Part VIII

Provisions relating to market abuse

Miscellaneous

Suspension of investigations.
128
1
If the FCA considers it desirable or expedient because of the exercise or possible exercise of a relevant power, it may direct a recognised investment exchange , recognised clearing house or recognised CSD—
a
to terminate, suspend or limit the scope of any inquiry which the exchange , clearing house or central securities depository is conducting under its rules; or
b
not to conduct an inquiry which the exchange , clearing house or central securities depository proposes to conduct under its rules.
2
A direction under this section—
a
must be given to the exchange , clearing house or central securities depository concerned by notice in writing; and
b
is enforceable, on the application of the FCA, by injunction or, in Scotland, by an order under section 45 of the Court of Session Act 1988.
3
In this section “relevant power” means the FCA’s power—
a
to impose a penalty or publish a statement of censure under section 123;
b
to impose a prohibition under section 123A;
c
to impose a suspension or restriction under section 123B;
d
to appoint a person to conduct an investigation under section 168 in a case falling within subsection (2)(d) of that section; or
e
to appoint a person to conduct an investigation under section 169 (investigation etc in support of an overseas regulator) in a case falling within subsection (2A) of that section.
1988 c. 36.
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)
Word in ss. 121-130A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in s. 128(1) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(10)(a)
Words in s. 128(1)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))
S. 128(3) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(10)(b)
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)
Words in s. 128(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(a) (with regs. 7(4), 9(1))
Words in s. 128(1)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))
Words in s. 128(2)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))