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PART 3U.K.Transitional and saving provision

CHAPTER 4U.K.General provisions

Misleading the FCA: criminal offenceU.K.

[F120.  Section 398 of the Financial Services and Markets Act 2000 (misleading the FCA or PRA: residual cases) applies to a requirement to provide information in accordance with—

(a)a direction under regulation 5(2)(b) or 17(2)(b),

(b)regulation 21, or

(c)a written notification under regulation 21A,

as it applies to a requirement falling within subsection (1A) of that section.]

Textual Amendments

[F2Further information to be suppliedU.K.

20A.  Subject to regulation 21A(7), regulations 21 and 21A apply to a person who, before IP completion day—

(a)has submitted an advance application to the FCA in accordance with regulation 5, and has not been notified by the FCA of its decision in respect of the application in accordance with regulation 7;

(b)has notified the FCA in accordance with regulation 17, and has not received a response from the FCA in accordance with regulation 19; or

(c)has been notified by the FCA of a decision to register in accordance with regulation 7 or a decision to confirm the notification in accordance with regulation 19.]

Textual Amendments

Duty to disclose informationU.K.

[F321.  A person to whom this regulation applies must notify the FCA without delay if—

(a)any information contained in, or accompanying—

(i)an advance application submitted in accordance with regulation 5, or

(ii)a notification made in accordance with regulation 17,

changes; or

(b)there are any material changes which affect or may affect compliance by that person with the conditions for registration set out in Title 7 of the European Market Infrastructure Regulation.]

Textual Amendments

[F3FCA power to require information from a person to whom this regulation appliesU.K.

21A.—(1) The FCA may, by notice in writing given to a person to whom this regulation applies, require that they—

(a)provide information specified or information of a description specified by the FCA; or

(b)produce documents specified or documents of a description specified by the FCA.

(2) The information or documents must be provided or produced—

(a)before the end of such reasonable period, and

(b)at such place,

as may be specified.

(3) The powers conferred by paragraphs (1) and (2) apply only to information and documents reasonably required—

(a)in connection with the exercise by the FCA of functions conferred on it by or under these Regulations; and

(b)in anticipation of the exercise by the FCA of the functions conferred on it by or under the European Market Infrastructure Regulation and the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019/335 on IP completion day.

(4) An officer who has written authorisation from the FCA to do so may request that a person to whom this regulation applies without delay—

(a)provide the officer with specified information or information of a specified description; or

(b)produce to the officer specified documents or documents of a specified description.

(5) The FCA may require any information provided under this regulation to be provided in such form as it may reasonably require.

(6) The FCA may require—

(a)any information provided, whether in a document or otherwise, to be verified in such manner, or

(b)any document produced to be authenticated in such manner,

as it may reasonably require.

(7) The FCA may also impose requirements under paragraphs (1) to (4) on related third parties, to whom a person to whom this regulation applies has outsourced operational functions or activities, to provide all information that is necessary in order to carry out the duties of the person to whom this regulation applies.

(8) In this regulation, “officer” means an officer of the FCA and includes a member of the FCA’s staff or an agent of the FCA.]

Textual Amendments

DirectionsU.K.

22.—(1) The power to make a direction under this Part includes the power—

(a)to make different directions in relation to different applications or categories of application;

(b)to vary or revoke a previous direction.

(2) A direction under this Part must be—

(a)in writing, and

(b)published by the FCA in a manner suitable to bring it to the attention of persons likely to be affected.

InterpretationU.K.

23.—(1) In this Part—

“advance application” means an application submitted during the period—

(a)

beginning with the day on which this Part comes into force, and

(b)

ending immediately before [F4IP completion day];

“the European Markets Infrastructure Regulation” means Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories, as amended from time to time (unless the contrary intention appears);

“the FCA” means the Financial Conduct Authority;

“trade repository” has the same meaning as in Article 2(2) of the European Markets Infrastructure Regulation;

“working day” means a day other than—

(a)

a Saturday or a Sunday,

(b)

Christmas Day or Good Friday, or

(c)

a day which is a bank holiday under the Banking and Financial Dealings Act 1971 M1 in any part of the United Kingdom.

(2) Reference to a group of undertakings is to be construed in accordance with Article 2(16) of the European Markets Infrastructure Regulation, as that Regulation has effect immediately before [F4IP completion day].

Textual Amendments

F4Words in reg. 23 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 9(h)

Marginal Citations