprovider

89P(5)(a) when the FCA is proposing or deciding Executiveto refuse a primary information pro- procedures

89P(7)(a) vider's application for the withdrawal ofthe suspension of an approval as a prim-89P(9)(c)ary information provider

89P(5)(a) when the FCA is proposing or deciding RDC or execut-to refuse a primary information pro- ive procedures

89P(7)(a) vider's application for the withdrawal orSee DEPP 2.5.11Dvariation of a limitation or other restric-89P(9)(d) Gtion on the dissemination of regulated in-

formation to which a primary informa-tion provider's approval relates

89P(5)(b) when the FCA is proposing or deciding RDC or execut-to impose limitations or other restric- ive procedures

89P(7)(b) tions on the dissemination of regulatedSee DEPP 2.5.11Ainformation to which a primary informa-Gtion provider's approval relates.

89P(5)(c) when the FCA is proposing or deciding RDCto cancel a person's approval as a prim-

89P(7)(c) ary information provider otherwise thanat the primary information provider'srequest

89R(1) when the FCA is proposing or deciding RDCto take action against a primary informa-

89R(5) tion provider by exercising the disciplin-ary powers conferred by section 89Q

92(1)/(4) when the FCA is proposing or deciding RDCto take action against any person undersection 91 for breach of Part 6 rules*

126(1)/ 127(1) when the FCA is proposing or deciding RDCto impose a penalty or public censure un-der section 123 of the Act, a disciplinary


http://www.legislation.gov.uk/ukpga/2000/8/section/123/2016-07-03


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prohibition under section 123A of theAct, or a suspension or restriction undersection 123B of the Act*

131H(1)/ (4) when the FCA is proposing or deciding RDCto take action against a person under sec-tion 131G*

142T(1)/ (4) when the FCA is proposing or deciding RDCto take action against a person under sec-tion 142S*

189(4)/(7) when the FCA is proposing or deciding SUP 11 Executiveto object to a change in control follow- proceduresing receipt of a section 178 notice

189(4)/(7) when the FCA is proposing or deciding SUP 11 Executiveto approve a change in control with con- proceduresditions, following receipt of a section178 notice

187(1)/(3) and when the FCA is proposing or deciding SUP 11 Executive188(1)191A(4)/ to object to a person who has acquired procedures(6) or increased control without giving a sec-

tion 178 notice

191A(4)/(6) when the FCA is proposing or deciding SUP 11 Executiveto object to a person's control on the ba- proceduressis of the matters in section 186

191A(4)/(6) when the FCA is proposing or deciding SUP 11 Executiveto object to a person's control on the proceduresgrounds that he is in breach of a condi-tion imposed under section 187

192L(1) when the FCA is proposing or deciding RDCto take action against a qualifying par-

192L(4) ent undertaking by exercising the discip-linary powers conferred by section 192K*

200(4)/(5) [deleted]

207(1)/ 208(1) when the FCA is proposing or deciding RDCto publish a statement (under section205) or impose a financial penalty (undersection 206) or suspend a permission orimpose a restriction in relation to the car-rying on of a regulated activity (undersection 206A). This applies in respect ofan authorised person, or an unau-thorised person to whom section 404Capplies.*

245(1)/(2) when the FCA is proposing or deciding COLL 2 RDC or execut-to refuse an application for an authoris- ive proceduresation order declaring a unit trust scheme

See DEPP 2.5.15to be an AUT or an AUT to be a moneyGmarket fund

249 when the FCA is proposing or deciding RDCto take action against an auditor by exer-

345B(1)/(4) cising the disciplinary powers conferredby section 249*

252(1)/(4) when the FCA is proposing or deciding COLL 2 Executiveto refuse approval of a proposal to re- proceduresplace the trustee or manager of an AUT



2


252A(4)(b)/(6)(a) when the FCA is proposing or deciding COLL 11 Executiveto refuse approval of a proposal by the proceduresmanager of a feeder UCITS to make analteration to the trust deed to enablethe feeder UCITS to convert into a UCITSscheme which is not a feeder UCITS

255(1)/(2) when the FCA is proposing or deciding None, but see Chap- RDCto make an order under section 254 re- ter 14 of the Regu-voking the authorisation order of an latory Guide EG.AUT *

256(4)/(5) when the FCA is proposing or deciding RDCto refuse a request for the revocation ofthe authorisation order of an AUT

260(1)/(2) when the FCA, on an application to re- RDCvoke or vary a direction under section257, proposes or decides to refuse to re-voke or vary the direction or proposes ordecides to vary the direction otherwisethan in accordance with the application

261G(1)/(2) when the FCA is proposing or deciding COLL 2 RDC or execut-to refuse an application for an authoris- ive proceduresation order declaring a scheme to be an

See DEPP 2.5.15ACS or an ACS to be a money marketGfund

261R(1)/(4) when the FCA is proposing or deciding COLL 2 Executiveto refuse approval of a proposal to re- proceduresplace the depositary or authorised con-tractual scheme manager of an ACS

261S(4)(b)/ (6)(a) when the FCA is proposing or deciding COLL 11 Executiveto refuse approval of a proposal by the proceduresauthorised contractual scheme managerof an ACS which is a feeder UCITS tomake an alteration to the contractualscheme deed to enable the feeder UCITSto convert into a UCITS scheme which isnot a feeder UCITS

261V(1)/(2) when the FCA is proposing or deciding None, but see Chap- RDCto make an order under section 261U re- ter 14 of the Regu-voking the authorisation order of an latory Guide EG.ACS*

261W(4)/(5) when the FCA is proposing or deciding RDCto refuse a request for the revocation ofthe authorisation order of an ACS

261Z2(1)/(2) when the FCA, on an application to re- RDCvoke or vary a direction under section261X, proposes or decides to refuse to re-voke or vary the direction or proposes ordecides to vary the direction otherwisethan in accordance with the application

264(2)/ 265(4) [deleted]

269(1)/(2) [deleted]

276(1)/(2) when the FCA is proposing or deciding COLL 9 Executiveto refuse an application for an order de- proceduresclaring a collective investment scheme to



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be a recognised scheme under section272

280(1)/(2) when the FCA is proposing or deciding RDCto revoke a section 272 order in respectof a recognised scheme *

301G(3)(b)/(5) when the FCA is proposing or deciding REC 4.2C Executiveto object to a proposed acquisition of a proceduresUK RIE following receipt of a section301A notice .

301I(3)/(4) when the FCA is proposing or deciding REC 4.2C Executiveto object to a person who has acquired proceduresor increased control in a UK RIE withoutgiving a section 301 notice

301I(3)/(4) when the FCA is proposing or deciding REC 4.2C Executiveto object to a person's control in a UK proceduresRIE on the basis of the approval require-ment in section 301F(4)

312G(1) when the FCA is proposing or deciding RDCto take action against a recognised in-

312H(1) vestment exchange by exercising the dis-ciplinary powers conferred by sections312E and 312F*

313B(9) [deleted]

313B(10)/(11) [deleted]

313BB(5)/ when, upon the application of an institu- REC 4.2D Executive313BC(5) tion, the FCA is proposing or deciding procedures

not to revoke a requirement imposed onan institution under section 313A or isproposing or deciding that a require-ment imposed on a class of institutionsunder section 313A will continue to ap-ply to the applicant

313BD(5)/ when, upon the application of an issuer, REC 4.2D Executive313BE(4) the FCA is proposing or deciding not to procedures

revoke a requirement imposed on an in-stitution or a class of institutions undersection 313A or to revoke a requirementimposed on a class of institutions undersection 313A in relation to the classapart from one or more specified mem-bers of it, or one or more specified mem-bers of the class only

331(1)/(3) when the FCA is proposing or deciding RDCto make an order disapplying the exemp-tion from the general prohibition undersection 327*

331(7)/(8) when the FCA is proposing or deciding RDCto refuse an application for the variationor revocation of an order made undersection 329*

345B(1) when the FCA is proposing or deciding RDCto disqualify an auditor or actuary from

345B(4) being the auditor of, or acting as an actu-ary for, any authorised person or class of



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authorised person or from being the aud-itor of any AUT, ACS or ICVC *

345B(1) when the FCA is proposing or deciding RDCto disqualify an auditor from being the

345B(4) auditor of any recognised investment ex-change or any class of recognised invest-ment exchange*

345B(1) when the FCA is proposing or deciding RDCto take action against an auditor or actu-

345B(4) ary by exercising the disciplinary powersconferred by sections 345(2)(c) or (d)*

385(1)/ 386(1) when the FCA is proposing or deciding RDCto exercise the power under section384(5) to require a person to pay res-titution*

404A(8)(a) In connection with a consumer redress CONRED Executivescheme, when the FCA is proposing to proceduresmake a determination of whether a fail-ure by a relevant firm has caused (ormay cause) loss or damage to a con-sumer, or what the redress should be inrespect of the failure

404A(8)(a) In connection with a consumer redress CONRED Executivescheme, when the FCA is deciding to proceduresmake a determination of whether a fail-ure by a relevant firm has caused (ormay cause) loss or damage to a con-sumer, or what the redress should be inrespect of the failure

412B(2)/(3) when the FCA is proposing/deciding to Executiverefuse to approve a relevant system as proceduresdefined in section 412A(9) of the Act

412B(4)/(5) when the FCA is proposing/deciding to Executivesuspend or withdraw its approval in rela- procedurestion to a relevant system as defined insection 412A(9) of the Act*

412B(8)/(9) when the FCA is proposing/deciding to Executiverefuse an application to cancel the sus- procedurespension of approval in relation to a relev-ant system as defined in section 412A(9)of the Act*

Paragraph [deleted]15A(4) of Sched-ule 3

Paragraph [deleted]15A(5) of Sched-ule 3

Paragraph [deleted]15B(2)(a) ofSchedule 3

Paragraph [deleted]19(8)/ (12) ofSchedule 3


http://www.legislation.gov.uk/ukpga/2000/8/section/412A/2007-11-01#section-412A-9




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Co-operative andCommunity BenefitSocieties Act (North-

ern Ireland) 1969 Description Handbook reference Decision maker

Sections 15 and 16 where the FCA gives Executive proceduresat least two months’notice of the pro-posed cancellation orsuspension of the re-gistration of a regis-tered society

Sections 15 and 16 where the FCA is pro- Executive proceduresposing to cancel or where no representa-suspend the registra- tions are made in re-tion of a registered so- sponse to a notice ofciety relying on sec- proposed cancella-tion 15 (1)(c)(ii) tion, otherwise by the

RDC

Section 65 where the FCA is pro- RDCposing to petition forthe winding up of aregistered society

Section 75 where the FCA is pro- Executive proceduresposing to prosecute a or RDCregistered society

Credit Unions(Northern Ire-land) Order 1985 Description Handbook reference Decision maker

Articles 60 and where the FCA gives at least two Executive61 months’ notice of the proposed cancella- procedures

tion or suspension of the registration ofa Northern Ireland credit union

Articles 60(1) where the FCA is proposing to cancel or Executive pro-and 61(1) suspend the registration of a Northern cedures where

Ireland credit union relying on section no representa-60(1)(c)(ii) tions are made

in response to anotice of pro-posed cancella-tion, otherwiseby the RDC

Article 63 where the FCA is proposing to petition RDCfor the winding up of a Northern Irelandcredit union

Article 76 where the FCA is proposing to prosecute Executive pro-a Northern Ireland credit union cedures or RDC

Section of theFriendly Societ-ies Act 1992 Description Handbook reference Decision maker

58A(1)(a)/(3)(a) when the FCA is proposing or deciding See DEPP 2.5.18G (3) RDCto give a direction under section 54 orsection 55 requiring a friendly society totake or refrain from taking steps wherecertain activities have become dispropor-tionate to those of the friendly societygroup or, as the case may be, the society,


http://www.legislation.gov.uk/nisi/1985/1205/2012-03-31



http://www.legislation.gov.uk/ukpga/1992/40/2007-08-28



2

Section of theFriendly Societ-ies Act 1992 Description Handbook reference Decision maker

or varying such a direction other than atthe request of the society*

58A(1)(b)/(3)(b) when the FCA is proposing or deciding RDCto give a direction under section 90 pro-viding for a transfer of the engagementsof a friendly society *

85(4A) when the FCA, on an amalgamation be- RDC or execut-tween friendly societies each of which ive procedureshas a Part 4A permission, notifies the suc-

See DEPP 2.5.12cessor society of the terms of its Part 4AGpermission

OEIC Regula-tions reference Description Handbook reference Decision maker

Regulation when the FCA is proposing or deciding to COLL 2 RDC or execut-16(1)/(2) refuse an application for an authoris- ive procedures

ation order in respect of a proposed ICVCSee DEPP 2.5.15or an ICVC to be a money market fundG

Regulation when the FCA is proposing to refuse ap- COLL 2 Executive22(1)/(2)/(4)/(5) proval of (or, having given a warning no- procedures

tice, deciding to refuse) a proposal to re-place the depositary or directorof anICVC, or any other proposal or decisionfalling within regulation 21

Regulation when the FCA is proposing or deciding COLL 11 Executive22A(5)(b)/(8)(a) to refuse approval of a proposal by an procedures

ICVC which is a feeder UCITS to make analteration to its instrument of incorpora-tion to enable it to convert into a UCITSscheme which is not a feeder UCITS

Regulation when the FCA is proposing or deciding RDC24(1)/(2) to revoke an authorisation order relat-

ing to an ICVC under regulation 23(1)*

Regulation when the FCA is proposing or deciding RDC28(1)/(2) to refuse an application to revoke or

vary a direction in accordance with a re-quest under regulation 25(7) or to varythe direction in accordance with the ap-plication

Paragraph 20 of when the FCA is proposing or deciding RDCSchedule 5 to use the disqualification powers under

section 249(1)*

Regulated Activ-ities Order Description Handbook reference Decision maker

Article 95(2)/(3) when the FCA is proposing or deciding SUP 12.4.10 G RDCnot to include, or to remove, an ap-pointed representative from theRegister*

Article 95(7)/(8) when the FCA is proposing or deciding to SUP 12.4.10 G RDCrefuse an application to revoke a deter-mination not to include, or to remove,an appointed representative from theRegister*




http://www.legislation.gov.uk/uksi/2001/544



2

Payment Ser-vices Re-gulations Description Handbook reference Decision maker

Regulations 9(7), when the FCA is proposing to refuse an Executive15 and 19 application for authorisation as an au- procedures

thorised payment institution, or for regis-tration as a small payment institution, orfor registration as an account informa-tion service provider, or to impose a re-quirement, or to refuse an application tovary an authorisation or existing re-gistration

Regulations when the FCA is deciding to refuse an ap- Executive pro-9(8)(a), 15 and plication for authorisation as an au- cedures where19 thorised payment institution, or for regis- no representa-

tration of a small payment institution, or tions are madefor registration as an account informa- in response to ation service provider, or to impose a re- warning notice,quirement, or to refuse an application to otherwise byvary an authorisation or existing re- the RDCgistration

Regulations when the FCA is proposing or deciding to RDC10(2), 10(3)(a), either cancel an authorised payment insti-15 and 19 tution's authorisation, or to cancel a

small payment institution or account in-formation service provider’s registration,otherwise than at that institution's ownrequest*

Regulations [deleted]28(1) and 26

Regulations [deleted]28(2)(a) and 26

Regulations [deleted]28(1), 28(2)(a)and 26

Regulation 34(8) when the FCA is proposing to refuse an Executiveapplication for registration as an agent procedures

Regulation when the FCA is deciding to refuse an ap- Executive pro-34(9)(a) plication for registration as an agent cedures where

no representa-tions are madein response to awarning notice,otherwise bythe RDC

Regulations when the FCA is proposing or deciding to RDC35(2) and remove an agent from the Financial Ser-35(3)(a) vices Register otherwise than at the re-

quest of a payment institution*

Regulations when the FCA is proposing, or deciding, RDC112(1) and to impose a financial penalty*112(3)

Regulations when the FCA is proposing, or deciding, RDC112(1) and to publish a statement that a payment112(3) service provider has contravened the Pay-

ment Services Regulations*



2

Payment Ser-vices Re-gulations Description Handbook reference Decision maker

Regulations when the FCA is proposing or deciding to RDC115(1) and exercise its powers to require restitution*115(3)

Schedule 5 para- when the FCA is proposing to refuse an Executivegraph 5(6) application to vary the period, event or procedures

condition of a prohibition, or to removea prohibition, or to vary or remove a re-striction

Schedule 5 para- when the FCA is deciding to refuse an ap- Executive pro-graph 5(7) plication to vary the period, event or con- cedures, where

dition of a prohibition, or to remove a no representa-prohibition, or to vary or remove a re- tions are madestriction in response to a

warning notice,otherwise bythe RDC

Schedule 6 para- when the FCA is proposing or deciding to RDCgraph 1 publish a statement that a relevant per-

son has been knowingly concerned witha contravention of the Payment ServicesRegulations (Note 2)

Schedule 6 para- when the FCA is proposing or deciding to RDCgraph 1 impose a financial penalty against a relev-

ant person (Note 3)

Notes:

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

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

The Money Laundering Description Handbook reference Decision makerRegulations 2007TheMoney Laundering, Ter-rorist Financing andTransfer of Funds (In-formation on thePayer) Regulations 2017

Regulations 25(6), 25(9) when the FCA is exercis- RDCand 25 (10)(b) ing its power to give a

direction

Regulation 59(3)(b) when the FCA is propos- Executive proceduresing to refuse an applica-tion for registration

Regulation 59(4)(b) when the FCA is decid- RDC or executiveing to refuse an applica- procedurestion for registration

(Note 1)

Regulations 60(8) and when the FCA is pro- RDC60(9) posing or deciding to

suspend or cancel theregistration of a per-son registered under










2

the Money LaunderingRegulations

Regulations 81(2) and when the FCA is pro- RDC81 (6) posing or deciding to

impose a civil penaltyunder regulations 76,77 or 78*

Note:

(1) The RDC will take the decision to give the notice under regulation 59(4)(b) if representations aremade in response to the notice under regulation 59(3)(b) proposing to refuse the registration ap-plication.

Regulated Co-vered Bonds Re-gulations 2008 Description Handbook reference Decision maker

Regulation when the FCA is proposing or deciding RCB 6 Executive13(4)/(5)(a) to refuse an application under regulation procedures

8

Regulation when the FCA is proposing or deciding RCB 6 Executive20(5)/(6)(a) not to approve a material change procedures

Regulation when the FCA is proposing or deciding RCB 6 Executive25(5)/(6)(a) not to approve a change of ownership procedures

Regulation before the FCA gives a direction under re- RCB 6 Executive32(1)(a)/ (2)(a) gulation 30 or when it decides to make procedures

the direction

Regulation before the FCA removes an issuer from RCB 6 Executive32(1)(b)/(2)(b) the register of issuers under regulation procedures

31 or when it decides to remove theissuer from the register of issuers*

Regulation when the FCA is proposing or deciding RCB 6 RDC35(1)/(3) to impose a penalty on a person under

regulation 34*

Cross-BorderPayments inEuro Regulations2010 [deleted]

[deleted]

Electronic MoneyRegulations Description Handbook reference Decision maker

Regulations 9(6) where the FCA is proposing to refuse an Executiveand 15 application for authorisation as an au- procedures

thorised electronic money institution, orfor registration as a small electronicmoney institution, or impose a require-ment, or refuse to vary an authorisationor registration

Regulations when the FCA is deciding to refuse an ap- Executive pro-9(7)(a) and 15 plication for authorisation as an au- cedures where

thorised electronic money institution, or no representa-for registration as a small electronic tions are made








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money institution, or impose a require- in response to ament or refuse to vary an authorisation warning notice,or registration otherwise by the

RDC

Regulations when the FCA is proposing or deciding to RDC10(4), either cancel an authorised electronic10(5)(a)and 15 money institution's authorisation, or to

cancel a small electronic money institu-tion's registration otherwise than at thatinstitution's own request *

Regulations when the FCA is exercising its powers to RDC or Execut-11(6), 11(9), vary an electronic money institution's au- ive procedures11(10)(b) and 15 thorisation or vary a small electronic (Note 1)

money institution's registration on itsown initiative

Regulation 29(2) [deleted]

Regulation [deleted]29(3)(a)

Regulation 29(2) [deleted]and Regulation29(3)(a)

Regulation 34(9) when the FCA is proposing to refuse an Executiveapplication for registration as an agent procedures

Regulation when the FCA is deciding to refuse an ap- Executive pro-34(10)(a) plication for registration as an agent cedures where

no representa-tions are madein response to awarning notice,otherwise by theRDC

Regulations 35(2) when the FCA is proposing or deciding to RDCand 35(3)(a) remove an agent from the Financial Ser-

vices Register otherwise than at the re-quest of the electronic money institution*

Regulations 53(1) when the FCA is proposing, or deciding, RDCand 53(3) to publish a statement that an electronic

money issuer has contravened the Elec-tronic Money Regulations *

Regulations 53 when the FCA is proposing or deciding, RDC(1) and 53 (3) to impose a financial penalty *

Regulations 53(1) When the FCA is proposing or deciding RDCand 53(3) to suspend the authorisation of an au-

thorised electronic money institution orregistration of a small electronic moneyinstitution, or to limit or otherwise re-strict the carrying on of electronic moneyissuance or payment services business byan electronic money institution *

Regulations 56(1) when the FCA is proposing or deciding to RDCand 56(3) exercise its powers to require restitution

*





2


Regulation 74(7) when the FCA is proposing to decide not Executiveto include a person on the register procedures

Regulation 74(8) when the FCA is deciding not to include Executive(a) a person on the register procedures

where no repres-entations aremade in re-sponse to awarning notice,otherwise by theRDC

Schedule 2A when the FCA is proposing to refuse an Executiveparagraph 5(6) application to vary the period, event or procedures

condition of a prohibition, or to removea prohibition, or to vary or remove a re-striction

Schedule 2A when the FCA is deciding to refuse an ap- Executive pro-paragraph 5(7) plication to vary the period, event or con- cedures, where

dition of a prohibition, or to remove a no representa-prohibition, or to vary or remove a re- tions are madestriction in response to a

warning notice,otherwise by theRDC

Schedule 3, para- when the FCA is proposing or deciding to RDCgraph 1 publish a statement that a relevant per-

son has been knowingly concerned witha contravention of the Electronic MoneyRegulations (Note 2)

Schedule 3, para- when the FCA is proposing or deciding to RDCgraph 1 impose a financial penalty against a relev-

ant person (Note 2)

Notes:

(1) The RDC will take the decision to give the notice exercising the FCA's own-initiative power if theaction 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 customeror 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 re-quirement.

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

Recognised Auc-tion PlatformsRegulations 2011[deleted]








2

Alternative InvestmentFund Managers Regula-tions 2013 Description Handbook reference Decision maker

Regulation 13(1) where the FCA pro- Executive proceduresposes to refuse an ap-plication for entry onthe register of small re-gistered UK AIFMs

Regulation 13(2)(a), art- where the FCA decides Executive proceduresicle 14b of the RVECA to refuse an application where no representa-regulation and article for entry on the regis- tions are made in re-15b of the SEF re- ter of small registered sponse to a warning no-gulation UK AIFMs tice otherwise by the

RDC

Regulation 18(1) where the FCA pro- RDCposes to revoke the re-gistration of a small re-gistered UK AIFM in-cluding, where applic-able, its registration asa SEF manager orRVECA manager

Regulation 18(2)(a) where the FCA decides RDCto revoke the registra-tion of a small regis-tered UK AIFM includ-ing where applicable itsregistration as a SEFmanager or RVECAmanager

Regulation 23B(1) where the FCA pro- Executive proceduresposes to refuse an ap-plication made by a UKAIF for authorisation asa UK LTIF

Regulation 23B(2)(a) where the FCA decides Executive proceduresto refuse an application where no representa-made by a UK AIF for tions are made in re-authorisation as a UK sponse to a warning no-LTIF tice otherwise by the

RDC

Regulation 23C(1) where the FCA pro- RDCposes to revoke the au-thorisation of a UK LTIF

Regulation 23C(2)(a) where the FCA decides RDCto revoke the authoris-ation of a UK LTIF

Regulation 23E(1) where the FCA pro- Executive proceduresposes to refuse an ap-plication for registra-tion as a qualifying so-cial entrepreneurshipfund or a qualifyingventure capital fund






2

Alternative InvestmentFund Managers Re-gulations 2013 Description Handbook reference Decision maker

Regulation 23E(2)(a) where the FCA decides Executive proceduresto refuse an application where no representa-for registration as a tions are made in re-qualifying social entre- sponse to a warning no-preneurship fund or a tice otherwise by thequalifying venture cap- RDCital fund

Regulation 23F(1) where the FCA pro- RDCposes to revoke the re-gistration of a qualify-ing social entrepreneur-ship fund or a qualify-ing venture capitalfund

Regulation 23F(2)(a) where the FCA decides RDCto revoke the registra-tion of a qualifying so-cial entrepreneurshipfund or a qualifyingventure capital fund

Regulation 23H(1) where the FCA pro- Executive proceduresposes to refuse an ap-plication for authoris-ation as a money mar-ket fund

Regulation 23H(2)(a) where the FCA decides Executive proceduresto refuse an application where no representa-for authorisation as a tions are made in re-money market fund sponse to a warning no-

tice otherwise by theRDC

Regulation 23I(1) where the FCA pro- RDCposes to revoke the au-thorisation of a moneymarket fund

Regulation 23I(2)(a) where the FCA decides RDCto revoke the authoris-ation of a money mar-ket fund

Regulation 25(2) where the FCA pro- RDCposes to disqualify anexternal valuer

Regulation 25(3)(a) where the FCA decides RDCto disqualify an ex-ternal valuer

Regulation 27(2) where the FCA pro- Executive proceduresposes to revoke ap-proval given to a full-scope UK AIFM for thedelegation of functionsof portfolio or riskmanagement

Regulation 27(3)(a) where the FCA decides Executive proceduresto revoke approvalgiven to a full-scope UK






2

Alternative InvestmentFund Managers Re-gulations 2013 Description Handbook reference Decision maker

AIFM for the delega-tion of functions ofportfolio managementor risk management

Regulation 56 where the FCA is pro- RDCposing to revoke a full-scope UK AIFM's ap-proval to market an AIFunder regulation 54

Regulation 56 where the FCA is decid- RDCing to revoke a full-scope UK AIFM's ap-proval to market an AIFunder regulation 54

Regulation 62(2) where the FCA pro- RDCposes to revoke anAIFM's entitlement tomarket an AIF

Regulation 62(3) where the FCA decides RDCto revoke the entitle-ment of an AIFM tomarket an AIF

Regulation 71(1)(e ) where the FCA is pro- RDCposing or deciding topublish a statementthat an unauthorisedAIFM has contravenedthe regulations or SEFregulation or RVECA re-gulation

Regulation 71(1)(f) where the FCA is pro- RDCposing or deciding toimpose a financial pen-alty on an unauthorisedAIFM that has contra-vened the regulationsor SEF regulation orRVECA regulation

Legal Aid, Sentencing Description Handbook reference Decision makerand Punishment of Of-fenders Act 2012 (Refer-ral Fees) Regulations2013

Regulation 24(1) and when the FCA is propos- RDC24(6) ing or deciding to exer-

cise its powers to re-quire restitution*

Regulation 25(1) and when the FCA is propos- RDC26(1) ing or deciding to pub-

lish a statement (underregulations 14 or 15) orimpose a financial pen-alty (under regulation











2

Legal Aid, Sentencing Description Handbook reference Decision makerand Punishment of Of-fenders Act 2012 (Refer-ral Fees) Regulations2013

16) or impose a restric-tion on permission (un-der regulation 17) orsuspend or restrict anapproval (under regula-tion 18)*

The Financial ServicesAct 2012 (ConsumerCredit) Order 2013 Description Handbook reference Decision maker

Article 3(3) when the FCA is propos- RDCing or deciding to takeaction against an ap-proved person for be-ing knowingly con-cerned in a contraven-tion of a CCA Require-ment by an authorisedperson, by exercisingthe disciplinary powersconferred by section66*

Article 3(7) when the FCA is propos- RDCing or deciding to pub-lish a statement (undersection 205) or imposea financial penalty (un-der section 206) or sus-pend a permission orimpose a restriction inrelation to the carryingon of a regulated activ-ity (under section 206A)for the contraventionof a CCA Requirement.This applies in respectof an authorised per-son, or an unauthorisedperson to whom section404C applies*

Article 3(10) when the FCA is propos- RDCing or deciding to exer-cise the power undersection 384(5) to re-quire a person to payrestitution in relationto the contravention ofa CCA Requirement*

The Co-operative and Description Handbook reference Decision makerCommunity Benefit So-cieties Act 2014

Sections 6 and 8 where the FCA gives at Executive proceduresleast two months’ no-tice of the proposed














2

cancellation or suspen-sion of the registrationof a registered society

Sections 6 to 8 where the FCA is pro- Executive proceduresposing to cancel or sus- where no representa-pend the registration of tions are made in re-a registered society rely- sponse to a notice ofing on condition C, D or proposed cancellation,E in section 5 otherwise by the RDC

Section 123 where the FCA is pro- RDCposing to petition forthe winding up of a re-gistered society

Section 132 where the FCA is pro- Executive procedures orposing to prosecute a RDCregistered society

The Immigration Act2014 (Bank Accounts)

Regulations 2014 Description Handbook reference Decision maker

Regulation 24 and 25 where the FCA is pro- RDCposing or deciding topublish a statement (un-der regulations 15 or16) or impose a finan-cial penalty (under re-gulation 17) or imposea restriction on permis-sion (under regulation18) or suspend or re-strict an approval (un-der regulation 19)*

The Mortgage Credit Description Handbook reference Decision makerDirective Order 2015

Article 11(1) when the FCA is propos- Executive proceduresing to refuse an applica-tion for entry on the re-gister or variation of anexisting entry on theregister

Article 11(2) when the FCA is decid- Executive proceduresing to refuse an applica- where no representa-tion for entry on the re- tions are made in re-gister or variation of an sponse to a warning no-existing entry on the tice, otherwise by theregister RDC

Articles 14(1), 14(2), when the FCA is propos- RDC16(3) and 16(4) ing or deciding to re-

voke or suspend the re-gistration of a regis-tered CBTL firm otherthan at the firm’s re-quest or with the firm’sconsent*

Article 23(4) when the FCA is propos- RDCing or deciding to pub-lish a statement (undersection 205 of the Act)








2

or impose a financialpenalty (under section206 of the Act)*

The Small and MediumSized Business (CreditInformation) Regula-

tions 2015 Description Handbook reference Decision maker

Regulations 39 and 40 when the FCA is propos- RDCing or deciding to pub-lish a statement (underregulation 28), or im-pose a financial penalty(under regulation 29),or impose a limitationor restriction (under re-gulation 30), or exercisethe power to requirerestitution (under regu-lation 32(2)

Markets in Financial In-struments Regulations

2017 Description Handbook reference Decision maker

Paragraphs 12(1)(a) and when the FCA is propos- RDC13(1)(a) of Schedule 1 ing or deciding to pub-

lish a statement

Paragraphs 12(1)(b) and when the FCA is propos- RDC13(1)(b) of Schedule 1 ing or deciding to im-

pose a penalty

Paragraph 21(1) and when the FCA is propos- RDC21(7) of Schedule 1 ing or deciding to re-

quire restitution

Data Reporting ServicesRegulations 2017 Description Handbook reference Decision maker

Regulation 10(8)(a) when the FCA is propos- Executive proceduresing to impose a restric-tion on the applicantfor authorisation as adata reporting servicesprovider

Regulation 10(9)(b) when the FCA is decid- RDC or executiveing to impose a restric- procedurestion on the applicant

(see Note 1)for authorisation as adata reporting servicesprovider

Regulations 8(5) and when the FCA is pro- Executive procedures10(8)(b) posing to refuse an ap-

plication for verifica-tion or authorisation asa data reporting ser-vices provider







2


Regulations 8(6)(b) and when the FCA is decid- RDC or executive10(9)(c) ing to refuse an ap- procedures

plication for verifica-(see Note 2)tion or authorisation as

a data reporting ser-vices provider

Regulations 8(9), when the FCA is pro- RDC11(4)(a) and 11(5)(b)(i) posing or deciding to

cancel a verification orthe authorisation of adata reporting servicesprovider otherwisethan at its request

Regulations 8(9), when the FCA is pro- Executive procedures11(4)(a) and 11(5)(b)(i) posing to refuse a re-

quest to cancel a veri-fication or authoris-ation of a data re-porting servicesprovider

Regulations 8(9) and when the FCA is decid- RDC or executive11(5)(b)(ii) ing to refuse a request procedures

to cancel a verification(see Note 2)authorisation of a data

reporting servicesprovider

Regulations 8(10) and when the FCA is pro- Executive procedures12(3) posing to refuse a re-

quest to vary a verifica-tion or the authoris-ation of a data re-porting servicesprovider

Regulations 8(10) and when the FCA is decid- RDC or executive12(4) ing to refuse a request procedures

to vary a verification or(see Note 1)the authorisation of a

data reporting servicesprovider

Regulations 25(1)(a) when the FCA is pro- RDCand 26(1)(a) posing or deciding to

publish a statement

Regulations 25(1)(b) when the FCA is pro- RDCand 26(1)(b) posing or deciding to

impose a financialpenalty

Regulation 36(1) and when the FCA is pro- RDC36(7) posing or deciding to

require restitution

Notes:

1) If representations are made in response to a warning notice, then the RDC will take the decisionto 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.





2


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

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

The Payment AccountsRegulations 2015 Description Handbook reference Decision maker

Regulation 34 and Re- when the FCA is propos- RDCgulation 35(4)(a) ing or deciding to pub-

lish a statement or im-pose a financialpenalty*

The Small and MediumSized Business (FinancePlatforms) Regulations

2015 Description Handbook reference Decision maker

Regulations 36 and 37 when the FCA is propos- RDCing or deciding to pub-lish a statement (underregulation 25), or im-pose a financial penalty(under regulation 26),or impose a limitationor restriction (under re-gulation 27), or exercisethe power to requirerestitution (under regu-lation 29(2)).

The Risk Transforma-tion Regulations 2017 Description Handbook reference Decision maker

Regulation 22 when the FCA is propos- Not applicable Executive proceduresing or deciding to re-fuse an application toregister a protected cellcompany

Regulation 28 when the FCA is propos- Not applicable Executive proceduresing or deciding to re-fuse approval of a pro-posed amendment to aprotected cell com-pany’'s instrument of in-corporation

Packaged Retail and In-surance-based Invest-ment Products Regula-


Regulations 10(1) and when the FCA is propos- RDC10(4) ing or deciding to take

action against a personunder regulation 6*




http://www.legislation.gov.uk/uksi/2015/2038/2016-09-18

http://www.legislation.gov.uk/uksi/2015/2038/2016-09-18








2

Packaged Retail and In-surance-based Invest-ment Products Regula-


Paragraph 5(7) of when the FCA is propos- RDCSchedule 1 ing or deciding to exer-

cise the power undersection 384(5) of theAct to require a personto pay restitution*

UK Benchmarks Regula-tions 2018 Description Handbook reference Decision maker

Regulation 6(5) when the FCA is propos- Executive Proceduresing or deciding to re-fuse an application forthe imposition of a re-quirement under regu-lation 6 or for the vari-ation or cancellation ofa requirement imposedunder regulation 6

Regulations 12(1)(a) when the FCA is propos- RDCand 13(1)(a) ing or deciding to pub-

lish a statement underregulation 10

Regulations 12(1)(b) when the FCA is propos- RDCand 13(1)(b) ing or deciding to im-

pose a financial penaltyunder regulation 11

Regulations 22(1), 22(2) when the FCA is propos- RDCand 22(7) ing or deciding to re-

quire restitution underregulation 22

UK Securitisation Re-gulations Description Handbook reference Decision maker

Regulation 19(1)(a) and when the FCA is propos- RDC20(1)(a) ing or deciding to im-

pose a temporary pro-hibition relating tomanagement functionsunder regulation 5

Regulation 19(1)(b) and when the FCA is propos- RDC20(1)(b) ing or deciding to pub-


Regulation 19(1)(c) and when the FCA is propos- RDC20(1)(c) ing or deciding to im-


Regulation 19(1)(d) and when the FCA is propos- RDC or executive20(1)(d) ing or deciding to re- procedures

fuse an application un-(see Note)der regulation 13






http://www.legislation.gov.uk/ukpga/2000/8/section/384/2018-01-04#section-384-5


2

UK Securitisation Re-gulations Description Handbook reference Decision maker

Regulation 19(1)(e) and when the FCA is pro- RDC20(1)(e) posing or deciding to

cancel the authoris-ation of a third-partyverification serviceotherwise than at its re-quest under regulation16

Regulation 19(1)(f) and when the FCA is pro- RDC or executive20(1)(f) posing or deciding to procedures

refuse a request to can-(see Note)cel the authorisation of

a third-party verifica-tion service under regu-lation 17

Paragraph 1 of Sched- when the FCA is pro- RDCule 1 posing or deciding to

take action against anindividual by exercisingthe disciplinary powersconferred by section66*, as applied by para-graph 1 of schedule 1


publish a statement(under section 205), im-pose a financial pen-alty (under section206), or suspend a per-mission or impose a re-striction in relation tothe carrying on of aregulated activity (un-der section 206A) as ap-plied by paragraph 4of schedule 1


require restitution

[Note:

The decision to give a warning notice will be taken by FCA staff under executive procedures. If rep-resentations are made in response to a warning notice then the RDC will take the decision to give adecision notice. Otherwise the decision to give a decision notice will be taken by FCA staff under ex-ecutive procedures.]

Proxy Advisors (Share-holders’ Rights) Re-

gulations Description Handbook reference Decision maker

Regulation 11 when the FCA is propos- RDC or executiveing or deciding to pub- procedureslish a statement underregulation 11



2

Proxy Advisors (Share-holders’ Rights) Re-


Regulation 12 when the FCA is propos- RDC or executiveing or deciding to im- procedurespose a financial penaltyunder regulation 12

Regulation 25 when the FCA is propos- RDCing or deciding to re-quire restitution underregulation 25

Regulation 32 when the FCA is propos- Executive proceduresing or deciding to re-move a proxy advisorfrom the public list.

OPBAS Regulations Description Handbook reference Decision maker

Regulation 16 when the FCA is propos- RDCing or deciding to pub-lish a statement censur-ing a self-regulatory or-ganisation

Regulation 17 when the FCA is propos- RDCing to make a recom-mendation to the Treas-ury that a self-regu-latory organisation is re-moved from Schedule 1to the Money Laun-dering Regulations

Regulation 17 when the FCA is decid- Executive proceduresing to recommend to where no representa-the Treasury that a self- tions are made in re-regulatory organisation sponse to a warning no-is removed from Sched- tice, otherwise by theule 1 to the Money RDCLaundering Regulations

CRA (EU Exit) Re-gulations Description Handbook reference Decision maker

Regulation 11(1)(a) and when the FCA is propos- RDC12(1)(a) ing or deciding to im-

pose a penalty under re-gulation 7

Regulation 11(1)(b) and when the FCA is propos- RDC12(1)(b) ing or deciding to pub-


Regulations 65(b) and when the FCA is propos- RDC66(b) ing or deciding to im-




2

Trade Repositories (EUExit) Regulations Description Handbook reference Decision maker

Regulations 65(a) and when the FCA is propos- RDC66(a) ing or deciding to pub-


Regulations 65(b) and when the FCA is propos- RDC66(b) ing or deciding to im-


Securitisation (Amend-ment) (EU Exit) Re-


Regulations 65(a) and when the FCA is propos- RDC66(a) of the Trade Re- ing or deciding to pub-positories (EU Exit) Re- lish a statement undergulations as applied by regulation 67 of theregulation 15 Trade Repositories (EU

Exit) Regulations as ap-plied by regulation 15

Regulations 65(b) and when the FCA is propos- RDC66(b) of the Trade Re- ing or deciding to im-positories (EU Exit) Re- pose a financial penaltygulations as applied by under regulation 68 ofregulation 15 the Trade Repositories

(EU Exit) Regulations asapplied by regulation15

SFTR (EU Exit) Re-gulations Description Handbook reference Decision maker

Regulations 26(1)(a) when the FCA is propos- RDCand 27(1)(a) ing or deciding to pub-


Regulations 26(1)(b) when the FCA is propos- RDCand 27(1)(b) ing or deciding to im-



chapter 2 statutory notices and the allocation of decision ... · depp 2 : statutory notices and...

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