Power of FCA to require information from a person who is not authorised
3.—(1) In this regulation and in regulation 4, a “non-authorised counterparty” is a person, other than an authorised person(1) 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 380(2) (injunctions) and 382(3) (restitution orders) of the Act.
(9) In this regulation, “specified” means specified in the notice.
Defined in section 417(1) 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.