Financial Services and Markets Act 2000

X1 [F1 190 Requests for further information U.K.

(1)  The [F2 appropriate regulator] may, no later than the 50th working day of the assessment period, in writing ask the section 178 notice-giver to provide any further information necessary to complete its assessment.

[F3 (1A) But where a direction has been given by the Bank of England under section 189(1A) [F4 or section 189(1ZB) applies], the appropriate regulator must, as soon as reasonably practicable, ask the section 178 notice-giver to provide any further information necessary to complete its assessment.]

(2) On the first occasion that the [F2 appropriate regulator] asks for further information, the assessment period is interrupted from the date of the request until the date the [F2 appropriate regulator] receives the requested information (“the interruption period”).

(3) But the interruption period may not exceed 20 working days, unless subsection (4) applies.

(4) The interruption period may not exceed 30 working days if the notice-giver—

(a) is situated or regulated outside the [F5 United Kingdom or Gibraltar]; or

[F6 (b) is not subject to supervision under the laws of the United Kingdom (or any part of the United Kingdom) or of Gibraltar relied on immediately before IP completion day to implement—

(i) the UCITS directive;

(ii) the Solvency 2 Directive;

(iii) the markets in financial instruments directive; or

(iv) the capital requirements directive,

including rules made by the appropriate regulator under this Act, in force on IP completion day, and, as amended from to time, in all other cases.]

(5) The [F2 appropriate regulator] may make further requests for information (but a further request does not result in a further interruption of the assessment period).

(6) The [F2 appropriate regulator] must acknowledge in writing receipt of further information before the end of the second working day following receipt.]

Editorial Information

X1 The substitution of ss. 178-191G for ss. 178-191 on 21.3.2009 which involves the insertion of several new headings in Pt. XII gives rise to a change in the structure of this legislation on SLD which breaks the continuity of historical versions of the existing provisions which are now brought under those new headings.

Textual Amendments

F1 Ss. 178-191G and cross-headings substituted (21.3.2009) for ss. 178-191 and cross-headings by The Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534), reg. 3, Sch. 1 (with reg. 8)

F2 Words in Pt. 12 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 26(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3 S. 190(1A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 119

F4 Words in s. 190(1A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 40 (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5 Words in s. 190(4)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 53(a) (as amended by S.I. 2019/680, regs. 1(3), 9(3)(a)); 2020 c. 1, Sch. 5 para. 1(1)

F6 S. 190(4)(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), 53(b) (as amended by S.I. 2019/680, regs. 1(3), 9(3)(b) and S.I. 2020/1301, regs. 1, 3, Sch. para. 33(f)); 2020 c. 1, Sch. 5 para. 1(1)