The following Financial Services practice note provides comprehensive and up to date legal information covering:
Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires controllers and proposed controllers to seek approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) before acquiring or increasing control in a UK authorised firm, and to notify the relevant regulator when decreasing or ceasing control in a firm.
In order to accommodate fund management activities, the FCA allows investment managers to pre-notify changes of control and may grant approval of such changes for up to a year. This Practice Note provides a summary of the controllers regime as it applies to fund managers.
For further reading on the FSMA 2000 controllers regime, see Practice Notes:
FSMA 2000 controllers regime—key concepts
Obligations of controllers—acquiring and increasing control
Obligations of controllers—reducing or ceasing control
FSMA 2000 controllers regime—obligations for firms
Enforcement of the FSMA 2000 controllers regime
Control of insurance companies
The appropriate regulator will be PRA if the firm is a PRA-authorised firm. For all other authorised firms, the appropriate regulator will be the FCA. See Practice Note: FSMA 2000 controllers regime—key concepts—Appropriate regulator.
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