The Securitisation Regulations 2018

Information gathering and investigations U.K.

3.—(1) Part 11 of the Act M1 (information gathering and investigations) applies in respect of the FCA's and the PRA's functions under these Regulations and the EU Securitisation Regulations 2017 and the Act as applied by these Regulations, with the modifications set out in this paragraph.

(2) Part 11 of the Act applies as if—

(a) each reference to the Act included a reference to these Regulations;

(b) each reference to a section or Part of, or Schedule to, the Act were a reference to that section, Part or Schedule as applied by these Regulations;

(c) each reference to an authorised person included a reference to a securitisation regulation unauthorised person.

(3) Section 167 of the Act M2 (appointment of persons to carry out general investigations) applies as if—

(a) for subsection (1) there were substituted—

“(1) If it appears to the FCA or the PRA that there is good reason for doing so, the FCA or the PRA may appoint one or more competent persons to conduct an investigation on its behalf into—

(a) the nature, conduct or state of the business of a securitisation regulation unauthorised person, as defined in regulation 2(1) of the Securitisation Regulations 2018;

(b) a particular aspect of that business; or

(c) the ownership or control of a securitisation regulation unauthorised person.”;

(b) in subsection (5) for “regulated activities” there were substituted “ the activities subject to regulation pursuant to the Securitisation Regulations 2018 and the EU Securitisation Regulation 2017 ”.

(4) Section 168 of the Act M3 (appointment of persons to carry out investigations in particular cases) applies as if—

(a) in subsection (1) for paragraph (b) there were substituted—

“(b) a person may be guilty of an offence under this Act as applied by the Securitisation Regulations 2018.”;

(b) subsection (2) were omitted;

(c) in subsection (4) M4 after paragraph (k) there were inserted—

“(l) a person may have contravened requirements imposed under the Securitisation Regulations 2018 or the Act as applied by the Securitisation Regulations 2018.”;

(d) for subsection (6) M5 there were substituted—

“(6) “Investigating authority” means the FCA or the PRA.”.

(5) Section 169 of the Act M6 (investigations etc. in support of overseas regulator) applies as if—

(a) subsection (2A) were omitted;

(b) for subsection (13) there were substituted—

“(13) “Overseas regulator” means an authority in a country or territory outside the United Kingdom which has functions corresponding to those of the FCA or the PRA under the EU Securitisation Regulation 2017 and the Securitisation Regulations 2018.”.

(6) Section 169A of the Act M7 (support of overseas regulator with respect to financial stability) does not apply.

(7) Section 170 of the Act M8 (investigations: general) applies as if subsection (3)(b) were omitted.

(8) Section 171 of the Act M9 (powers of persons appointed under section 167) applies as if subsections (3A) and (7) were omitted.

(9) Section 173 of the Act (powers of persons appointed as a result of section 168(2)) does not apply.

(10) Section 174 of the Act M10 (admissibility of statements made to investigators) applies as if—

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

(b) subsection (3A) were omitted;

(c) in subsection (4) the words from “, or a person” to the end were omitted;

(d) in subsection (5) “, 173” were omitted.

(11) Section 175 of the Act M11 (information and documents: supplemental provisions) applies as if in subsection (8) “(3) or” were omitted.

(12) Section 176 of the Act M12 (entry of premises under a warrant) applies as if—

(a) in subsection (1) “the Secretary of State,” were omitted;

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

(c) in subsection (11)—

(i) in paragraph (a) for “87C, 87J, 165, 165A, 169A” there were substituted “ 165 ”;

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

Marginal Citations

M1 Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c.44), 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 (c.21), paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c.14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c.25), S.I. 2001/1090, 2005/1433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575 and 2016/680. There are other amendments but none is relevant.

M2 Section 167 was amended by paragraph 7 of Schedule 12 to the Financial Services and Markets Act 2000 (c.8), S.I. 2007/126 and S.I. 2015/575.

M3 Section 168 was amended by S.I. 2007/126, paragraph 33 of Schedule 7 to the Counter-Terrorism Act 2008 (c.28); Schedule 2 to the Financial Services Act 2010 (c.28) , Schedule 12 to the Financial Services Act 2012 (c.21), paragraph 11 of Schedule 3 to the Pension Schemes Act 2015 (c.8) and S.I. 2016/680.

M4 Subsection (4) was amended by paragraph 8 of Schedule 12 to the Financial Services Act 2012 (c.21), paragraph 33 of Schedule 7 to the Counter-Terrorism Act 2008 (c.28), paragraph 16 of Schedule 2 to the Financial Services Act 2010 (c.28), S.I. 2007/126, 2012/2554, 2013/1773, 2016/225, 2016/680 and 2017/1255.

M5 Subsection (6) was substituted by the Financial Services Act 2012, section 41 and paragraph 8 of Schedule 12.

M6 Section 169 was amended by Schedule 12 to the Financial Services Act 2012 (c.21); S.I. 2011/1043 and S.I.2016/680.

M7 Section 169A was inserted by section 18(3) of the Financial Services Act 2010 (c.28) and amended by paragraph 10 of Schedule 12 to the Financial Services Act 2012 (c.21).

M8 Section 170 was amended by paragraph 11 of Schedule 12 to the Financial Services Act 2012 (c.21).

M9 Subsections (3A) and (7) were inserted by S.I. 2007/126.

M10 Section 174 was amended by paragraph 12 of Schedule 12 to the Financial Services Act 2012 (c.21) and S.I. 2016/680.

M11 Section 175 was amended by paragraph 13 of Schedule 12 to the Financial Services Act 2012 (c.21).

M12 Section 176 was amended by paragraphs 14 and 17 of Schedule 12 to the Financial Services Act 2012 (c.21).