Part XI Information Gathering and Investigations

Powers to gather information

165F1Regulators power to require information F2: authorised persons etc.

(1)

F3Either regulator may, by notice in writing given to an authorised person, require him—

(a)

to provide specified information or information of a specified description; or

(b)

to produce specified documents or documents of a specified description.

(2)

The information or documents must be provided or produced—

(a)

before the end of such reasonable period as may be specified; and

(b)

at such place as may be specified.

(3)

An officer who has written authorisation from the F4regulator to do so may require an authorised person without delay—

(a)

to provide the officer with specified information or information of a specified description; or

(b)

to produce to him specified documents or documents of a specified description.

(4)

This section applies only to

F5(a)

information and documents reasonably required in connection with the exercise by F6either regulator of functions conferred on it by or under this Act F7, and

(b)

in relation to the exercise by the PRA of the powers conferred by subsections (1) and (3), information and documents reasonably required by the Bank of England in connection with the exercise by the Bank of its functions in pursuance of its financial stability objective.

(5)

F8The regulator in question may require any information provided under this section to be provided in such form as it may reasonably require.

(6)

F9The regulator in question may require—

(a)

any information provided, whether in a document or otherwise, to be verified in such manner, or

(b)

any document produced to be authenticated in such manner,

as it may reasonably require.

(7)

The powers conferred by subsections (1) and (3) may also be F10exercised—

(a)

by either regulator, to impose requirements on a person who is connected with an authorised person;

F11(aa)

by the FCA, to impose requirements on a person who is or has been subject to a relevant Part 5A requirement;

(b)

by the FCA, to impose requirements on an operator, trustee or depositary of a scheme recognised under section F12... F13271A or 272 who is not an authorised person;

(c)

by the FCA, to impose requirements on a recognised investment exchange;

(d)

by the FCA, to impose requirements on a person who is connected with a recognised investment exchange.

F14(da)

by the FCA, to impose requirements on a person who provides, or has provided, a service to an FCA investment firm or to a relevant parent undertaking of such a firm;

F15(e)

by either regulator, to impose requirements on a person who provides any service to an insurance undertaking F16or reinsurance undertaking.

F17(7A)

For the purposes of the exercise by virtue of subsection (7)(aa) of the powers conferred by subsections (1) and (3) in relation to a person who is not an authorised person, the reference in subsection (4)(a) to functions conferred by or under this Act is to be read as referring only to functions so conferred which relate to the carrying on of a designated activity.

(8)

“Authorised person” includes a person who was at any time an authorised person but who has ceased to be an authorised person.

F18(8A)

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

(9)

“Officer” means an officer of F19the regulator exercising the power and includes a member of F20that regulator's staff or an agent of F21that regulator.

(10)

“Specified” means—

(a)

in subsections (1) and (2), specified in the notice; and

(b)

in subsection (3), specified in the authorisation.

(11)

For the purposes of this section, a person is connected with F22another person (“A”) if he is or has at any relevant time been—

(a)

a member of A’s group;

(b)

a controller of A;

(c)

any other member of a partnership of which A is a member; F23...

(d)

in relation to A, a person mentioned in Part I of Schedule 15 F24(reading references in that Part to the authorised person as references to A)F25; or

(e)

involved in the administration of any trust arrangement relating to a funeral plan contract entered into or carried out by A.

F26(12)

In subsection (7)(b), the reference to a scheme that is recognised includes a scheme a part of which is recognised.

F27(13)

In this section, “funeral plan contract” has the same meaning as in article 59(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.