F1PART 1AFinancial Stability
Power of Bank to require FCA F2... to provide information
9YDirections requiring information or documents
(1)
The Bank may exercise the powers conferred by this section where it considers that information or documents are reasonably required in connection with the exercise by the Bank of its functions in pursuance of the Financial Stability Objective.
(2)
The Bank may give a direction to the FCA F3requiring it —
(a)
to provide the Bank with specified information or information of a specified description, or
(b)
to produce to the Bank specified documents or documents of a specified description.
(3)
(4)
Any information or documents to which the direction relates are—
(a)
where the information or documents are held by a person in relation to whom the powers conferred by subsections (1) and (3) of section 165 of FSMA 2000 are exercisable, to be taken to be information or documents to which that section applies by virtue of subsection (4) of that section, F5...
F6(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)
The information or documents must be provided or produced before the end of such period as may be specified.
(6)
The Bank may require any information provided under this section to be provided in such form as it may require.
(7)
The Bank may require—
(a)
any information provided, whether in a document or otherwise, to be verified in such manner as it may require;
(b)
any document produced to be authenticated in such manner as it may require.
9ZFurther provisions about directions under section 9Y
(1)
In the exercise of its functions under section 9Y, the Bank must have regard to the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction.
(2)
(3)
A direction under section 9Y must be in writing, and may be revoked by a notice in writing.
(4)
As soon as practicable after giving a direction under section 9Y, the Bank must publish the direction in such manner as it thinks appropriate for bringing the direction to the attention of persons (other than the F9FCA ) who may be affected by it.
(5)
Subsection (4) does not require the publication of information whose publication at the time required by that subsection would in the opinion of the Bank be against the public interest.
(6)
Where the Bank decides under subsection (5) that publication of any information would be against the public interest, it must from time to time review that decision and if it subsequently decides that publication is no longer against the public interest it must comply with subsection (4).