Financial Services and Markets Act 2000

[F1 354E. Competent authorities under the markets in financial instruments directive: designation and co-operation U.K.

(1) The Treasury must inform the Commission, ESMA and the competent authorities established in EEA States other than the United Kingdom—

(a) of the identity of the authority (or authorities) for the time being designated by the Treasury under [F2 Article 67.1] of the markets in financial instruments directive (designation of authorities competent to carry out duties under that directive); and

(b) if more than one authority is designated, of the division of responsibilities between them.

(2) The Treasury must inform the Commission, ESMA and EEA States other than the United Kingdom of the identity of the authority for the time being designated by the Treasury under [F3 Article 79.1] of the markets in financial instruments directive as a contact point for the purposes of that directive (obligation to co-operate with competent authorities of other member States).

(3) Subsection (4) applies where the FCA or the PRA has good reason to suspect that any person, other than an authorised person who has a Part 4A permission or a recognised investment exchange, has acted or is acting in an EEA State other than the United Kingdom in a manner contrary to the markets in financial instruments directive.

(4) The FCA must give a competent authority established in that State and ESMA notice of those suspicions, together with information, which is as specific as reasonably practicable under the circumstances, about the reason for those suspicions.

(5) Subsections (6) and (7) apply where a competent authority established in an EEA State other than the United Kingdom informs the FCA that it has good reason to suspect that an authorised person who has a Part 4A permission or a recognised investment exchange has acted or is acting in a manner contrary to the markets in financial instruments directive.

(6) If the information relates to a PRA-authorised person, the FCA must inform the PRA.

(7) The FCA must inform the competent authority and ESMA—

(a) of the outcome of any action taken by the FCA or PRA in response to receiving that information; and

(b) if reasonably practicable under the circumstances, of significant interim developments resulting from that action.

(8) Subsections (9) and (10) apply where the FCA receives a request by a competent authority established in an EEA State other than the United Kingdom—

(a) under [F4 Article 80] of the markets in financial instruments directive for co-operation in carrying out any investigation, on-the-spot verification or supervisory activity; or

(b) for the supply of information required for the purposes referred to in [F5 Article 81.1] of that directive.

(9) If the request relates to a PRA-authorised person, the FCA must inform the PRA.

(10) Where the FCA or the PRA refuses on the grounds in [F6 Article 83(a) or (b)] of the markets in financial instruments directive to act on the request, the FCA must give the competent authority and ESMA notice of the refusal, together with as much detailed information as possible about the reasons for the refusal.

(11) The PRA must provide the FCA with information required by the FCA for the purposes of complying with subsections (4), (7) and (10).

(12) In this section “competent authority” means an authority designated by an EEA State under [F7 Article 67.1] of the markets in financial instruments directive.]

Textual Amendments

F1 Ss. 354D-354G and cross-heading inserted (8.12.2016) by The Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095), regs. 1, 3(3)

F2 Words in s. 354E(1)(a) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(a)

F3 Words in s. 354E(2) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(b)

F4 Words in s. 354E(8)(a) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(c)(i)

F5 Words in s. 354E(8)(b) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(c)(ii)

F6 Words in s. 354E(10) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(d)

F7 Words in s. 354E(12) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(e)