The Small and Medium Sized Business (Finance Platforms) Regulations 2015

Information gathering and investigations under Part 11 of the 2000 Act

23.  Part 11 (information gathering and investigations) of the 2000 Act(1) applies for the purposes of this Part as if—

(a) each reference in that Part to the 2000 Act were a reference to this Part;

(b) each reference in that Part to an authorised person were a reference to a designated firm;

(c) each reference in that Part to the PRA were omitted;

(d) each reference in that Part to either regulator were a reference to the FCA only;

(e) in section 165(7) (regulators’ power to require information: authorised persons etc.), paragraphs (b) to (e) were omitted;

(f) sections 165A (PRA’s power to require information: financial stability), 165B (safeguards etc in relation to exercise of power under section 165A) and 165C (orders under section 165A(2)(d)) were omitted;

(g) in section 166 (reports by skilled persons), subsections (10) and (11) were omitted;

(h) in section 166A (appointment of skilled person to collect and update information)—

(i) in subsection (1) for “rules made by that regulator to collect, and keep up to date, information of a description specified in the rules” there were substituted “regulation 21 of the Small and Medium Sized Business (Finance Platforms) Regulations 2015 to maintain relevant records as specified in those Regulations”;

(ii) each reference in that section to “information” were a reference to “relevant records”;

(iii) subsection (10) were omitted;

(i) in section 167 (appointment of persons to carry out general investigations)—

(i) in subsection (1)—

(aa) for “an investigating authority” and “the investigating authority” there were substituted “the FCA”;

(bb) in paragraphs (a) and (c) of subsection (1) the words “a recognised investment exchange or” were omitted;

(cc) in paragraph (a) of subsection (1) the words “or of an appointed representative” were omitted;

(ii) in subsection (4) the words “(or appointed representative)” were omitted in each place;

(iii) subsections (2)(c), (3A), (5A) and (6) were omitted;

(j) in section 168 (appointment of persons to carry out investigations in particular cases)—

(i) in subsection (1)—

(aa) for “an investigating authority” there were substituted “the FCA”;

(bb) for paragraph (b) there were substituted—

“(b) a designated firm may have contravened a requirement imposed by or under the Small and Medium Sized Business (Finance Platforms) Regulations 2015, or a person may be guilty of an offence under regulation 31 of those Regulations (misleading the FCA).”;

(ii) in subsection (3) for “investigating authority” there were substituted “FCA”; and

(iii) subsections (2), (4), (5) and (6) were omitted;

(k) sections 169 (investigations etc. in support of overseas regulator) and 169A (support of overseas regulator with respect to financial stability) were omitted;

(l) in section 170 (investigations: general)—

(i) in subsection (1) “or (5)” were omitted;

(ii) in subsection (3)(a) “or (4)” were omitted;

(iii) subsection (3)(b) and the preceding “; or” were omitted; and

(iv) for subsection (10) the following were substituted—

“(10) “Investigating authority” in this Part is to be read as a reference to the FCA.”;

(m) in section 171 (powers of persons appointed under section 167), subsections (3A) and (7) were omitted;

(n) in section 172 (additional power of persons appointed as a result of section 168(1) or (4)), in the heading and in subsection (4), “or (4)” were omitted;

(o) section 173 (powers of persons appointed as a result of section 168(2)) were omitted;

(p) in section 174 (admissibility of statements made to investigators)—

(i) in subsection (2) “or in proceedings in relation to action to be taken against that person under section 123” were omitted;

(ii) in subsection (3)(a) for “398” there were substituted “regulation 31 of the Small and Medium Sized Business (Finance Platforms) Regulations 2015 (misleading the FCA)”;

(iii) in subsection (4), “or (5)” were omitted;

(iv) in subsection (5) “, 173” were omitted;

(q) in section 175(8) (information and documents: supplemental provisions) “or (5)” were omitted;

(r) in section 176 (entry of premises under warrant)—

(i) in subsection (1) “the Secretary of State,” were omitted and “first or second” were substituted for “first, second or third”;

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

(iii) subsection (4) were omitted;

(iv) in subsection (10) “or (5)” were omitted;

(v) in subsection (11)—

(aa) in paragraph (a) “87C, 87J,” and “,165A, 169A” were omitted; and

(bb) in paragraph (b) “, 173” were omitted.

(1)

Part 11 is amended by paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c.28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c.28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, S.I. 2001/1090, S.I. 2007/126, S.I. 2011/1043, S.I. 2012/2554, S.I. 2013/1773 and S.I. 2015/575. Other amendments are not relevant here.