Power of FCA to require information from a person who is not authorised3

1

In this regulation and in regulation 4, a “non-authorised counterparty” is a person, other than an authorised person11 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.

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 38012 (injunctions) and 38213 (restitution orders) of the Act.

9

In this regulation, “specified” means specified in the notice.