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Exemption for FRCs of specified financial advisers carrying on qualifying businesses providing certain financial advisory services under cross‑border arrangements, and their foreign representatives

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

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—(1) Paragraph (2) applies to an FRC of a specified financial adviser where —(a)all the circumstances mentioned in regulation 6(1) are present; and(b)the qualifying business of the FRC is carried on by the FRC under a cross‑border arrangement and commences on or after 9 October 2021.(2) The FRC mentioned in paragraph (1) is exempt from the following provisions in respect of any financial advisory service provided under the qualifying business:(a)sections 6(1), 19 and 21 of the Act; (b)regulations 18B, 20, 21, 22, and 22D of the Financial Advisers Regulations.(3) The specified financial adviser of an FRC 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 by the 14th day after the day on which the qualifying business commences. (4) An FRC of a specified financial adviser ceases to be exempt under paragraph (2) —(a)in the case where the specified 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); or(b)in any other case — on the day on which any of the circumstances mentioned in regulation 6(1) ceases to be present.(5) A foreign representative of an FRC exempt under paragraph (2), when acting as a representative of the FRC in respect of the financial advisory service that is the subject of an exemption under that paragraph, is exempt from —(a)sections 19, 21 and 22(2) of the Act; and(b)regulations 21(3), 22 and 22D of the Financial Advisers Regulations.

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