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Exemption for certain specified exempt financial advisers previously carrying on qualifying businesses providing certain financial advisory services in respect of specified investment products through foreign offices under cross‑border arrangements, and their foreign representatives

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

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—(1) Despite regulation 6, a specified exempt financial adviser who was, immediately before 9 October 2021, carrying on a qualifying business of providing any financial advisory service (other than the financial advisory service mentioned in paragraph 2 of the Second Schedule to the Act) in respect of a specified investment product through a foreign office under a cross‑border arrangement in reliance on the exemption under regulation 40BC of the Financial Advisers Regulations (as in force immediately before 28 April 2023) is, on or after 9 October 2021 —(a)exempt from the following provisions in respect of that financial advisory service:(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).(2) A specified exempt 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 by 8 October 2022.(3) A specified exempt financial adviser ceases to be exempt under paragraph (1) —(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 (2) — on 9 October 2022; or(b)in any other case —(i)where any of the circumstances mentioned in regulation 8(1) is not present on the day of the lodgment of the notice — on that day; or(ii)where any of the circumstances mentioned in regulation 8(1) ceases to be present after the day of the lodgment of the notice — on the day on which the circumstances cease to be present.(4) A foreign representative of a specified exempt financial adviser exempt under paragraph (1), 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.

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