C8C9C10C11C12C14C17 Part XI Information Gathering and Investigations

Annotations:
Modifications etc. (not altering text)
C8

Pt. 11 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(2) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)

Pt. 11 modified (1.12.2001) by S.I. 2001/3083, arts. 1(2), 18(2)(4); S.I. 2001/3538, art. 2(1)

Pt. 11 extended (with modifications) (1.12.2001) by S.I. 2001/3646, arts. 1(1), 6-9

C10

Pt. 11 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 2

C17

Pt. 11 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(5)

Appointment of investigators

C1C2C3C16C17C18167 Appointment of persons to carry out general investigations.

1

If it appears to F24an investigating authority that there is good reason for doing so, the investigating authority 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 F1a recognised investment exchange or an authorised person or of an appointed representative;

b

a particular aspect of that business; or

c

the ownership or control of F2a recognised investment exchange or an authorised person.

2

If a person appointed under subsection (1) thinks it necessary for the purposes of his investigation, he may also investigate the business of a person who is or has at any relevant time been—

a

a member of the group of which the person under investigation (“A”) is part; or

b

a partnership of which A is a member.

3

If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision.

4

The power conferred by this section may be exercised in relation to a former authorised person (or appointed representative) but only in relation to—

a

business carried on at any time when he was an authorised person (or appointed representative); or

b

the ownership or control of a former authorised person at any time when he was an authorised person.

5

“Business” includes any part of a business even if it does not consist of carrying on regulated activities.

F235A

“Investigating authority” means—

a

in relation to a recognised investment exchange, the Secretary of State or the FCA;

b

in relation to an authorised person or former authorised person, the FCA or the PRA;

c

in relation to an appointed representative or former appointed representative, the FCA or the PRA.

F36

References in subsection (1) to a recognised investment exchange do not include references to an overseas investment exchange (as defined by section 313(1)).

I1C4C15C17C19168 Appointment of persons to carry out investigations in particular cases.

1

Subsection (3) applies if it appears to an investigating authority that there are circumstances suggesting that—

F10a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

a person may be guilty of an offence under section 177, F11191F, 346 or 398(1) or under Schedule 4.

2

Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that—

a

an offence under section 24(1) F12or under Part 7 of the Financial Services Act 2012 or under Part V of the M1Criminal Justice Act 1993 may have been committed;

b

there may have been a breach of the general prohibition;

F13ba

an authorised person may have contravened section 20 in relation to a credit-related regulated activity;

c

there may have been a contravention of section 21 or 238; or

d

market abuse may have taken place.

C53

The investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

C64

Subsection (5) applies if it appears to F14an investigating authority that there are circumstances suggesting that—

a

a person may have contravened section 20;

b

a person may be guilty of an offence under prescribed regulations relating to money laundering;

F4ba

a person may be guilty of an offence under Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing or money laundering);

C7C13c

F5a person may have contravened a rule made by the F15investigating authority;

F16ca

a recognised investment exchange may have contravened the recognition requirements (within the meaning of Part 18);

d

an individual may not be a fit and proper person to perform functions in relation to a regulated activity carried on by an authorised or exempt person;

e

an individual may have performed or agreed to perform a function in breach of a prohibition order;

f

F17a person may have failed to comply with section 56(6);

g

an authorised person may have failed to comply with section 59(1) or (2);

h

a person in relation to whom F18a regulator has given its approval under section 59 may not be a fit and proper person to perform the function to which that approval relates; F6. . .

F7ha

a person may have performed a controlled function without approval for the purposes of section 63A;

i

a person may be guilty of misconduct for the purposes of section 66 F8; F9...

j

a person may have contravened any provision made by or under this Act for the purpose of implementing the markets in financial instruments directive F19...

F25ja

a person may have contravened—

i

any provision made by or under this Act for the purpose of implementing the alternative investment fund managers directive; or

ii

any provision made by the Alternative Investment Fund Managers Regulations 2013; or

F20k

a person may have contravened a qualifying EU provision that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

C55

The F21investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

F226

Investigating authority” means—

a

in subsections (1) to (3), the FCA, the PRA or the Secretary of State;

b

in subsections (4) and (5), the FCA or the PRA.