128 Suspension of investigations.U.K.
(1)If the [F1FCA] considers it desirable or expedient because of the exercise or possible exercise of a [F2relevant power], it may direct a recognised investment exchange [F3, recognised clearing house or recognised CSD]—
(a)to terminate, suspend or limit the scope of any inquiry which the exchange [F4, clearing house or central securities depository] is conducting under its rules; or
(b)not to conduct an inquiry which the exchange [F5, 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 [F6, clearing house or central securities depository] concerned by notice in writing; and
(b)is enforceable, on the application of the [F1FCA], by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.
[F7(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.]
Textual Amendments
F1Word 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.
F2Words 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)
F3Words 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))
F4Words 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))
F5Words 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))
F6Words 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))
F7S. 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)
Marginal Citations