- (1) The principal purpose of GEN 2.4.1R is to give effect to the requirement in Annex 5, Section VIII, paragraph A.1 of the BFSA that the UK defer to domestic authorisation and prudential (within the meaning of the BFSA) measures of Switzerland that apply where Swiss firms provide investment services from Switzerland into the UK under Annex 5 of the BFSA.
- (2) The exclusion in article 72ZA of the Regulated Activities Order means that registered BFSA investment firms do not require a permission insofar as they are exercising rights under Annex 5 of the BFSA (see PERG 2.9.31G to PERG 2.9.33G). As a result, such firms will not generally be subject to the Handbook where they are carrying on activities under the BFSA.
- (3) Article 73ZB of the Financial Promotion Order also creates an exemption for certain financial promotions relating to Annex 5 BFSA activities (see PERG 8.14.40EG for more information).
- (4) Further, many provisions of the Handbook will not apply to Annex 5 BFSA activities because of the territorial scope of those provisions. For instance, CASS generally applies to regulated activities carried on from an establishment in the United Kingdom.
- (5) However, Swiss firms exercising rights under Annex 5 of the BFSA will still be subject to the Handbook where they have a permission to carry on other regulated activities which are not carried on under the BFSA.
- (6) GEN 2.4.1R is therefore intended to ensure that the Handbook does not apply to a registered BFSA investment firm where deference applies.
- (7) Further detail about the BFSA and deference is contained in BFSAG.
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GEN 2.4 Application of the Handbook to persons exercising market access rights under the Berne Financial Services Agreement
You are viewing GEN 2.4 Application of the Handbook to persons exercising market access rights under the Berne Financial Services Agreement as of . GEN 2.4 Application of the Handbook to persons exercising market access rights under the Berne Financial Services Agreement was last updated on 01/01/2026.
GEN 2.4 Application of the Handbook to persons exercising market access rights under the Berne Financial Services Agreement
01/01/2026G
01/01/2026G
(1) GEN 2.4.1R is of relevance to Swiss firms that both have an authorisation and also carry on Annex 5 BFSA activities.
(2) The main practical effect of GEN 2.4.1R is to disapply Handbook provisions which would generally otherwise apply to authorised persons engaging in Annex 5 BFSA activities. The FCA considers that this would result in the disapplication of the provisions in the table below in relation to Annex 5 BFSA activities.
Sourcebook | Provisions |
| PRIN | PRIN 2, Principles 1, 2, 3, 5, 6, 7, 8, 9, 10, 11 and 12 (including any rule in PRIN applying those principles) |
| SYSC | The entire sourcebook (excluding SYSC 12) |
| COCON | The entire sourcebook |
| APER | The entire sourcebook |
| COBS | |
PROD | |
| SUP | SUP 3.10, SUP 3.11, SUP 10A, SUP 10C, SUP 11, SUP 15 (excluding SUP 15.10) and SUP 16 |
| DISP | The entire sourcebook |
| COMP | The entire sourcebook |
(3) Another practical effect of GEN 2.4.1R is that, unless the contrary intention appears, a Handbook provision relating to a designated activity and made under powers conferred by sections 71N or 71O of the Act does not apply in relation to Annex 5 BFSA activities.
(4) However, the disapplication referred to in (2) and (3) does not prevent Annex 5 BFSA activities from being taken into account for other purposes – for instance, if the Annex 5 BFSA activities might have an effect on a Swiss firm's financial resources or an assessment of its conduct or fitness and probity in relation to other regulated activities.
(5) The disapplication also does not extend to any provisions that apply directly or indirectly to a registered BFSA investment firm as a result of that firm being an affiliate or controller of an authorised person.