Suggest a correction

Exemption for FRCs of specified persons carrying on qualifying businesses in regulated activities under cross‑border arrangements, and their foreign representatives

Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) 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 6(1) are present, an FRC of a specified person is exempt from sections 82(1) and 99A of the Act in respect of the FRC’s qualifying business that —(a)is carried on by the FRC under a cross‑border arrangement; and(b)commences on or after 9 October 2021.(2) The specified person of an FRC exempt under paragraph (1) 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.(3) An FRC of a specified person ceases to be exempt under paragraph (1) —(a)in the case where the specified person fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — on the date immediately after the date mentioned in paragraph (2); or(b)in any other case — on the date on which any of the circumstances mentioned in regulation 6(1) ceases to be present.(4) A foreign representative of an FRC exempt under paragraph (1), when acting as a representative of the FRC that is carrying on the qualifying business mentioned in that paragraph, is exempt from section 99A of the Act in respect of any regulated activity carried out under that business.

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.