Suggest a correction

Exemption for specified exempt financial advisers carrying on qualifying business 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) Paragraph (2) applies to a specified exempt financial adviser where —(a)all the circumstances mentioned in regulation 8(1) are present; and(b)the qualifying business of the specified exempt 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).(2) The specified exempt financial adviser mentioned in paragraph (1) is —(a)exempt from the following provisions in respect of the financial advisory service mentioned in paragraph (1)(b):(i)sections 19 and 22(5) and sections 34 to 38, 41, 42, 43 and 45 (read with section 20(2)) 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) (read with section 20(2)) of the Act in respect of any foreign representative who performs that financial advisory service on behalf of the specified exempt financial adviser; and(c)exempt from section 47 (read with section 20(2)) of the Act in respect of any supervisor of any foreign representative mentioned in sub‑paragraph (b).(3) A specified exempt financial adviser mentioned in paragraph (1) and exempt under paragraph (2) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN —(a)where the specified exempt financial adviser had carried on the qualifying business mentioned in paragraph (1)(b) immediately before 9 October 2021 — by the 14th day after the day on which the specified exempt financial adviser ceases to comply with any of the provisions mentioned in paragraph (2)(a), (b) or (c) (as the case may be) in reliance on the exemption mentioned in that paragraph; or(b)where the specified exempt financial adviser commences the qualifying business mentioned in paragraph (1)(b) on or after 9 October 2021 — by the 14th day after the day on which the qualifying business commences.(4) A specified exempt financial adviser ceases to be exempt under paragraph (2) —(a)in the case where the specified exempt financial adviser fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (3) — on the day immediately after the day mentioned in paragraph (3)(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.(5) Paragraph (6) applies to a specified exempt financial adviser where —(a)all the circumstances mentioned in regulation 8(2) are present; and(b)the qualifying business of a specified exempt 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.(6) The specified exempt financial adviser mentioned in paragraph (5) is —(a)exempt from the following provisions in respect of the financial advisory service mentioned in paragraph (5)(b):(i)sections 19 and 22(5) and sections 34 to 38 and 45 (read with section 20(2)) of the Act;(ii)regulations 18B, 21, 22 and 22D of the Financial Advisers Regulations;(b)exempt from sections 47 and 48(3)(a) (read with section 20(2)) of the Act in respect of any foreign representative who performs that financial advisory service on behalf of the specified exempt financial adviser; and(c)exempt from section 47 (read with section 20(2)) of the Act in respect of any supervisor of any foreign representative mentioned in sub‑paragraph (b).(7) A specified exempt financial adviser ceases to be exempt under paragraph (6) on the day on which any of the circumstances mentioned in regulation 8(2) ceases to be present.(8) A foreign representative of a specified exempt financial adviser exempt under paragraph (2) or (6), when acting as a representative of the specified exempt 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.