Financial Services Act 2021

7 (1) Section 167 (regulators’ power to appoint investigators) is amended as follows.

(2) In subsection (1)—

(a) in paragraph (a), for “a recognised investment exchange or an authorised person or of” substitute “a person to whom subsection (1A) applies or”, and

(b) in paragraph (c), for “a recognised investment exchange or an authorised person” substitute “a person to whom subsection (1A) applies”.

(3) After subsection (1) insert—

“(1A) This subsection applies to the following persons—

(a) a recognised investment exchange;

(b) an authorised person;

(c) a relevant parent undertaking of an FCA investment firm;

(d) a person who provides a service to an FCA investment firm or to a relevant parent undertaking of such a firm.”

(4) For subsection (4) substitute—

“(4A) The power conferred by this section may be exercised in relation to a person who has at any time been an authorised person or a person described in subsection (1A)(c) or (d) but only in relation to—

(a) business carried on at any time when the person was an authorised person or a person described in subsection (1A)(c) or (d), or

(b) the ownership or control of the person at such a time.

(4B) The power conferred by this section may be exercised in relation to a person who has at any time been an appointed representative but only in relation to business carried on at any time when the person was an appointed representative.”

(5) In subsection (5A), at the end insert—

“(d) in relation to a person who is, or has at any time been, a person described in subsection (1A)(c) or (d) who is not an authorised person, the FCA.”