(1) This section applies if it appears to [a regulator] that its power of intervention is exercisable in relation to an EEA firm exercising EEA rights in the United Kingdom (“an incoming EEA firm”) in respect of the contravention of a relevant requirement.
(2) A requirement is relevant if—
[(a) it is imposed—
(i) by [that regulator] under this Act, or
(ii) under any directly applicable Community regulation or decision made under a single market directive; and]
[(b) as respects its contravention, the single market directive in question provides that a procedure of the kind set out in the following provisions of this section (so far as they are relevant in the firm's case) is to apply].
(3) [The regulator] must, in writing, require the firm to remedy the situation.
[(3A) If the firm falls within paragraph 5(da)[, (f) or (h)] of Schedule 3, [the regulator] must at the same time as it gives notice to the firm under subsection (3) refer its findings to the firm's home state regulator.
(3B) Subsections (4) [and (5)] apply to an incoming EEA firm other than a firm falling within paragraph 5(da) [. . .] of Schedule 3.]
(4) If the firm fails to comply with the requirement under subsection (3) within a reasonable time, [the regulator] must give a notice to that effect to the firm's home state regulator requesting it—
(a) to take all appropriate measures for the purpose of ensuring that the firm remedies the situation which has given rise to the notice; and
(b) to inform [the regulator] of the measures it proposes to take or has taken or the reasons for not taking such measures.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
This Practice Note deals with the relationships arising between principals, agents and third parties with whom the agent deals on the principal’s behalf. It considers the principal’s liability for its agent, agent’s authority including remedies for breach of authority, fraud and misrepresentation,
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
The procedure for making an application to stay proceedings due to abuse of process is governed by the Criminal Procedure Rules 2015 (CrimPR), SI 2015/1490, r 3.20. For more information, see Practice Note: Abuse of process procedure.Staying a prosecution for abuse of processThe principle of abuse of
What is the slip rule?The slip rule is a process by which the court may correct an accidental slip or omission in a judgment or order (see: CPR 40.12 and CPR PD 40B, paras 4.1 and 4.5).This rule only covers genuine slips or omissions in the wording of a sealed court order or handed down judgment
0330 161 1234