Suggest a correction

Exemption for licensed financial advisers carrying on qualifying businesses through foreign offices under cross‑border arrangements, and their foreign representatives

Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where all the circumstances mentioned in regulation 8(1) are present and the qualifying business of a licensed financial adviser that is carried on by its foreign office under a cross‑border arrangement consists of providing any financial advisory service (other than the financial advisory service mentioned in paragraph 2 of the Second Schedule to the Act), the licensed financial adviser is —(a)exempt from the following provisions in respect of that financial advisory service:(i)sections 19, 22(5), 34 to 38, 41, 42, 43 and 45 of the Act;(ii)regulations 18B, 20, 21, 22 and 22D of the Financial Advisers Regulations;(b)exempt from sections 47 and 48(3)(a) of the Act in respect of any foreign representative who performs that financial advisory service on behalf of the licensed financial adviser; and(c)exempt from section 47 of the Act in respect of any supervisor of any foreign representative mentioned in sub‑paragraph (b).(2) A licensed financial adviser exempt under paragraph (1) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN —(a)where the licensed financial adviser had carried on the qualifying business mentioned in paragraph (1) immediately before 9 October 2021 — by the 14th day after the day on which the licensed financial adviser ceases to comply with any of the provisions mentioned in paragraph (1)(a), (b) or (c) (as the case may be) in reliance on the exemption mentioned in that paragraph; or(b)where the licensed financial adviser commences the qualifying business mentioned in paragraph (1) on or after 9 October 2021 — by the 14th day after the day on which the qualifying business commences.(3) A licensed financial adviser ceases to be exempt under paragraph (1) —(a)in the case where the licensed financial adviser fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — on the day immediately after the day mentioned in paragraph (2)(a) or (b), as the case may be; or(b)in any other case — on the day on which any of the circumstances mentioned in regulation 8(1) ceases to be present.(4) Where all the circumstances mentioned in regulation 8(2) are present and the qualifying business of a licensed financial adviser that is carried on by its foreign office under a cross‑border arrangement consists of providing the financial advisory service mentioned in paragraph 2 of the Second Schedule to the Act, the licensed financial adviser is —(a)exempt from the following provisions in respect of that financial advisory service:(i)sections 19, 22(5), 34 to 38 and 45 of the Act;(ii)regulations 18B, 21, 22 and 22D of the Financial Advisers Regulations;(b)exempt from sections 47 and 48(3)(a) of the Act in respect of any foreign representative who performs that financial advisory service on behalf of the licensed financial adviser; and(c)exempt from section 47 of the Act in respect of any supervisor of any foreign representative mentioned in sub‑paragraph (b).(5) A licensed financial adviser ceases to be exempt under paragraph (4) on the day on which any of the circumstances mentioned in regulation 8(2) ceases to be present.(6) A foreign representative of a licensed financial adviser exempt under paragraph (1) or (4), when acting as a representative of the licensed financial adviser in respect of the financial advisory service that is the subject of an exemption under that paragraph, is exempt from —(a)sections 19 and 22(1) and (2) of the Act; and(b)regulation 21(3) of the Financial Advisers Regulations.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.