PART 6

Miscellaneous

Other miscellaneous provisions

Politically exposed persons: review of guidance
78
1
The FCA must review its guidance on politically exposed persons (“PEPs”) given under section 139A of FSMA 2000 and in compliance with the requirements under regulation 48 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the 2017 Regulations”).
2
The review required under subsection (1) must include—
a
an assessment of the extent to which the guidance is followed by those persons to whom it is given under regulation 48 of the 2017 Regulations, and
b
in the light of that assessment, consideration as to whether the guidance remains appropriate or whether it should be revised.
3
The FCA must—
a
before the end of 3 months beginning with the day on which this section comes into force, publish an update on the FCA’s plan for the review required under subsection (1), and
b
before the end of 12 months beginning with the day on which this section comes into force—
i
publish the conclusions of the review, and
ii
where the FCA concludes that the guidance should be revised, publish draft revised guidance for consultation.
4
Publication as required by subsection (3) must be in the way appearing to the FCA to be best calculated to bring the publication to the attention of persons likely to be affected by it.
5
The FCA is not required under this section to publish any information whose publication would be against the public interest.
6
In this section—
a
“domestic PEP” means a politically exposed person entrusted with prominent public functions by the United Kingdom;
b
the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations—
- “politically exposed person” or “PEP”;
- “family member”;
- “known close associate”.
S. 78 in force at Royal Assent, see s. 86(1)(g)