(This note is not part of the Regulations)

These Regulations specify the kind of overseas regulator at whose request, of for the purposes of assisting whom, the Financial Services Authority ("the Authority") may exercise its own-initiative power to vary or to cancel a permission granted under Part IV of the Financial Services and Markets Act 2000 (c. 8).

Where an overseas regulator who is the competent authority in an EEA State in which a UK firm is exercising its EEA rights makes a request to the Authority to exercise its own-initiative powerpursuant toany provisionof Communitylegislation (orrules oflaw inforce forpurposes connected with the implementation of those provisions), the Authority must consider whether the exercise of its own-initiative power is necessary in order to comply with a Community obligation. Similarly, where the supervisory authority in Switzerland makes a request pursuant to any provision of the Agreement between the European Economic Community and the Swiss Confederation on direct insurance other than life assurance, signed at Luxembourg on 10th October 1989 (or rules of law designed to implement those provisions), the Authority must consider whether exercise of its own-initiative power is necessary in order to comply with a Community obligation.