Financial Services and Markets Act 2000

[F1 Information gathering and investigations U.K.

Textual Amendments

F1 Sch. 17A inserted (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. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

11 (1) The powers conferred by section 165(1) and (3) (power to require information) are exercisable by the Bank or (as the case may be) its officers to impose requirements on— U.K.

(a) a recognised clearing house;

[F2 (aa) a recognised CSD;

[F3 (ab) a third country CSD, in relation to any services referred to in the Annex to the CSD regulation which the third country CSD provides in the United Kingdom;]]

[F4 (ac) a third country central counterparty and any person to whom that central counterparty has outsourced operational functions, services or activities.]

(b) a person who for the purposes of section 165 is connected with a recognised clearing house [F5 , a third country central counterparty] [F6 [F7 or a recognised CSD] (as the case may be)].

(2) The information or documents that the Bank may require to be provided or produced are limited to—

(a) information or documents reasonably required in connection with the exercise by the Bank of functions conferred on it by or under this Part of this Act;

(b) information or documents reasonably required in connection with the exercise by the Bank of any of its other functions in pursuance of its financial stability objective; F8 ...

(c) information or documents which the Bank reasonably considers may enable or assist the FCA in discharging functions conferred on the FCA by or under this Act [F9 ; and

[F10 (d) information or documents reasonably required in connection with the exercise by the Bank of its functions—

(i) under—

(aa) the EMIR regulation,

(bb) the CSD regulation,

(cc) any EU regulation originally made under the CSD Regulation which is [F11 assimilated direct] legislation, or

(dd) any subordinate legislation made under the CSD Regulation on or after IP completion day;

(ii) in connection with Article 4 or 15 of the SFT regulation; or

(iii) under any subordinate legislation made under the SFT regulation on or after IP completion day.]

(3) In consequence of the provision made by sub-paragraph (2), section 165(4) is not to apply in relation to section 165(1) and (3) as applied by this paragraph.]

Textual Amendments

F2 Sch. 17A para. 11(1)(aa)(ab) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(c)(i) (with regs. 7(4), 9(1))

F3 Sch. 17A para. 11(1)(ab) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 116(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F4 Sch. 17A para. 11(1)(ac) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 2(5)(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F5 Sch. 17A para. 11(2)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 116(b) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(j)); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Sch. 17A para. 11(1)(b) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(c)(ii) (with regs. 7(4), 9(1))

F7 Words in Sch. 17A para. 11(1)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 116(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F8 Word in Sch. 17A para. 11(2)(b) omitted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(a)(i) (with regs. 52-58)

F9 Sch. 17A para. 11(2)(d) and word inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(a)(ii) (with regs. 52-58)

F10 Sch. 17A para. 11(2)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 116(b) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 33(j)); 2020 c. 1, Sch. 5 para. 1(1)

F11 Words in Sch. 17A para. 11(2)(d)(i)(cc) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(y)

12 U.K. The power conferred by section 166 (reports by skilled person) is exercisable by the Bank as if references in that section to an authorised person were to a [F12 recognised clearing house, third country central counterparty or a recognised CSD].

Textual Amendments

F12 Words in Sch. 17A para. 12 substituted (31.12.2020) by The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), reg. 13(1) (as substituted by S.I. 2020/646, regs. 1(2)(c), 11(3) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12))

[F13 12A (1) Section 166A applies in relation to rules made by the Bank under section 300F. U.K.

(2) For this purpose any reference in section 166A to an authorised person is to be read as a reference to a relevant FMI entity (as defined by paragraph 9B(2)).]

Textual Amendments

F13 Sch. 17A para. 12A inserted (1.1.2024 at 1.00 a.m. for specified purposes, 1.8.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 50(8), 86(3); S.I. 2023/1382, regs. 10(f), 11(b)

13 (1) The powers conferred by section 167 (appointment of persons to carry out general investigations) are exercisable by the Bank as if references in that section to an authorised person were to any recognised clearing house other than an overseas clearing house [F14 or to any Tier 2 third country central counterparty] [F15 or to any recognised CSD]. U.K.

F16 (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) In addition to the powers conferred by section 171, a person conducting an investigation under section 167 as a result of this paragraph is to have the powers conferred by sections 172 and 173 (and for this purpose the references in those sections to an investigator are to be read accordingly).

Textual Amendments

F14 Words in Sch. 17A para. 13(1) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 2(5)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F15 Words in Sch. 17A para. 13(1) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(e)(i) (with regs. 7(4), 9(1))

F16 Sch. 17A para. 13(1A) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 13(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

14 (1) The power conferred by section 168(5) (appointment of persons to carry out investigations in particular cases) is exercisable by the Bank. U.K.

(2) That power is exercisable if it appears to the Bank that there are circumstances suggesting that—

(a) a clearing house [F17 or a central securities depository] may be guilty of F18 ... an offence under prescribed regulations relating to money laundering;

(b) a [F19 clearing house [F17 or a central securities depository]] [F19 person] may have contravened a rule made by the Bank under this Part of this Act;

(c) a clearing house [F17 or a central securities depository] may have contravened the recognition requirements;

(d) a clearing house [F17 or a central securities depository] may have contravened any [F20 qualifying provision] that is specified, or of a description specified, for the purposes of this sub-paragraph by the Treasury by order;

(e) a clearing house [F17 or a central securities depository] may have breached the general prohibition.

F21 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F22 [F23 (g) a person may be guilty of an offence under section 398(1), as applied by paragraph 30 of this Schedule;]

(h) a Tier 2 third country central counterparty may have contravened the requirements of the EMIR regulation.]

[F24 (i) an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;

(j) an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;

(k) a relevant recognised body may have failed to comply with section 309F(1);

(l) a relevant recognised body may have failed to comply with section 309G(1);

(m) a person in relation to whom the Bank has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;

(n) a person may have performed a designated senior management function without approval under section 309G (see section 309U(3));

(o) a person may be guilty of misconduct for the purposes of section 309Z2.]

(3) In addition to the powers conferred by section 171, a person conducting an investigation under section 168(5) as a result of this paragraph is to have the powers conferred by sections 172 and 173 (and for this purpose the references in those sections to an investigator are to be read accordingly).

Textual Amendments

F17 Words in Sch. 17A para. 14(2)(a)-(e) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(f)(i) (with regs. 7(4), 9(1))

F18 Words in Sch. 17A para. 14(2)(a) omitted (1.1.2024 at 1.00 a.m. for specified purposes, 1.8.2024 in so far as not already in force) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 50(9)(a), 86(3); S.I. 2023/1382, regs. 10(f), 11(b)

F19 Word in Sch. 17A para. 14(2)(b) substituted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 20(3)(a)

F20 Words in Sch. 17A para. 14(2)(d) substituted (31.12.2020) by The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 13(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F21 Sch. 17A para. 14(2)(f) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 13(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F22 Sch. 17A para. 14(2)(g)(h) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 2(5)(c) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F23 Sch. 17A para. 14(2)(g) substituted (1.1.2024 at 1.00 a.m. for specified purposes, 1.8.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), ss. 50(9)(b), 86(3); S.I. 2023/1382, regs. 10(f), 11(b)

F24 Sch. 17A para. 14(2)(i)-(o) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 20(3)(b)

15 U.K. An overseas regulator may, in accordance with section 169, request the Bank to exercise the power conferred by section 165 (as applied by paragraph 11 of this Schedule).

16 U.K. The power to give information under section 176(1) (entry of premises under warrant) is exercisable by the Bank, or an investigator appointed by the Bank, as if the reference to the second set of conditions were omitted.]