The Packaged Retail and Insurance-based Investment Products Regulations 2017

Information gathering and investigations U.K.

2.—(1) Part 11 of the Act M1 (information gathering and investigations) applies in respect of the FCA's functions under the PRIIPs regulation in relation to an unauthorised person as it applies in respect of its functions under the Act in relation to an authorised person, with the modifications set out in this paragraph.

(2) Part 11 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 were a reference to an unauthorised person;

(d) each reference to the PRA were omitted;

(e) each reference to a regulator were a reference to the FCA, and each reference to either regulator were a reference to the FCA only.

(3) Section 165 (regulators' power to require information: authorised persons etc.) applies as if subsections (4)(b), (7)(b) to (d) and (8A) were omitted.

(4) Sections 165A (PRA's power to require information: financial stability), 165B (safeguards etc. in relation to exercise of power under section 165A) and 165C (orders under section 165A(2)(d)) do not apply.

(5) Section 166 (reports by skilled persons) applies as if subsections (10) and (11) were omitted.

(6) Section 166A (appointment of skilled person to collect and update information) does not apply.

(7) Section 167 (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 that there is good reason for doing so, the FCA 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 an unauthorised person;

(b) a particular aspect of that business; or

(c) the ownership or control of an unauthorised person.”;

(b) in subsection (5) for “regulated activities” there were substituted “ the activities of manufacturing, advising on, selling or marketing of a PRIIP ”;

(c) subsections (5A) and (6) were omitted.

(8) Section 168 (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 Packaged Retail and Insurance-based Investment Products Regulations 2017.”;

(b) subsection (2) were omitted;

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

“(l) a person may have contravened the PRIIPs regulation.”;

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

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

(9) Section 169 (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 under the PRIIPs regulation and the Packaged Retail and Insurance-based Investment Products Regulations 2017.”.

(10) Section 169A (support of overseas regulator with respect to financial stability) does not apply.

(11) Section 170 (investigations: general) applies as if—

(a) each reference to the investigating authority were a reference to the FCA;

(b) subsection (3)(b) were omitted;

(c) subsection (10) were omitted.

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

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

(14) Section 174 (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.

(15) Section 175 (information and documents: supplemental provisions) applies as if in subsection (8) “(3) or” were omitted.

(16) Section 176 (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, paragraph 11 of Schedule 3 to the Pension Schemes Act 2015 (c.8), 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, 2016/225 and 2016/680. There are other amendments but none is relevant.