Financial Services and Markets Act 2000

Yn ddilys o 08/06/2010

[F1 139E Rules about recovery and resolution plans: supplementary provision U.K.

(1) General rules about recovery or resolution plans may, in particular—

(a) impose a requirement on authorised persons to collect, and keep up-to-date, information of a description specified in the rules; and

(b) make provision as to the inclusion in the plans of information in respect of the steps to be taken to ensure compliance with that requirement.

(2) If the Authority considers that an authorised person has contravened that requirement, the Authority may require the authorised person to appoint a skilled person to collect or update the information in question.

(3) References in this section to a skilled person are to a person—

(a) nominated or approved by the Authority; and

(b) appearing to the Authority to have the skills necessary to collect or update the information in question.

(4) The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question.

(5) A requirement imposed by subsection (4) is enforceable, on the application of the Authority, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(6) A contractual or other requirement imposed on a person (“P”) to keep any information in confidence does not apply if—

(a) the information is or may be relevant to anything required to be done as a result of section 139B or 139C or this section;

(b) an authorised person or a skilled person requests or requires P to provide the information for the purpose of securing that those things are done; and

(c) the Authority has approved the making of the request or the imposition of the requirement before it is made or imposed.

(7) An authorised person may provide information (whether received under subsection (6) or otherwise) that would otherwise be subject to a contractual or other requirement to keep in confidence if it is provided for the purposes of anything required to be done as a result of section 139B or 139C or this section.

(8) General rules about recovery or resolution plans may, in particular, make provision about the form of the plans.

(9) When making general rules about recovery or resolution plans, the Authority must have regard to any international standards about documents whose purpose corresponds to the purpose of recovery or resolution plans.]

Textual Amendments

F1 Ss. 139B-139F inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 7(1), 26(2)(b)