DEPP 2
Statutory notices and the allocation of decision making
DEPP 2.1
Statutory notices
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When statutory notices are required
DEPP 2.1.1
See Notes
The circumstances in which the warning notice and decision notice procedure apply are set out in DEPP 2 Annex 1.
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DEPP 2.1.2
See Notes
The circumstances in which the supervisory notice procedure apply are set out in DEPP 2 Annex 2.
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DEPP 2.1.3
See Notes
DEPP 2 Annex 1 and DEPP 2 Annex 2 identify the provisions of the Act or other enactment giving rise to the need for the relevant notice, and whether the decision maker is the RDC or
FSA
staff under executive procedures in each case.
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Consistent decision making
DEPP 2.1.4
See Notes
FSA
staff responsible for the taking of a statutory notice decision under executive procedures may refer the matter to the RDC for the RDC to decide whether to give the statutory notice if:
(1) the RDC is already considering, or is shortly to consider, a closely related matter; and
(2) the relevant
FSA
staff believe, having regard to all the circumstances, that the RDC should have responsibility for the decision. The relevant considerations might include:
(a) the desirability of consistency in
FSA
decision making;
(b) potential savings in the time and cost of reaching a decision;
(c) the factors identified in DEPP 3.3.2 G as relevant to an assessment of whether a decision should be regarded as straightforward.
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DEPP 2.2
Warning notices and first supervisory notices
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DEPP 2.2.1
See Notes
If
FSA
staff consider that action requiring a warning notice or first supervisory notice is appropriate, they will recommend to the relevant decision maker that the notice be given.
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DEPP 2.2.2
See Notes
For first supervisory notices, the
FSA
staff will recommend whether the action should take effect immediately, on a specified date, or when the matter is no longer open to review (see DEPP 2.2.5 G).
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DEPP 2.2.3
See Notes
The decision maker will:
(1) consider whether the material on which the recommendation is based is adequate to support it; the decision maker may seek additional information about or clarification of the recommendation, which may necessitate additional work by the relevant
FSA
staff;
(2) satisfy itself that the action recommended is appropriate in all the circumstances;
(3) decide whether to give the notice and the terms of any notice given.
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DEPP 2.2.4
See Notes
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DEPP 2.2.5
See Notes
A matter is open to review (as defined in section 391(8) (Publication) of the Act) (in relation to a supervisory notice which does not take effect immediately or on a specified date) when:
(2) the matter has been referred to the Tribunal but has not been dealt with; or
(3) the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running; or
(4) such an appeal has been brought but has not been determined.
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DEPP 2.3
Decision notices and second supervisory notices
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Approach of decision maker
DEPP 2.3.1
See Notes
If a decision maker is asked to decide whether to give a decision notice or second supervisory notice, it will:
(1) review the material before it;
(2) consider any representations made (whether written, oral or both) and any comments by
FSA
staff or others in respect of those representations;
(3) decide whether to give the notice and the terms of any notice given.
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Default procedures
DEPP 2.3.2
See Notes
If the
FSA
receives no response or representations within the period specified in a warning notice, the decision maker may regard as undisputed the allegations or matters in that notice and a decision notice will be given accordingly. A person who has received a decision notice and has not previously made any response or representations to the
FSA
, may nevertheless refer the
FSA's
decision to the Tribunal.
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DEPP 2.3.3
See Notes
If the
FSA
receives no response or representations within the period specified in a first supervisory notice, the
FSA
will not give a second supervisory notice. The outcome depends on when the relevant action took or takes effect (as stated in the notice). If the action:
(1) took effect immediately, or on a specified date which has already passed, it continues to have effect (subject to any decision on a referral to the Tribunal); or
(2) was to take effect on a specified date which is still in the future, it takes effect on that date (subject to any decision on a referral to the Tribunal); or
(3) was to take effect when the matter was no longer open for review, it takes effect when the period to make representations (or the period for referral to the Tribunal, if longer) expires, unless the matter has been referred to the Tribunal.
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DEPP 2.3.4
See Notes
In exceptional cases, the decision maker may permit representations from a person who has received a decision notice (or a second supervisory notice) or against whom action, detailed in a first supervisory notice, has taken effect, and shows on reasonable grounds that he did not receive the warning notice (or first supervisory notice), or that he had reasonable grounds for not responding within the specified period. In these circumstances, the decision maker may decide to give a further decision notice (or a written notice or a supervisory notice).
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Further decision notice
DEPP 2.3.5
See Notes
Under section 388(3) of the Act, following the giving of a decision notice but before the
FSA
takes action to which the decision notice relates, the
FSA
may give the person concerned a further decision notice relating to different action concerning the same matter. Under section 388(4) of the Act, the
FSA
can only do this if the person receiving the further decision notice gives its consent. In these circumstances the following procedure will apply:
(1)
FSA
staff will recommend to the decision maker that a further decision notice be given, either before or after obtaining the person's consent;
(2) the decision maker will consider whether the action proposed in the further decision notice is appropriate in the circumstances;
(3) if the decision maker decides that the action proposed is inappropriate, he will decide not to give the further decision notice. In this case, the original decision notice will stand and the person's rights in relation to that notice will be unaffected. If the person's consent has already been obtained, the
FSA
will notify the person of the decision not to give the further decision notice;
(4) if the decision maker decides that the action proposed is appropriate then, subject to the person's consent being (or having been) obtained, a further decision notice will be given;
(5) a person who had the right to refer the matter to the Tribunal under the original decision notice will have that right under the further decision notice. The time period in which the reference to the Tribunal may be made will begin from the date on which the further decision notice is given.
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DEPP 2.3.6
See Notes
For the purpose of establishing whether the person receiving the further decision notice gives its consent, the
FSA
will normally require consent in writing.
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DEPP 2.4
Third party rights and access to FSA material
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DEPP 2.4.1
See Notes
Sections 393 (Third party rights) and 394 (Access to FSA material) of the Act confer additional procedural rights relating to third parties and to disclosure of FSA material. These rights apply in certain warning notice and decision notice cases referred to in section 392 of the Act (Application of sections 393 and 394). The cases in which these additional rights apply are identified in DEPP 2 Annex 1 by asterisks; these are generally cases in which the warning notice or decision notice is given on the FSA's own initiative rather than in response to an application or notification made to the FSA.
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DEPP 2.5
Provision for certain categories of decision
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Purpose
DEPP 2.5.1
See Notes
Some of the decisions referred to in DEPP 2 Annex 1 and DEPP 2 Annex 2 share similar characteristics. For convenience, DEPP 2.5 sets out some of these and the particular features they have.
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Different decision makers
DEPP 2.5.2
See Notes
The decision to give a warning notice and a decision notice in a particular matter will often not be taken by the same decision maker. Certain types of action require that the warning notice decision be taken by
FSA
staff under executive procedures and the decision notice decision be taken by the RDC. Similarly, in enforcement cases the RDC might take the decision to give a warning notice, but the decision to give a decision notice could be taken by the settlement decision makers on the basis that the person concerned does not contest the action proposed (see DEPP 5).
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Decisions relating to applications for authorisation or approval
DEPP 2.5.3
See Notes
FSA
staff under executive procedures will take the decision to give a warning notice if the
FSA
proposes to:
(1) refuse an application for a
Part IV permission
or to refuse an application to cancel a
Part IV permission
;
(2) impose a limitation or a requirement which was not applied for, or specify a narrower description of regulated activity than that applied for, on the grant of a
Part IV permission
;
(3) refuse an application to vary a
Part IV permission
, or to restrict a
Part IV permission
on the grant of a variation (by imposing a limitation or a requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for);
(4) refuse approved person status;
(5) refuse an application for a small e-money issuer certificate (see ELM 8 (Small e-money issuers));
(6) refuse an application for variation or rescission of a requirement imposed on an incoming EEA firm.
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DEPP 2.5.4
See Notes
If no representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3 G within the period specified, a decision notice will be given accordingly: see DEPP 2.3.2 G (Default procedures).
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DEPP 2.5.5
See Notes
If representations are made in response to a warning notice proposing the action set out at DEPP 2.5.3G (1), DEPP 2.5.3G (4) or DEPP 2.5.3G (5), then the RDC will take the decision to give a decision notice.
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DEPP 2.5.6
See Notes
If representations are made in response to a warning notice proposing the action set out at
DEPP 2.5.3 G
DEPP 2.5.3G (2), DEPP 2.5.3G (3) or DEPP 2.5.3G (6), then the RDC will take the decision to give a decision notice if the action involves a fundamental change(see DEPP 2.5.8 G) to the nature of a permission. Otherwise, the decision to give the decision notice will be taken by
FSA
staff under executive procedures.
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FSA's own-initiative power
DEPP 2.5.7
See Notes
The RDC will take the decision to give a supervisory notice exercising the
FSA's
own initiative power (by removing a regulated activity, by imposing a limitation or requirement or by specifying a narrower description of regulated activity) if the action involves a fundamental change (see DEPP 2.5.8 G) to the nature of a permission. Otherwise, the decision to give the
decision notice
will be taken by
FSA
staff under executive procedures.
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DEPP 2.5.8
See Notes
A fundamental change to the nature of a permission means:
(2) refusing an application to include a type of activity or investment; or
(3) restricting a firm from taking on new business, dealing with a particular category of client or handling client money by imposing a limitation or requirement, or refusing an application to vary or cancel such a limitation or requirement; or
(4) imposing or varying an assets requirement (as defined in section 48(3) of the Act (Prohibitions and restrictions)), or refusing an application to vary or cancel such a requirement.
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Decisions relating to listing of securities
DEPP 2.5.9
See Notes
FSA
staff under executive procedures will take the following statutory notice decisions:
(1) the refusal of an application for listing of securities;
(3) the suspension of trading in a financial instrument;
(4) the discontinuance of listing of securities at the issuer's request;
(5) the exercise of any of the powers in sections 87K or 87L of the Act in respect of a breach of any applicable provision;
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DEPP 2.5.10
See Notes
The RDC will take statutory notice decisions relating to the discontinuance of listing of securities on the
FSA's
own initiative.
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DEPP 2.5.11
See Notes
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Modified procedures in collective investment scheme and certain other cases
DEPP 2.5.12
See Notes
FSA
staff will usually inform or discuss with the person concerned any action they contemplate before they recommend to the RDC that the
FSA
takes formal action. The
FSA
may also be invited to exercise certain powers by the persons who would be affected by the exercise of those powers. In these circumstances if the person concerned has agreed to or accepted the action proposed then the decisions referred to in DEPP 2.5.13 G will be taken by
FSA
staff under executive procedures rather than by the RDC.
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DEPP 2.5.13
See Notes
The decisions referred to in DEPP 2.5.12 G are:
(1) the decision to give a supervisory notice pursuant to section 259(3), (8) or 9(b) (directions on authorised unit trust schemes); section 268(3), 7(a) or 9(a) (directions in respect of recognised overseas schemes); or section 282(3), (6) or (7)(b) (directions in respect of relevant recognised schemes) of the Act;
(2) the decision to give a warning notice or decision notice pursuant to section 280(1) or (2)(a) (revocation of recognised investment scheme) of the Act;
(3) the decision to give a supervisory notice in accordance with regulation 27(3), (8) or 9(b) of the OEIC Regulations;
(4) the decision to give a warning notice or decision notice pursuant to regulation 24 or regulation 28 of the OEIC Regulations;
(5) the decision to give a direction under section 42B(1) of the Building Societies Act 1986 that a building society transfers all its engagements to one or more other building societies or that it transfers its business to an existing company (under section 94 or section 97 respectively of the Building Societies Act 1986); and
(6) the decision to give a decision notice under section 93(6) of the Building Societies Act 1986 (permission for successor society on amalgamation) where the terms of the permission have been agreed with the successor building society.
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DEPP 2.5.14
See Notes
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DEPP 2.5.15
See Notes
A decision to give a warning notice or decision notice refusing an application for an authorisation order declaring a unit trust scheme to be an AUT will be taken by the RDC only if the application is by an authorised fund manager who is not the operator of an existing AUT or ICVC. Otherwise, the decision to give the warning notice or decision notice will be taken by
FSA
staff under executive procedures.
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DEPP 2.5.16
See Notes
A notice under section 264(2) of the Act
(notification of non-compliance with UK law) relating to
a collective investment scheme constituted in another EEA State is not a warning notice, but the
FSA
will operate a procedure for
a section 264(2) notice which will be similar to the procedure for a warning notice.
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Notices under the Building Societies Act 1986 and other enactments
DEPP 2.5.17
See Notes
The
FSA
expects to adopt a procedure in respect of notices under enactments other than the Act which is similar to that for statutory notices under the Act, but which recognises any differences in the legislative framework and requirements. DEPP 2 Annex 1 and DEPP 2 Annex 2 therefore identify notices to be given pursuant to other enactments and the relevant
FSA
decision maker.
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DEPP 2.5.18
See Notes
Some of the distinguishing features of notices given under enactments other than the
Act
are as follows:
(1) Building Societies Act 1986, section 36A: There is no right to refer a decision to issue a prohibition order under section 36A to the Tribunal. Accordingly, a decision notice under section 36A(5A) is not required to give an indication of whether any such right exists. A decision notice under section 36A(5A) may only relate to the issue of a prohibition order under section 36A. Where such a decision notice is given, no final notice is required under section 390 of the Act and the FSA may issue the order at the same time as or after giving the decision notice. For the purposes of section 391 of the Act (Publication), the decision notice is treated as if it were a final notice.
(2) Building Societies Act 1986, section 93(6): The FSA notifies the successor of the permission by giving it a decision notice. The decision notice is not preceded by the giving of a warning notice. No final notice is required under section 390 of the Act and for the purposes of section 391 of the Act (Publication), the decision notice is treated as if it were a final notice. The giving of permission is treated for the purposes of section 55 of the Act (Right to refer matters to the Tribunal) as if it were the determination of an application made by the successor under Part IV of the Act. Part IX of the Act (Hearings and appeals) accordingly applies, but with the omission of section 133(9), which would otherwise prevent the FSA from giving the permission on the terms notified in the decision notice until after any reference and appeal.
(3) Friendly Societies Act 1992, section 58A: The warning notice and decision notice must set out the terms of the direction which the
FSA
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 section 58A(5), to have the matter referred to the Tribunal. A decision notice under section 58A(3) may only relate to action under the same section of the Friendly Societies Act 1992 as the action proposed in the warning notice. A final notice under section 390 of the Act must set out the terms of the direction and state the date from which it takes effect. Section 392 of the Act is to be read as if it included references to a warning notice given under section 58A(1) and a decision notice given under section 58A(3).
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DEPP 2 Annex 1
Warning notices and decision notices under the Act and certain other enactments
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See Notes
Note: Third party rights and access to FSA material apply to the powers listed in this Annex where indicated by an asterisk * (see DEPP 2.4)
| Section of the Act | Description | Handbook reference | Decision maker |
| 52(6)(a) | when the FSA is proposing to grant an application for a Part IV permission with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for | SUP 6 | Executive procedures |
| 52(6)(b) | when the FSA is proposing to grant an application to vary a firm's Part IV permission but, other than as part of the application, to restrict the Part IV permission (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for) | Executive procedures | |
| 52(7) | when the FSA is proposing to refuse an application for a Part IV permission | Executive procedures | |
| 52(7) | when the FSA is proposing to refuse an application to vary a firm's Part IV permission | SUP 6 | Executive procedures |
| 52(7) | when the FSA is proposing to refuse an application to cancel a firm's Part IV permission | SUP 6 | Executive procedures |
| 52(9)(a) | when the FSA is deciding to grant an application for a Part IV permission with a limitation or a requirement which was not applied for, or with a narrower description of regulated activity than that applied for | RDC or executive procedures See DEPP 2.5.6 G |
|
| 52(9)(b) | when the FSA is deciding to grant an application to vary a firm's Part IV permission but, other than as part of the application, to restrict the Part IV permission (either by imposing a limitation or requirement which was not applied for or by specifying a narrower description of regulated activity than that applied for) | SUP 6 | RDC or executive procedures See DEPP 2.5.6 G |
| 52(9)(c) | when the FSA is deciding to refuse an application for a Part IV permission | RDC or executive procedures See DEPP 2.5.5 G |
|
| 52(9)(c) | when the FSA is deciding to refuse an application to vary a firm's Part IV permission | SUP 6 | RDC or executive procedures See DEPP 2.5.6 G |
| 52(9)(c) | when the FSA is deciding to refuse an application to cancel a firm's Part IV permission | SUP 6 | RDC or executive procedures See DEPP 2.5.5 G |
| 54(1)/(2) | when the FSA is proposing or deciding to cancel a firm's Part IV permission otherwise than at its request * | RDC | |
| 57(1)/(3) | when the FSA is proposing or deciding to make a prohibition order against an individual* | RDC | |
| 58(3)/(4) | when the FSA is proposing or deciding to refuse an application for the variation or revocation of a prohibition order | RDC | |
| 62(2) | when the FSA is proposing to refuse an application for approval of a person performing a controlled function | SUP 10 | Executive procedures |
| 62(3) | when the FSA is deciding to refuse an application for approval of a person performing a controlled function | SUP 10 | RDC or executive procedures See DEPP 2.5.5 G |
| 63(3)/(4) | when the FSA is proposing or deciding to withdraw approval from an approved person * | RDC | |
| 67(1)/(4) | when the FSA is proposing or deciding to take action against an approved person by exercising the disciplinary powers conferred by section 66* | RDC | |
| 76(4)/(5) | when the FSA is proposing or deciding to refuse an application for listing of securities | LR 2 and LR 3 | Executive procedures |
| 78(10)/(11)(a) | when the FSA has suspended, on its own initiative, the listing of securities and is proposing or deciding to refuse an application by an issuer for cancellation of the suspension | LR 5 | Executive procedures |
| 78A(4)/(5) | When the FSA is proposing or deciding to refuse an application by the issuer of the securities for the discontinuance or suspension of the listing of the securities | LR 5 | Executive procedures |
| 78A(7)/(8)(a) | When the FSA has suspended the listing of securities on the application of the issuer of the securities and is proposing or deciding to refuse an application by the issuer for the cancellation of the suspension | LR 5 | Executive procedures |
| 87M(2)/(3) | when the FSA is proposing or deciding to publish a statement censuring an issuer of transferable securities, a person offering transferable securities to the public or a person requesting the admission of transferable securities to trading on a regulated market | RDC | |
| 88(4)/(6) | when the FSA is proposing or deciding to cancel a person's approval as a sponsor at the sponsor's request | Executive procedures | |
| 89(2)/(3) | when the FSA is proposing or deciding to publish a statement censuring a sponsor | RDC | |
| 92(1)/(4) | when the FSA is proposing or deciding to take action against any person under section 91 for breach of Part 6 rules | RDC | |
| 126(1)/ 127(1) | when the FSA is proposing or deciding to impose a sanction for market abuse * | RDC | |
| 183(3)/ 186(1) | when the FSA is proposing or deciding to object to a change in control following receipt of a notice of control | SUP 11 | Executive procedures |
| 185(3)/(4) | when the FSA is proposing or deciding to approve a change in control following receipt of a notice of control but subject to conditions | SUP 11 | Executive procedures |
| 187(1)/(3) and 188(1) | when the FSA is proposing or deciding to object to a person who has failed to submit a notice of control or a notice on acquiring, or increasing, control, or to object to an existing controller | SUP 11 | Executive procedures |
| 200(4)/(5) | when the FSA is proposing or deciding to refuse an application for variation or rescission of a requirement imposed on an EEAincoming firm | RDC or executive procedures See DEPP 2.5.6 G |
|
| 207(1)/ 208(1) | when the FSA is proposing or deciding to publish a statement in respect of an authorised person(under section 205) or impose a financial penalty on an authorised person(under section 206)* | RDC | |
| 245(1)/(2) | when the FSA is proposing or deciding to refuse an application for an authorisation order declaring a unit trust scheme to be an AUT | COLL 2 | RDC or executive procedures See DEPP 2.5.15 G |
| 252(1)/(4) | when the FSA is proposing or deciding to refuse approval of a proposal to replace the trustee or manager of an AUT | COLL 2 | Executive procedures |
| 255(1)/(2) | when the FSA is proposing or deciding to make an order under section 254 revoking the authorisation order of an AUT * | None, but see Chapter 14 of the Regulatory Guide EG. | RDC |
| 260(1)/(2) | when the FSA , on an application to revoke or vary a direction under section 257, proposes or decides to refuse to revoke or vary the direction or proposes or decides to vary the direction otherwise than in accordance with the application | RDC | |
| 264(2)/ 265(4) | when the FSA is notifying or deciding not to withdraw a notice, to the operator and relevant EEA State authorities, that the way in which a collective investment scheme constituted in another EEA State intends to invite persons in the United Kingdom to participate in the scheme does not comply with UK law | COLL 9 See DEPP 2.5.16 G |
Executive procedures |
| 269(1)/(2) | when the FSA , on an application under section 267(4) or (5) by an operator of a section 264 recognised scheme to revoke or vary a direction that the promotion of the scheme be suspended, proposes or decides to refuse the application or to vary the direction otherwise than in accordance with the application | RDC | |
| 271(1)/(3) | when the FSA is proposing or deciding to refuse approval of a collective investment scheme as a recognised scheme under section 270 | COLL 9 | Executive procedures |
| 276(1)/(2) | when the FSA is proposing or deciding to refuse an application for an order declaring a collective investment scheme to be a recognised scheme under section 272 | COLL 9 | Executive procedures |
| 280(1)/(2) | when the FSA is proposing or deciding to direct that a section 270 recognised scheme is to cease to be recognised or to revoke a section 272 order in respect of a recognised scheme * | RDC | |
| 301C(5)/(7) | when the FSA is proposing or deciding to object to a change in control of a UKRIE following receipt of a notice of control. | REC 4.2C | Executive procedures |
| 301D(1)/(4) | when the FSA is not satisfied that the approval requirement is met, it may give a decision notice (which must be preceded by a warning notice) to a person who has failed to comply with a duty to notify imposed by section 301A | REC 4.2C | Executive procedures |
| 301D(3)/(4) | when the FSA becomes aware of matters as a result of which it is satisfied that the approval requirement is not met with respect to a person who is a controller of a recognised investment exchange, it may give a decision notice (which must be preceded by a warning notice) to the controller | REC 4.2C | Executive procedures |
| 313B(9) | when the FSA has required an institution to suspend a financial instrument from trading and it is proposing or deciding to refuse an application by the institution or the issuer for the cancellation of the suspension. | REC 4.2.4 G | Executive procedures |
| 313B(10)/(11) | when the FSA has required an institution to suspend a financial instrument from trading and it is proposing or deciding to refuse an application by the institution or the issuer for the cancellation of the suspension | REC 4.2D | Executive procedures |
| 321(8)/(9) | when the FSA is proposing or deciding to refuse an application for variation or revocation of a direction or a requirement imposed on a former underwriting member of Lloyd's* | RDC | |
| 331(1)/(3) | when the FSA is proposing or deciding to make an order disapplying the exemption from the general prohibition under section 327* | RDC | |
| 331(7)/(8) | when the FSA is proposing or deciding to refuse an application for the variation or revocation of an order made under section 329* | RDC | |
| 345(2)/(3) | when the FSA is proposing or deciding to disqualify an auditor or actuary from being the auditor of, or acting as an actuary for, any authorised person or class of authorised person or from being the auditor of any AUT or ICVC * | RDC | |
| 385(1)/ 386(1) | when the FSA is proposing or deciding to exercise the power under section 384(5) to require a person to pay restitution* | RDC | |
| 412B(2)/(3) | when the FSA is proposing/deciding to refuse to approve a relevant system as defined in section 412A(9) of the Act | Executive procedures | |
| 412B(4)/(5) | when the FSA is proposing/deciding to suspend or withdraw its approval in relation to a relevant system as defined in section 412A(9) of the Act* | Executive procedures | |
| 412B(8)/(9) | when the FSA is proposing/deciding to refuse an application to cancel the suspension of approval in relation to a relevant system as defined in section 412A(9) of the Act* | Executive procedures | |
| Paragraph 15A(5) of Schedule 3 | when the FSA is notifying or deciding not to withdraw a notice issued to an EEA UCITS management company wishing to deal in units in a collective investment scheme in the United Kingdom and relevant EEA State authorities, that the way in which the EEA UCITS management company intends to market a relevant scheme in the United Kingdom does not comply with UK law | SUP 13A | Executive procedures |
| Paragraph 19(8)/ (12) of Schedule 3 | when the FSA is proposing or deciding to refuse to give a consent notice to a UK firm wishing to establish a branch under an EEA right | SUP 13 | RDC |
| Section of the Building Societies Act 1986 | Description | Handbook reference | Decision maker |
| 36A(5)/(5A) | when the FSA is proposing or deciding to issue a prohibition order under section 36A prohibiting the continuance or carrying on of an activity and requiring the disposal of assets acquired or otherwise in a building society's possession by virtue of the activity, where the society has failed to carry into effect a restructuring plan which it has been directed to carry out by the FSA under section 36(8) | See DEPP 2.5.18G (1) | RDC |
| 46A(1)(a)/(3)(a) | when the FSA is proposing or deciding to give a direction under section 36(3), (5), (6), (7) or (10) requiring a building society to submit for its approval a restructuring plan or to submit to the society's members the requisite transfer resolutions for a transfer of the society's business to a company or (if such a direction is given) imposing limitations on the issue of shares, acceptance of deposits or making of loans or requiring the society to take certain steps or refrain from certain action or requiring the removal of a director or other officer | RDC | |
| 46A(1)(b)/(3)(b) | when the FSA is proposing or deciding to give a direction under section 42B(1) (other than a direction varying a previous direction with the agreement of the building society concerned) that a building society transfers all its engagements to one or more other building societies under section 94 or that it transfers its business to an existing company under section 97* | RDC or executive procedures See DEPP 2.5.12 G |
|
| 93(6) | when the FSA, on an amalgamation between building societies, each of which has a Part IV permission to accept deposits , notifies the successor society of the terms of its Part IV permission | See DEPP 2.5.18G (2) | RDC or executive procedures see DEPP 2.5.12 G |
| Section of the Credit Unions Act 1979 | Description | Handbook reference | Decision maker |
| 20 | where the FSA is proposing to cancel or suspend the registration of a credit union or to petition for the winding up of a credit union | CRED 15 Annex 1 G | RDC |
| Section of the Friendly Societies Act 1992 | Description | Handbook reference | Decision maker |
| 58A(1)(a)/(3)(a) | when the FSA is proposing or deciding to give a direction under section 54 or section 55 requiring a friendly society to take or refrain from taking steps where certain activities have become disproportionate to those of the friendly society group or, as the case may be, the society, or varying such a direction other than at the request of the society* | See DEPP 2.5.18G (3) | RDC |
| 58A(1)(b)/(3)(b) | when the FSA is proposing or deciding to give a direction under section 90 providing for a transfer of the engagements of a friendly society * | RDC | |
| 85(4A) | when the FSA , on an amalgamation between friendly societies each of which has a Part IV permission , notifies the successor society of the terms of its Part IV permission | RDC or executive procedures See DEPP 2.5.12 G |
| OEIC Regulations reference | Description | Handbook reference | Decision maker |
| Regulation 16(1)/(2) | when the FSA is proposing or deciding to refuse an application for an authorisation order in respect of a proposed ICVC | COLL 2 | RDC or executive procedures See DEPP 2.5.15 G |
| Regulation 22(1)/(2)/(4)/(5) | when the FSA is proposing to refuse approval of (or, having given a warning notice, deciding to refuse) a proposal to replace the depositary or directorof an ICVC, or any other proposal or decision falling within regulation 21 | COLL 2 | Executive procedures |
| Regulation 24(1)/(2) | when the FSA is proposing or deciding to revoke an authorisation order relating to an ICVC under regulation 23(1)* | RDC | |
| Regulation 28(1)/(2) | when the FSA is proposing or deciding to refuse an application to revoke or vary a direction in accordance with a request under regulation 25(7) or to vary the direction in accordance with the application | RDC | |
| Paragraph 20 of Schedule 5 | when the FSA is proposing or deciding to use the disqualification powers under section 249(1)* | RDC |
| Regulated Activities Order | Description | Handbook reference | Decision maker |
| Article 95(2)/(3) | when the FSA is proposing or deciding not to include, or to remove, an appointed representative from the Register* | SUP 12.4.10 G | RDC |
| Article 95(7)/(8) | when the FSA is proposing or deciding to refuse an application to revoke a determination not to include, or to remove, an appointed representative from the Register* | SUP 12.4.10 G | RDC |
- 06/02/2008
DEPP 2 Annex 2
Supervisory notices
- 28/08/2007
See Notes
| Section of the Act | Description | Handbook reference | Decision maker |
| 53(4)/(7)/ (8)(b) | when the FSA is exercising its own-initiative power to vary a firm's Part IV permission | SUP 6 |
RDC or executive procedures See DEPP 2.5.7 G |
| 78(2)/(5) | when the FSA is proposing to discontinue or discontinues the listing of a security | LR 5 |
RDC or executive procedures See DEPP 2.5.9G (4) and DEPP 2.5.10 G |
| 78(2)/(5) | when the FSA is proposing to suspend or suspends the listing of a security | LR 5 | Executive procedures |
| 87O(2)/(5) | when the FSA 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. | PR 5 | Executive procedures |
| 96C | when the FSA is proposing to suspend or suspends trading in a financial instrument | DTR | Executive procedures |
| 197(3)/(6)/(7)(b) | when the FSA is exercising its power of intervention in respect of an incoming firm |
SUP 14
|
RDC or executive procedures See DEPP 2.5.7 G |
| 259(3)/(8)/ (9) (b) | when the FSA is exercising its power to give or, on its own initiative, to vary a direction to the manager and trustee of an AUT | COLL | RDC |
| 268(3)/ (7)(a) or (9)(a) (as a result of (8)(b)/(13)) | when the FSA is proposing or deciding to give or, on its own initiative, to vary a direction to the operator of a recognised scheme | COLL | RDC |
| 282 (3)/(6)/ (7)(b) | when the FSA is exercising its power to give a direction to an operator, trustee or depositary of a recognised scheme | COLL | RDC |
| 321(2)/(5) | when the FSA is exercising its power to impose a requirement on a former underwriting member of Lloyd's | RDC |
| OEIC Regulations reference | Description | Handbook reference | Decision maker |
| Regulation 27 | when the FSA is exercising its power to give or, on its own initiative, to vary a direction to an ICVC and its depositary | COLL | RDC |
- 28/08/2007