SCHEDULES

SCHEDULE 12Amendments of Parts 11 and 23 of FSMA 2000

PART 1Part 11 of FSMA 2000: information gathering and investigations

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(1)

Section 168 (appointment of investigator in specific cases) is amended as follows.

(2)

In subsection (1)—

(a)

omit paragraph (a), and

(b)

in paragraph (b), for “191” substitute “ 191F ”.

(3)

In subsection (2)—

(a)

in paragraph (a), for “or 397” substitute “ or under Part 7 of the Financial Services Act 2012 ”, and

(b)

after paragraph (b) insert—

“(ba)

an authorised person may have contravened section 20 in relation to a credit-related regulated activity;”.

(4)

In subsection (4)—

(a)

in the opening words, for “the Authority” substitute “ an investigating authority ”,

(b)

in paragraph (c), for “Authority” substitute “ investigating authority ”,

(c)

after that paragraph insert—

“(ca)

a recognised investment exchange may have contravened the recognition requirements (within the meaning of Part 18);”,

(d)

in paragraph (f), for “an authorised or exempt person” substitute “ a person ”,

(e)

in paragraph (h), for “the Authority” substitute “ a regulator ”,

(f)

in paragraph (j), omit the words from “or by any” to the end, and

(g)

for paragraph (k) substitute—

“(k)

a person may have contravened a qualifying EU provision that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”

(5)

In subsection (5), for “Authority” substitute “ investigating authority ”.

(6)

For subsection (6) substitute—

“(6)

Investigating authority” means—

(a)

in subsections (1) to (3), the FCA, the PRA or the Secretary of State;

(b)

in subsections (4) and (5), the FCA or the PRA.”