Part VIII

Provisions relating to market abuse

Powers to require information and supplemental provisions

Power to require information: supplementary
122C
1
If a document is produced in response to a requirement imposed under section 122B, the FCA may—
a
take copies of, or extracts from, the document; or
b
require the person producing the document, or any relevant person, to provide an explanation of the document.
2
In subsection (1)(b) “relevant person”, in relation to a person who is required to produce a document, means a person who—
a
has been, is, or is proposed to be, a director or controller of that person;
b
has been or is an auditor of that person;
c
has been or is an actuary, accountant or lawyer appointed or instructed by that person; or
d
has been or is an employee of that person.
3
If a person who is required under section 122B to produce a document fails to do so, the FCA may require the person to state, to the best of the person’s knowledge and belief, where the document is.
4
A lawyer may be required under section 122B to provide the name and address of the lawyer’s client.
5
A person (“P”) may not be required under section 122A or 122B to disclose information or produce a document in respect of which P owes an obligation of confidence by virtue of carrying on the business of banking unless condition A, B or C is met.
6
Condition A is met if the FCA suspects that P or a member of P’s group—
a
has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation; or
b
has contravened, or been knowingly concerned in the contravention of—
i
a provision of the market abuse regulation other than Article 14 or 15 of that regulation; or
ii
a provision of a supplementary EU regulation.
7
Condition B is met if the FCA suspects that the person to whom the obligation of confidence is owed or a member of that person’s group—
a
has contravened Article 14 or Article 15 of the market abuse regulation; or
b
has contravened, or been knowingly concerned in the contravention of—
i
a provision of the market abuse regulation other than Article 14 or 15 of that regulation; or
ii
a provision of a supplementary EU regulation.
8
Condition C is met if the person to whom the obligation of confidence is owed consents to the disclosure or production.
9
If a person claims a lien on a document, its production under section 122B does not affect the lien.
Pt. 8 heading substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(2)
Ss. 122A-122I and cross-headings inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(4)
Pt. 8 applied (with modifications) (18.6.2012) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(b), 6, Sch. 1 (as amended (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 9)