DEPP 1
Application and Purpose
DEPP 1.1
Application and Purpose
- 28/08/2007
Application
DEPP 1.1.1
See Notes
This
manual (DEPP) is relevant to firms, approved
persons and other persons,
whether or not they are regulated by the
FSA. It sets out:
(1) the
FSA's
decision-making procedure for giving statutory
notices. These are warning
notices, decision notices and supervisory notices (DEPP 1.2 to DEPP 5);
(2) the
FSA's
policy with respect to the imposition and amount of penalties
under the Act (see DEPP 6);
(2A)
the
FSA's
policy
with respect to the imposition of suspensions or restrictions, and the period
for which those suspensions or restrictions are to have effect, under the Act (see DEPP 6A);
(3) the
FSA's
policy with respect to the conduct of interviews by investigators
appointed in response to a request from an overseas regulator or an EEA regulator (DEPP 7).
- 01/11/2012
Purpose
DEPP 1.1.2
See Notes
The purpose of DEPP is
to satisfy the requirements of sections 63C(1), 69(1), 93(1), 124(1), 131FA, 131J(1), 169(9), 210(1) and 395 of the Act that
the
FSA
publish
the statements of procedure or policy referred to in DEPP 1.1.1 G.
- 01/11/2012
DEPP 1.2
Introduction to statutory notices
- 28/08/2007
Statutory and related notices
DEPP 1.2.1
See Notes
Section 395 of the Act (The
FSA's procedures)
requires the FSA to
publish a statement of its procedure for the giving of statutory
notices. The procedure must be designed to secure, among other
things, that the decision which gives rise to the obligation to give a statutory notice is taken by a person not
directly involved in establishing the evidence on which that decision is based. The
types of statutory notices and
related notices, and the principal references to them in the Act and DEPP are
set out in DEPP 1.2.2 G.
- 28/08/2007
DEPP 1.2.2
See Notes
Table: Summary of statutory and
related notices
| Notice | Description | Act reference | Further information |
| Warning notice | Gives the recipient details about action that the FSA proposes to take and about the right to make representations. | Section 387 |
DEPP 2.2
|
| Decision notice | Gives the recipient details about action that the FSA has decided to take. The FSA may also give a further decision notice if the recipient of the original decision notice consents. | Section 388 | DEPP 2.3 |
| Notice of discontinuance | Identifies proceedings set out in a warning notice or decision notice and which are not being taken or are being discontinued. | Section 389 | DEPP 1.2.4 G and DEPP 3.2.26 G |
| Final notice | Sets out the terms of the action that the FSA is taking. | Section 390 | DEPP 1.2.4 G |
| Supervisory notice | Gives the recipient details about action that the FSA has taken or proposes to take, for example to vary a Part IV permission. | Section 395(13) | DEPP 2.2 and DEPP 2.3 |
- 28/08/2007
DEPP 1.2.3
See Notes
In DEPP the supervisory notice about a matter first
given to the recipient is referred to as the "first supervisory
notice" and the supervisory
notice given after consideration of any representations is referred
to as the "second supervisory notice".
- 28/08/2007
DEPP 1.2.4
See Notes
The requirement in section 395
of the Act to publish a procedure
for the giving of notices does not extend to the giving of a notice of discontinuance or a final notice. Neither of these notices is
a statutory notice for the
purposes of DEPP; nor is the
decision to give such a notice a statutory
notice associated decision.
- 28/08/2007
The decision makers
DEPP 1.2.5
See Notes
Decisions on whether to give a statutory notice will be taken by a 'decision
maker'. The
FSA's
assessment
of who is the appropriate decision maker is subject to the requirements of
section 395 of the Act and will
depend upon the nature of the decision, including its complexity, importance
and urgency. References to the 'decision maker' in DEPP are
to:
- 28/08/2007
DEPP 1.2.6
See Notes
The decision maker will also take
decisions associated with a statutory notice (a
'statutory notice associated decision'). Statutory notice associated decisions include
decisions:
(1) to set or extend the period for
making representations;
(2) on whether the
FSA
is required to give a copy of
the statutory notice to any
third party and, if so, the period for the third party to make representations;
and
(3) on whether to refuse access to
FSA
material,
relevant to the relevant statutory notice,
under section 394 of the Act.
- 28/08/2007
DEPP 1.2.6A
See Notes
Statutory notice associated decisions do
not include decisions relating to the publication of a statutory
notice.
- 06/03/2011
DEPP 1.2.7
See Notes
In each case, the decision maker
will make decisions by applying the relevant statutory tests, having regard
to the context and nature of the matter, that is, the relevant facts, law,
and
FSA
priorities
and policies (including on matters of legal interpretation).
- 28/08/2007
DEPP 1.2.8
See Notes
The
FSA
will make and retain appropriate records of those decisions,
including records of meetings and the representations (if any) and materials
considered by the decision makers.
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