97 Appointment by [F1FCA] of persons to carry out investigations.U.K.
(1)Subsection (2) applies if it appears to the [F1FCA] that there are circumstances suggesting that—
[F2(a)there may have been a contravention of—
(i)a provision of this Part or of Part 6 rules, F3... [F4or]
[F5(ii)any other provision of qualifying transparency legislation, F6...]
F7(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)a person who was at the material time a director of a person mentioned in section 91(1), F8... F9... [F10or section 91(1B) (ignoring paragraph (a)(i) of that provision),] has been knowingly concerned in a contravention by that person of—
(i)a provision of this Part or of Part 6 rules, F11... [F12or]
[F13(ii)any other provision of qualifying transparency legislation, F14...]
F15(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
[F16(ba)a person who was at the material time a relevant officer of a person mentioned in section 91(1B) (ignoring paragraphs (a)(ii) and (b) of that provision) has been knowingly concerned in a contravention [F17by that person of qualifying transparency legislation;]
F18(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)The [F1FCA] may appoint one or more competent persons to conduct an investigation on its behalf.
(3)Part XI applies to an investigation under subsection (2) as if—
(a)the investigator were appointed under section 167(1);
(b)references to the investigating authority in relation to him were to the [F1FCA];
F20(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)references to an authorised person were references to the person under investigation.
[F21(4)In this section “relevant officer” has the meaning given by section 91(2B).]]
Textual Amendments
F1Words in ss. 89A-97 substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 16(2)(3)(g), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F2S. 97(1)(a)(b) substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 8
F3Word in s. 97(1)(a)(i) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(2)(a) (with reg. 40)
F4Word in s. 97(1)(a)(i) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(a)(i) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F5S. 97(1)(a)(ii) substituted (31.12.2020) by S.I. 2019/707, reg. 31(a) (as substituted by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(3), 18 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1))
F6Word in s. 97(1)(a)(ii) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(a)(ii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F7S. 97(1)(a)(iii) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(a)(iii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F8Word in s. 97(1)(b) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 8(5)
F9Words in s. 97(1)(b) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(b)(i) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F10Words in s. 97(1)(b) substituted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(a)(i)
F11Word in s. 97(1)(b)(i) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(3)(a) (with reg. 40)
F12Word in s. 97(1)(b)(i) inserted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(b)(ii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F13S. 97(1)(b)(ii) substituted (31.12.2020) by S.I. 2019/707, reg. 31(b) (as substituted by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(3), 18 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1))
F14Word in s. 97(1)(b)(ii) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(b)(iii) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F15S. 97(1)(b)(iii) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(2)(b)(iv) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F16S. 97(1)(ba) inserted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(a)(ii)
F17Words in s. 97(1)(ba) substituted (31.12.2020) by The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707), regs. 1(2), 31(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, regs. 1(3), 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
F18S. 97(1)(c) repealed (1.7.2005) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 (S.I. 2005/381), regs. 1(2), 4, Sch. 1 para. 7(c)
F19S. 97(1)(d) omitted (21.7.2019) by virtue of The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043), regs. 1(1), 27(4) (with reg. 40)
F20S. 97(3)(c) omitted (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by virtue of The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), reg. 2(2)(3), Sch. 3 para. 10(3) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)
F21S. 97(4) inserted (26.11.2015) by The Transparency Regulations 2015 (S.I. 2015/1755), regs. 1(3), 4(3)(b)