Financial Services and Markets Act 2000

Co-operation U.K.

F1 354 Authority’s duty to co-operate with others. U.K.

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Textual Amendments

F1 Ss. 354A-354C substituted for s. 354 (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 25 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[F1 354A FCA's duty to co-operate with others U.K.

(1) The FCA must take such steps as it considers appropriate to co-operate with other persons (whether in the United Kingdom or elsewhere) who have functions—

(a) similar to those of the FCA, or

(b) in relation to the prevention or detection of financial crime.

(2) The persons referred to in subsection (1) do not include the Bank of England or the PRA (but see sections 3D and 3Q).

[F2 (2A) Subsection (1) does not apply in relation to the Competition and Markets Authority in a case where the FCA has made a reference under section 131 of the Enterprise Act 2002 as a result of section 234I (but see section 234L).]

(3) The FCA must take such steps as it considers appropriate to co-operate with—

(a) the Panel on Takeovers and Mergers;

F3 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) any F4 ... person or body that exercises functions of a public nature, under legislation in any country or territory outside the United Kingdom, that appear to the FCA to be similar to those of the Panel on Takeovers and Mergers.

(4) Co-operation may include the sharing of information which the FCA is not prevented from disclosing.

(5) “Financial crime” has the meaning given in section 1H(3).

Textual Amendments

F1 Ss. 354A-354C substituted for s. 354 (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 25 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2 S. 354A(2A) inserted (1.4.2015) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 8 para. 6; S.I. 2014/2458, art. 3(b)(v)

F3 S. 354A(3)(b) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(5)(i); 2020 c. 1, Sch. 5 para. 1(1)

F4 Word in s. 354A(3)(c) omitted (31.12.2020) by virtue of The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 2(5)(ii); 2020 c. 1, Sch. 5 para. 1(1)

354B PRA's duty to co-operate with others U.K.

(1) The PRA must take such steps as it considers appropriate to co-operate with—

(a) other persons (whether in the United Kingdom or elsewhere) who have functions similar to those of the PRA, and

(b) other bodies that have functions relevant to financial stability.

(2) The persons referred to in subsection (1) do not include the [F5 FCA (but see section 3D)].

(3) Co-operation may include the sharing of information which the PRA is not prevented from disclosing.]

Textual Amendments

F1 Ss. 354A-354C substituted for s. 354 (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 25 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5 Words in s. 354B(2) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 47 (with Sch. 3); S.I. 2017/43, reg. 2(g)

F6 354C PRA's duty to provide information to Bank of England U.K.

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Textual Amendments

F6 S. 354C omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 48 (with Sch. 3); S.I. 2017/43, reg. 2(g)