Financial Services and Markets Act 2000

[F1165A [F2PRA's] power to require information: financial stabilityU.K.

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(1)The [F3PRA] may, by notice in writing given to a person to whom this section applies, require the person—

(a)to provide specified information or information of a specified description; or

(b)to produce specified documents or documents of a specified description.

(2)This section applies to—

(a)a person who has a legal or beneficial interest in any of the assets of a relevant investment fund;

(b)a person who is responsible for the management of a relevant investment fund;

(c)a person (a “service provider”) who provides any service to an authorised person;

(d)a person prescribed by an order made by the Treasury or any person of a description prescribed by such an order (and see also section 165C);

(e)a person who is connected with a person to whom this section applies as a result of any of the above paragraphs.

(3)This section applies only to information and documents that the [F3PRA] considers are, or might be, relevant to the stability of one or more aspects of the UK financial system.

(4)A notice may be given to a service provider, or to a person who is connected with a service provider, only if the [F3PRA] considers that—

(a)the service or the way in which it (or any part of it) is provided, or

(b)any failure to provide the service (or any part of it),

poses, or would be likely to pose, a serious threat to the stability of the UK financial system.

(5)Information or documents required under this section must be provided or produced—

(a)before the end of such reasonable period as may be specified; and

(b)at such place as may be specified.

(6)The [F3PRA] may require any information provided under this section to be provided in such form as it may reasonably require.

(7)The [F3PRA] may require—

(a)any information provided, whether in a document or otherwise, to be verified in such manner as it may reasonably require; or

(b)any document produced to be authenticated in such manner as it may reasonably require.

(8)In this section—

  • “management” includes any of the activities listed in Annex II to the UCITS directive;

  • “relevant investment fund” means an investment fund whose assets consist of or include financial instruments which—

    (a)

    are traded in the United Kingdom; or

    (b)

    were issued by a body incorporated in the United Kingdom;

  • “service” includes facility;

  • “specified” means specified in the notice.

(9)For the purposes of the definition of “relevant investment fund”—

(a)arrangements may constitute an investment fund even if there is only one person participating in the arrangements; and

(b)the reference to financial instruments has the meaning given by Article 4.1(17) of the markets in financial instruments directive.

(10)For the purposes of this section a person is connected with another person (“A”) if the person is or has at any relevant time been—

(a)a member of A's group;

(b)a controller of A;

(c)any other member of a partnership of which A is a member; or

(d)in relation to A, a person mentioned in Part 1 of Schedule 15 (reading references in that Part to the authorised person as references to A).]

Textual Amendments

F1S. 165A-165C inserted (8.6.2010) by Financial Services Act (c. 28), {ss. 18(2)}, 26(2)

F2Word in s. 165A heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 2(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.