C1C2C3C4C5 Part XI Information Gathering and Investigations

Annotations:
Modifications etc. (not altering text)
C1

Pt. 11 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(2) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)

Pt. 11 modified (1.12.2001) by S.I. 2001/3083, arts. 1(2), 18(2)(4); S.I. 2001/3538, art. 2(1)

Pt. 11 extended (with modifications) (1.12.2001) by S.I. 2001/3646, arts. 1(1), 6-9

C3

Pt. 11 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 2

Assistance to overseas regulators

I1169 Investigations etc. in support of overseas regulator.

1

At the request of an overseas regulator, F3a regulator may—

a

exercise the power conferred by section 165; or

b

appoint one or more competent persons to investigate any matter.

2

An investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (1) of that section).

3

If the request has been made by a competent authority in pursuance of any F1EU obligation the F4regulator must, in deciding whether or not to exercise its investigative power, consider whether its exercise is necessary to comply with any such obligation.

4

In deciding whether or not to exercise its investigative power, the F5regulator may take into account in particular—

a

whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;

b

whether the case concerns the 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 case and its importance to persons in the United Kingdom;

d

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

5

The F6regulator may decide that it will not exercise its investigative power unless the overseas regulator undertakes to make such contribution towards the cost of its exercise as the F6regulator considers appropriate.

6

Subsections (4) and (5) do not apply if the F7regulator considers that the exercise of its investigative power is necessary to comply with F1an EU obligation.

7

If F8a regulator has appointed an investigator in response to a request from an overseas regulator, it may direct the investigator to permit a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation.

8

A direction under subsection (7) is not to be given unless the F9regulator is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those contained in Part XXIII.

9

F10Each regulator must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (7) has been given.

10

The statement requires the approval of the Treasury.

11

If the Treasury approve the statement, the F11regulator must publish it.

12

No direction may be given under subsection (7) before the statement has been published.

13

“Overseas regulator” has the same meaning as in section 195.

14

“Investigative power” means one of the powers mentioned in subsection (1).

15

“Investigator” means a person appointed under subsection (1)(b).

F2169AF2Support of overseas regulator with respect to financial stability

1

At the request of an overseas regulator, the Authority may exercise a corresponding section 165A power.

2

An “overseas regulator” means an authority in a country or territory outside the United Kingdom which exercises functions with respect to the stability of the financial system operating in that country or territory.

3

A “corresponding section 165A power” means a power corresponding to the one conferred by section 165A, but reading references in that section to the stability of the UK financial system as references to the stability of the financial system operating in the country or territory of the overseas regulator.

4

The following provisions apply in relation to the exercise of the corresponding section 165A power—

a

section 165B(1) to (5); and

b

section 169(3), (4)(a) and (d), (5) and (6).

5

In this section “the financial system” includes—

a

financial markets and exchanges;

b

activities that would be regulated activities if carried on in the United Kingdom; and

c

other activities connected with financial markets and exchanges.