The FCA has issued a statement noting that the Joint European Supervisory Authorities’ (ESAs) guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector come into force on 1 October 2017.

The FCA and PRA have notified the ESAs that they will comply with the guidelines except for provisions relating to the identification of acquirers of indirect qualifying holdings.

Firms should continue to use the existing methodology as laid out in Part XII of the Financial Services and Markets Act 2000 to identify proposed and/existing controllers. The PRA has also updated its webpage on submitting, assessing and determining a change in control to reflect this statement.

View FCA reminds firms about entry into force of ESA guidelines on prudential assessment of acquisitions and increases of qualifying holdings in financial sector, 20 September 2017

View PRA reminds firms about entry into force of ESA guidelines on prudential assessment of acquisitions and increases of qualifying holdings in financial sector, 20 September 2017