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Part VIIIU.K. [F1Provisions relating to market abuse]

Textual Amendments

Modifications etc. (not altering text)

MiscellaneousU.K.

128 Suspension of investigations.U.K.

(1)If the [F2FCA] considers it desirable or expedient because of the exercise or possible exercise of a [F3relevant power], it may direct a recognised investment exchange [F4, recognised clearing house or recognised CSD]—

(a)to terminate, suspend or limit the scope of any inquiry which the exchange [F5, clearing house or central securities depository] is conducting under its rules; or

(b)not to conduct an inquiry which the exchange [F6, clearing house or central securities depository] proposes to conduct under its rules.

(2)A direction under this section—

(a)must be given to the exchange [F7, clearing house or central securities depository] concerned by notice in writing; and

(b)is enforceable, on the application of the [F2FCA], by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.

[F8(3)In this section “relevant power” means the FCA’s power—

(a)to impose a penalty or publish a statement of censure under section 123;

(b)to impose a prohibition under section 123A;

(c)to impose a suspension or restriction under section 123B;

(d)to appoint a person to conduct an investigation under section 168 in a case falling within subsection (2)(d) of that section; or

(e)to appoint a person to conduct an investigation under section 169 (investigation etc in support of an overseas regulator) in a case falling within subsection (2A) of that section.]

Textual Amendments

F2Word in ss. 121-130A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Marginal Citations