Financial Services and Markets Act 2000 (c. 8)

[F1 Part 8A U.K. Short selling

Textual Amendments

F1 Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)

Power to require information U.K.

[F2 131FA. Investigations in support of [F3 overseas] regulator U.K.

[F4 (1) The FCA may appoint one or more competent persons to investigate any matter if it is requested to do so by—

(a) the competent authority of an EEA state acting in the exercise of its functions under the short selling regulation, as that regulation has effect in the European Union; or

(b) an authority of a third country which is not an EEA state which is acting in the exercise of functions corresponding to those referred to in paragraph (a).]

F5 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Sections 170 to 177 (which relate to investigations) apply in relation to an investigator appointed under subsection (1) as they apply in relation to an investigator appointed under section 168(5).

(4) The [F6 FCA] may direct an investigator appointed under subsection (1) to permit a representative of [F7 the authority making the request under subsection (1) (“the requesting regulator”)] to attend, and take part in, any interview conducted for the purposes of the investigation.

(5) The [F6 FCA] is not to give a direction under subsection (4) unless it is satisfied that any information obtained by the [F8 requesting] regulator” as a result of the interview will be subject to safeguards equivalent to those contained in Part 23.

(6) The [F6 FCA] must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (4) has been given.

(7) The statement requires the approval of the Treasury.

(8) If the Treasury approve the statement, the [F6 FCA] must publish it.

(9) No direction may be given under subsection (4) before the statement has been published.

(10) The [F6 FCA] may at any time alter or replace a statement issued under subsection (6), and subsections (7) and (8) apply to an altered statement or to a replacement statement.]]

Textual Amendments

F2 Ss. 131FA-131FC inserted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(5)

F3 Word in s. 131FA heading substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(4)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4 S. 131FA(1) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5 S. 131FA(2) omitted (31.12.2020) by virtue of The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.

F7 Words in s. 131FA(4) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(4)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8 Word in s. 131FA(5) substituted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(4)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)