C1C2C3C4C5C6C8C7 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Pt. 11 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(2) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)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

C8

Pt. 11 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(5)

Powers to gather information

165AF1F2PRA's power to require information: financial stability

1

The F3PRA may, by notice in writing given to a person to whom this section applies, require the person—

a

to provide specified information or information of a specified description; or

b

to produce specified documents or documents of a specified description.

2

This section applies to—

a

a person who has a legal or beneficial interest in any of the assets of a relevant investment fund;

b

a person who is responsible for the management of a relevant investment fund;

c

a person (a “service provider”) who provides any service to an authorised person;

d

a person prescribed by an order made by the Treasury or any person of a description prescribed by such an order (and see also section 165C);

e

a person who is connected with a person to whom this section applies as a result of any of the above paragraphs.

3

This section applies only to information and documents that the F3PRA considers are, or might be, relevant to the stability of one or more aspects of the UK financial system.

4

A notice may be given to a service provider, or to a person who is connected with a service provider, only if the F3PRA considers that—

a

the service or the way in which it (or any part of it) is provided, or

b

any failure to provide the service (or any part of it),

poses, or would be likely to pose, a serious threat to the stability of the UK financial system.

5

Information or documents required under this section must be provided or produced—

a

before the end of such reasonable period as may be specified; and

b

at such place as may be specified.

6

The F3PRA may require any information provided under this section to be provided in such form as it may reasonably require.

7

The F3PRA may require—

a

any information provided, whether in a document or otherwise, to be verified in such manner as it may reasonably require; or

b

any document produced to be authenticated in such manner as it may reasonably require.

8

In this section—

  • “management” includes any of the activities listed in Annex II to the UCITS directive;

  • “relevant investment fund” means an investment fund whose assets consist of or include financial instruments which—

    1. a

      are traded in the United Kingdom; or

    2. b

      were issued by a body incorporated in the United Kingdom;

  • “service” includes facility;

  • “specified” means specified in the notice.

9

For the purposes of the definition of “relevant investment fund”—

a

arrangements may constitute an investment fund even if there is only one person participating in the arrangements; and

b

the reference to financial instruments has the meaning given by Article 4.1(17) of the markets in financial instruments directive.

10

For the purposes of this section a person is connected with another person (“A”) if the person is or has at any relevant time been—

a

a member of A's group;

b

a controller of A;

c

any other member of a partnership of which A is a member; or

d

in relation to A, a person mentioned in Part 1 of Schedule 15 (reading references in that Part to the authorised person as references to A).