Section 23

An authorised person whose supervisory authority is the FCA must, before acting as a money service business or a trust or company service provider or within 28 days of so doing, inform the FCA that it intends, or has begun, to act as such. Paragraph (1) does not apply to an authorised person which— immediately before the day on which these Regulations come into force (“the relevant date”) was acting as a money service business or a trust or company service provider and continues to act as such after that date; and informs the FCA that it is acting as such within 30 days of the relevant date. Where an authorised person whose supervisory authority is the FCA ceases to act as a money service business or a trust or company service provider, it must within 28 days inform the FCA. If, at any time after an authorised person whose supervisory authority is the FCA (“A”) has provided the FCA with any information under this regulation— then A must provide the FCA with details of the change or a correction of the inaccuracy within 30 days beginning with the date of the occurrence of the change or the discovery of the inaccuracy. there is a material change affecting any matter contained in that information; or it becomes apparent to A that the information contains an inaccuracy, Any requirement imposed by this regulation is to be treated as if it were a requirement imposed by or under FSMA. Any information to be provided to the FCA under this regulation must be in such form or verified in such manner as it may specify.

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Source: legislation.gov.uk · retrieved 2026-09-04