UK:
UK Government Publishes Order Allowing Non-UK Institutions To Be Relevant Authorized Persons
25 November 2015
Shearman & Sterling LLP
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On November 5, 2015, HM Treasury published the Financial
Services and Markets Act 2000 (Relevant Authorised Persons) Order
2015 which amends the FSMA 2000. A RAP is a UK institution that,
amongst other things is: (i) a credit institution with permissions
under FSMA to carry on the regulated activity of accepting
deposits; or (b) an investment firm that deals in investments as
principal; and (c) is not an insurer. The Order provides for non-UK
institutions to be "relevant authorised persons" if they
fall into one of two categories and if they are not insurers. The
two categories are: (i) a non-UK firm that is a credit institution
with a branch in the UK and that is authorised to take deposits; or
(ii) a non- UK firm that is an investment firm with a branch in the
UK, authorised to deal in investments as principal in the UK and is
regulated by the Prudential Regulation Authority for that activity.
The Order enters into force on November 9, 2015.
The Order and Explanatory Note are available at: http://www.legislation.gov.uk/uksi/2015/1865/contents/made.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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