The Capital Requirements Regulations 2013

On-the-spot checks and inspections: powers of EEA competent authorities U.K.

14.—(1) The provisions of Part 11 of FSMA (information gathering and investigations) mentioned in paragraph (2) apply—

(a) for the purpose specified in paragraph (3) as they apply for the purposes of FSMA; but

(b) subject to the modifications mentioned in paragraph (4).

(2) The provisions of Part 11 of FSMA referred to in paragraph (1) are—

(a) subsections (1) to (6), (9) and (10) of section 165 (regulators' power to require information: authorised persons etc) M1 ;

(b) subsections (1) to (8) of section 166 (reports by skilled persons) M2 ;

(c) section 167(1) (appointment of persons to carry out general investigations) M3 ;

(d) subsections (1), (2), and (4) to (8) of section 170 (investigations: general) M4 ;

(e) subsections (1) to (3), (5) and (6) of section 171 (powers of persons appointed under section 167) M5 ;

(f) subsections (2) to (6), and (8), of section 175 (information and documents: supplemental provisions) M6 ;

(g) subsections (1) to (3), and (5) to (11), of section 176 (entry of premises under warrant) M7 ;

(h) section 176A (retention of documents taken under section 176) M8 ; and

(i) section 177 (offences) M9 .

(3) The specified purpose is enabling a competent authority of a home EEA State to carry out on-the-spot checks and inspections of branches in the United Kingdom of institutions authorised in that EEA State in accordance with Article 52 or 159 of the capital requirements directive.

(4) The modifications referred to in paragraph (1) are—

(a) references to a “regulator” are to be interpreted as references to the competent authority of the EEA State;

(b) references to an authorised person are to be interpreted as references to the branch in the United Kingdom of the institution authorised in that EEA State;

(c) in section 165—

(i) in subsection (1), for “either” substitute “ a ”; and

(ii) in subsection (4), for “either regulator of functions conferred on it by or under this Act” substitute “ a regulator of functions conferred on it as the competent authority for the purposes of the capital requirements directive or capital requirements regulation ”;

(d) in section 166—

(i) in subsection (1), for “either” substitute “ a ”; and

(ii) in subsection (2), omit paragraphs (b) to (d) and “who is, or was at the relevant time, carrying on a business”;

(e) in section 167(1)—

(i) for “an investigating authority” substitute “ a regulator ”;

(ii) for “the investigating authority” substitute “ the regulator ”; and

(iii) for “on its behalf” to the end of the subsection substitute “ on its behalf for the purposes of carrying out on-the-spot checks and inspections under Article 52 or 159 of the capital requirements directive of branches of credit institutions or investments firms authorised in the regulator's EEA State. ”;

(f) in section 170—

(i) in each case, for “an investigating authority” substitute “ a regulator ”;

(ii) in each case, for “the investigating authority” substitute “ the regulator ”; and

(iii) in subsection (1) omit “or 168(3) to (5)”;

(g) in section 175—

(i) in subsection (2) omit “, or any relevant person,”; and

(ii) in subsection (8) omit “or 168(3) or (5)”;

(h) in section 176—

(i) in subsection (1) for “Secretary of State, either” substitute “ a ” and for “first, second or third” substitute “ first or second ”;

(ii) in subsection (3)(a) omit “or an appointed representative”;

(iii) in subsection (10) omit “or 168(3) or (5)”;

(iv) in paragraph (a) of subsection (11) omit “87C, 87J,” and “165A, 169A,”; and

(v) in paragraph (b) of subsection (11) omit “171, 172, 173 or”; and

(i) in section 177(5)—

(i) in paragraph (a), for “six months” substitute “ three months ” and for “the statutory maximum” substitute “ level 5 on the standard scale ”; and

(ii) omit paragraph (b).

Marginal Citations

M1 Section 165 was amended by the Financial Services Act 2010, s24 and Schedule 2 paragraphs 1 and 15. There are other amendements but none is relevant.

M2 Section 166 was substituted by the Financial Services Act 2012, s41 and Schedule 12 paragraph 1.

M3 Section 167 was amended by the Financial Services Act 2012, s41 and Schedule 12 paragraph 7. There are other amendments but none is relevant.

M4 Section 170 was amended by the Financial Services Act 2012, s41 and Schedule 12 paragraph 10.

M5 Section 167 was amended by S.I. 2007/126.

M6 Section 175 was amended by the Financial Services Act 2012, s41 and Schedule 12 paragraph 13.

M7 Section 176 was amended by S.I. 2005/1433, the Financial Services Act 2010 , s24 and Schedule 2 paragraph 1 and 17 and the Financial Services Act 2012, s41 and Schedule 12 paragraph 14

M8 Section 176A was inserted by the Financial Services Act 2012, s41 and Schedule 12 paragraph 15.

M9 Section 177 was amended by S.I. 2001/1090, the Criminal Justice Act 2003, s280 and Schedul 26 paragraph 54 and the Financial Services Act 2012, s114 and Schedule 18 paragraph 1 and 8.