Financial Services and Markets Act 2000 (c. 8)

SCHEDULES

[F1 SCHEDULE 17A U.K. Further provision in relation to exercise of Part 18 functions [F2 , or other FMI functions,] by Bank of England

Textual Amendments

F1 Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

F2 Words in Sch. 17A heading inserted (1.1.2024 at 1.00 a.m. for specified purposes) by Financial Services and Markets Act 2023 (c. 29), ss. 50(5), 86(3); S.I. 2023/1382, reg. 10(f)

Part 1 U.K. Co-operation between appropriate regulators

Memorandum of understanding between appropriate regulators and PRA U.K.

1 (1) The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies. U.K.

(2) The memorandum must in particular make provision about—

(a) the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;

(b) the role of each party in cases where they are both exercising functions in relation to the same persons;

(c) the obtaining and disclosure of information;

(d) the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.

(3) In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.

2 (1) The [F3 FCA] and the PRA must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies and who— U.K.

(a) are PRA-authorised persons; or

(b) are members of a group of which a member is a PRA-authorised person.

(2) The memorandum must in particular make provision about—

(a) the need for each party when exercising a function in relation to any person (“A”) who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;

(b) the role of each party in cases where they are both exercising functions in relation to the same persons;

(c) the obtaining and disclosure of information;

(d) the co-ordination by the parties of the exercise of their powers to appoint competent persons under Part 11 (information gathering and investigations) to conduct investigations on their behalf.

(3) In this paragraph any reference to a function is to any function whether conferred by or under any provision of this Part of this Act or any other provision of this Act or otherwise.

Textual Amendments

F3 Word in Sch. 17A para. 2(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 51(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)

3 U.K. The parties to a memorandum under paragraph 1 or 2 must review the memorandum at least once in each calendar year.

4 U.K. The parties to a memorandum under paragraph 1 or 2 must give the Treasury a copy of the memorandum and any revised memorandum.

5 U.K. The Treasury must lay before Parliament a copy of any document received by them under paragraph 4.

6 U.K. The parties to a memorandum under paragraph 1 or 2 must ensure that the memorandum as currently in force is published in the way appearing to them to be best calculated to bring it to the attention of the public.

[F4 6A (1) If the Bank makes a Part 18 prohibition order relating to an individual, the Bank must— U.K.

(a) provide the FCA with information falling within section 347(2)(f) in relation to the order, and

(b) where the FCA has notified the Bank that it considers it appropriate to include in the record maintained under section 347 information of a certain description, disclose to the FCA such information of that description relating to the order or the individual as the Bank has in its possession.

(2) The duty to provide information under sub-paragraph (1)—

(a) does not apply to information which the Bank reasonably believes is in the possession of the FCA;

(b) does not require or authorise the disclosure of information whose disclosure is prohibited by or under section 348;

(c) is without prejudice to any other power of the Bank to disclose information.]

Textual Amendments

F4 Sch. 17A para. 6A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 20(2)

Notification by FCA of action in relation to recognised clearing houses U.K.

7 U.K. The FCA must notify the Bank of England of any direction given by it under section 128 to a recognised clearing house [F5 or a recognised CSD] (market abuse: suspension of investigations).

Textual Amendments

F5 Words in Sch. 17A para. 7 inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(39)(a) (with regs. 7(4), 9(1))

8 U.K. The FCA must notify the Bank of England of any requirement imposed by it under section 313A on a recognised clearing house (power to require suspension or removal of financial instruments from trading).]