Chwilio Deddfwriaeth

Companies Act 1989

Status:

This is the original version (as it was originally enacted).

82(1)The powers conferred by section 83 are exercisable by the Secretary of State for the purpose of assisting an overseas regulatory authority which has requested his assistance in connection with inquiries being carried out by it or on its behalf.

(2)An “overseas regulatory authority” means an authority which in a country or territory outside the United Kingdom exercises—

(a)any function corresponding to—

(i)a function under the Financial Services Act 1986 of a designated agency, transferee body or competent authority (within the meaning of that Act),

(ii)a function of the Secretary of State under the [1982 c. 50.] Insurance Companies Act 1982, the [1985 c. 6.] Companies Act 1985 or the Financial Services Act 1986, or

(iii)a function of the Bank of England under the [1987 c. 22.] Banking Act 1987, or

(b)any function in connection with the investigation of, or the enforcement of rules (whether or not having the force of law) relating to, conduct of the kind prohibited by the [1985 c. 9.] Company Securities (Insider Dealing) Act 1985, or

(c)any function prescribed for the purposes of this subsection by order of the Secretary of State, being a function which in the opinion of the Secretary of State relates to companies or financial services.

An order under paragraph (c) shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(3)The Secretary of State shall not exercise the powers conferred by section 83 unless he is satisfied that the assistance requested by the overseas regulatory authority is for the purposes of its regulatory functions.

An authority’s “regulatory functions” means any functions falling within subsection (2) and any other functions relating to companies or financial services.

(4)In deciding whether to exercise those powers the Secretary of State may take into account, in particular—

(a)whether corresponding assistance would be given in that country or territory to an authority exercising regulatory functions in the United Kingdom;

(b)whether the inquiries relate to the possible breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;

(c)the seriousness of the matter to which the inquiries relate, the importance to the inquiries of the information sought in the United Kingdom and whether the assistance could be obtained by other means;

(d)whether it is otherwise appropriate in the public interest to give the assistance sought.

(5)Before deciding whether to exercise those powers in a case where the overseas regulatory authority is a banking supervisor, the Secretary of State shall consult the Bank of England.

A “banking supervisor” means an overseas regulatory authority with respect to which the Bank of England has notified the Secretary of State, for the purposes of this subsection, that it exercises functions corresponding to those of the Bank under the [1987 c. 22.] Banking Act 1987.

(6)The Secretary of State may decline to exercise those powers unless the overseas regulatory authority undertakes to make such contribution towards the costs of their exercise as the Secretary of State considers appropriate.

(7)References in this section to financial services include, in particular, investment business, insurance and banking.

Yn ôl i’r brig

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