Part XXIII Public Record, Disclosure of Information and Co-operation

The public record

I1C7347 The record of authorised persons etc.

1

The F9FCA must maintain a record of every—

C1C2C3F24a

person who appears to the F9FCA to be an authorised person;

b

authorised unit trust scheme;

F10ba

authorised contractual scheme;

c

authorised open-ended investment company;

d

recognised scheme;

e

recognised investment exchange;

F5f

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g

individual to whom a prohibition order relates;

C4C5C6h

approved person; F1. . .

F2ha

person to whom subsection (2A) applies; F19...

F20hb

appointed representative to whom subsection (2B) applies;

F31hc

appointed representative to whom subsection (2C) applies; and

i

person falling within such other class (if any) as the F9FCA may determine.

2

The record must include such information as the F9FCA considers appropriate and at least the following information—

a

in the case of a person appearing to the F9FCA to be an authorised person—

i

information as to the services which he holds himself out as able to provide; and

ii

any address of which the F9FCA is aware at which a notice or other document may be served on him;

b

in the case of an authorised unit trust scheme, the name and address of the manager and trustee of the scheme;

F11ba

in the case of an authorised contractual scheme, the name and address of the operator and depositary of the scheme;

c

in the case of an authorised open-ended investment company, the name and address of—

i

the company;

ii

if it has only one director, the director; and

iii

its depositary (if any);

d

in the case of a recognised scheme, the name and address of—

i

the operator of the scheme; and

ii

any representative of the operator in the United Kingdom;

e

in the case of a recognised investment exchange F6... the name and address of the exchange F7...;

f

in the case of an individual to whom a prohibition order relates—

i

his name; and

ii

details of the effect of the order;

g

in the case of a person who is an approved person—

i

his name;

ii

the name of the F16authorised person concerned;

iii

if the approved person is performing a controlled function under an arrangement with a contractor of the F17authorised person concerned, the name of the contractor.

F15iv

F32in a case where the authorised person concerned is a relevant authorised person, whether or not the person is a senior manager;

F14h

in the case of an approved person who is a senior manager in relation to F33a relevantF33an authorised person—

i

whether a final notice has been given to the person under section 390; and

ii

if so, any information about the matter to which the notice relates which has been published under section 391(4).

F21i

in the case of a mortgage intermediary—

i

the names of the persons within the management who are responsible for the activities specified by article 25A (arranging regulated mortgage contracts), article 36A (credit broking), article 53A (advising on regulated mortgage contracts) and article 53DA (advising on regulated credit agreements the purpose of which is to acquire land) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and

ii

whether the mortgage intermediary is a tied mortgage intermediary or not;

j

in the case of an appointed representative to whom subsection (2B) applies, the name of the mortgage intermediary on whose behalf the appointed representative acts;

F32A

This subsection applies to—

a

an appointed representative to whom subsection (1A) F25or (1AA) of section 39 applies for whom the applicable register (as defined by subsection (1B) of that section) is the record maintained by virtue of subsection (1)(ha) above;

b

a person mentioned in subsection (1)(a) of section 39A if—

i

the contract with an authorised person to which he is party complies with the applicable requirements (as defined by subsection (7) of that section), and

ii

the authorised person has accepted responsibility in writing for the person's activities in carrying on investment services business (as defined by subsection (8) of that section); and

c

any person not falling within paragraph (a) or (b) in respect of whom the F9FCA considers that a record must be maintained for the purpose of securing compliance with Article F2629.3 of the markets in financial instruments directive (registration of tied agents).

F222B

This subsection applies to an appointed representative to whom section 39(1BA) applies or to whom that subsection would apply if the requirements of section 39(1BB) were not met.

F272C

This subsection applies to an appointed representative of an authorised person who has a Part 4A permission by virtue of regulation 4 or 7 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX).

3

If it appears to the F9FCA that a person in respect of whom there is an entry in the record as a result of one of the paragraphs of subsection (1) has ceased to be a person to whom that paragraph applies, the F9FCA may remove the entry from the record.

F283A

But if a person ceases to be a person to whom one of the paragraphs of subsection (1) applies as a result of—

a

a cancellation of that person’s Part 4A permission under section 55J(6) because one or more of the conditions in 55K(1)(b) to (d) was met; or

b

a cancellation of that person’s Part 4A permission to carry on regulated activities as an exempt investment firm under section 55J(1) to (3) because—

i

the person has contravened a requirement imposed on that person by or under the Act for the purposes of Article 3.2(a) of the markets in financial instruments directive; and

ii

one or more of the conditions mentioned in Article 8(b) to (d) of the directive was met;

the power conferred by subsection (3) is not exercisable for a period of five years from the date on which the person ceased to be a person to whom subsection (1) applied.

3B

Where the power conferred by subsection (3) is not exercisable in respect of an entry in the record as a result of subsection (3A) the FCA must—

a

make a note in the record that it considers the person to whom the entry relates has ceased to be person to whom one of the paragraphs of subsection (1) applies as a result of a cancellation of that person’s Part 4A permission for a reason mentioned in subsection (3A)(a) or (b); and

b

state why it considers that is the case.

4

But if the F9FCA decides not to remove the entry, it must—

a

make a note to that effect in the record; and

b

state why it considers that the person has ceased to be a person to whom that paragraph applies F29in any case where it has not already done so under subsection (3B).

F234A

If the FCA cancels or varies the Part 4A permission of a mortgage intermediary and as a result the person to whom the entry relates no longer has a Part 4A permission to carry on a relevant mortgage activity within the meaning of section 55J(6C), the FCA must delete mention of such permission from the record without undue delay.

5

The F9FCA must—

a

make the record available for inspection by members of the public in a legible form at such times and in such place or places as the F9FCA may determine; and

b

provide a certified copy of the record, or any part of it, to any person who asks for it—

i

on payment of the fee (if any) fixed by the F9FCA; and

ii

in a form (either written or electronic) in which it is legible to the person asking for it.

6

The F9FCA may—

a

publish the record, or any part of it;

b

exploit commercially the information contained in the record, or any part of that information.

7

“Authorised unit trust scheme”, F12“authorised contractual scheme”, “authorised open-ended investment company” and “recognised scheme” have the same meaning as in Part XVII, and associated expressions are to be read accordingly.

8

“Approved person” means a person in relation to whom the F8FCA or the PRA has given its approval under section 59 and “controlled function” and “arrangement” have the same meaning as in that section.

F138A

In this section—

  • F30“exempt investment firm” means an authorised person who—

    1. a

      is an investment firm; and

    2. b

      has a Part 4A permission;

    but to whom Title II of the markets in financial instruments directive does not apply by virtue of Article 3 of the directive..

  • F34“relevant authorised person” has the same meaning as in Part 5 (see section 71A),

  • “senior manager”, in relation to F35a relevantF35an authorised person, means a person who has approval under section 59 to perform a designated senior management function in relation to the carrying on by the authorised person of a regulated activity, and

  • “designated senior management function” F36means a function designated as a senior management function under section 59(6A) or (6B).F36has the meaning given by section 59ZB.

F189

The authorised person concerned”, in relation to an approved person, means the person on whose application approval was given.

347AF4Duty of PRA to disclose information relevant to the record

1

The PRA must, for the purpose of assisting the FCA to comply with its duty under section 347—

a

notify the FCA if the information included in the record as required under section 347(2)(a) appears to the PRA to be incomplete or inaccurate,

b

if it makes a prohibition order relating to an individual, provide the FCA with information falling within section 347(2)(f) in relation to that order,

c

where it is the appropriate regulator in relation to an approved person, provide the FCA with information falling within section 347(2)(g) in relation to that approved person, and

d

where the FCA has notified the PRA that it considers it appropriate to include in the record information of a certain description, disclose to the FCA such information of that description as the PRA has in its possession.

2

The duty to provide information under this section does not apply to information which the PRA reasonably believes is in the possession of the FCA.

3

Subsection (1) does not require or authorise the disclosure of information whose disclosure is prohibited by or under section 348.

4

This section is without prejudice to any other power to disclose information.

5

In this section references to the “record” are to the record maintained under section 347.