Part 8A

Short selling

Power to require information

Power to require information: supplementary
131F
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
If a document is produced in response to a requirement imposed under section 131E, 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.
3
In subsection (2)(b) “
relevant person
”, in relation to a person who is required to produce a document, means a person who—
a
has been or 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.
4
If a person who is required under section 131E 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.
5
A lawyer may be required under section 131E to provide the name and address of the lawyer's client.
6
A person (“P”) may not be required under section 131E 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—
a
the
FCA
suspects that P or a member of P’s group has contravened any provision of the
short selling regulation
;
b
the
FCA
suspects that the person to whom the obligation of confidence is owed or a member of that person’s group has contravened any provision of the
short selling regulation
; or
c
the person to whom the obligation of confidence is owed consents to the disclosure or production.
6A
Where the FCA is exercising its powers under section 131E in response to a request from an overseas regulator or ESMA, references to the short selling regulation are to be read as including the EU short selling regulation, within the meaning of section 131E(6).
7
If a person claims a lien on a document, its production under section 131E does not affect the lien.
Pt. 8A inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 8, 26(2)(b)
S. 131F(1) omitted (1.11.2012) by virtue of The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(4)(a)
S. 131F(6)(a)(b) substituted (1.11.2012) by The Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554), regs. 1(1), 2(4)(b)
S. 131F(6A) inserted (31.12.2020) by The Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321), regs. 1(2), 2(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Word in Pt. 8A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 25(1), 122(3) (with s. 25(2), Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 8A omitted (14.1.2025 for specified purposes) by virtue of The Short Selling Regulations 2025 (S.I. 2025/29), reg. 2(2)(3), Sch. 2 para. 1(2) (with reg. 27)