3 Power of FCA to require information from a person who is not authorised
1 In this regulation and in regulation 4, a “non-authorised counterparty” is a person, other than an authorised person or a recognised body, who is a party to a financial collateral arrangement referred to in the second sub-paragraph of Article 3(2) of the CSD regulation.
Defined in section 417(1) of the Act.
2 Paragraph (3) applies where—
(a) a non-authorised counterparty is subject to an obligation under the CSD regulation; or
(b) it is necessary for the FCA to determine whether a person is a non-authorised counterparty.
3 The FCA may, by notice in writing, require the counterparty or person—
(a) to provide specified information or information of a specified description; or
(b) to produce specified documents or documents of a specified description,
so that it can verify whether the non-authorised counterparty has complied with the CSD regulation or whether the person is a non-authorised counterparty.
4 The information or documents must be provided or produced—
(a) before the end of such reasonable period as may be specified;
(b) at such place as may be specified.
5 This regulation applies only to information and documents reasonably required in connection with the exercise by the FCA of its functions under the CSD regulation.
6 The FCA may require any information provided under this regulation to be provided in such a form as it may reasonably require.
7 The FCA may require—
(a) any information provided, whether in a document or otherwise, to be verified in such a manner, or
(b) any document produced to be authenticated in such a manner,
as it may reasonably require.
8 A requirement imposed under this regulation is a “relevant requirement” for the purposes of sections 380 (injunctions) and 382 (restitution orders) of the Act.
Section 380 was amended by paragraph 19 of Schedule 9 to the Financial Services Act 2012 (c.21), paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c.33), and S.I. 2013/1773.
Section 382 was amended by paragraph 21 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 the Financial Services (Banking Reform) Act 2013, and S.I. 2013/1773.
9 In this regulation, “specified” means specified in the notice.