C5C6C7C8C10C13C12C15C17C16C20C22C23C21C24C25C29C26C30C32C33C35C31C36C39C40C41 Part XI Information Gathering and Investigations

Annotations:
Modifications etc. (not altering text)
C5

Pt. 11 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(2) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)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

C7

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

C13

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)

C15

Pt. 11 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 14

C20

Pt. 11 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 2

C22

Pt. 11 applied (with modifications) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 19(1) (with reg. 7)

C23

Pt. 11 applied (with modifications) (3.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(a)(b), 33

C29

Pt. 11 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 82(13)

C26

Pt. 11 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 3 (with Sch. 1 paras. 13, 14)

C30

Pt. 11 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 22 (as amended by S.I. 2020/628, regs. 1(4), 15(5))

C39

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes) by The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 10 (with reg. 52(3), Sch. 3)

C40

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 44(4) (with regs. 48-50)

Appointment of investigators

I1C1C11C13C14C19C29C28C27C34C37168 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—

F7a

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

b

a person may be guilty of an offence under section F24122F, 177, F8191F, 346 or 398(1) F31....

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) F28... F9or 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;

F10ba

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

F25d

a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.

C23

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

C3C184

Subsection (5) applies if it appears to F11an 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;

F1ba

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

C4C9c

F2a person may have contravened a rule made by the F12investigating authority;

F13ca

a recognised investment exchange may have contravened the recognition requirements (within the meaning of Part 18) F36or a rule made by the FCA under section 300H;

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

F14a 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 F15a 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; F3. . .

F4ha

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 F5; F6...

F32ia

a person may have failed to comply with section 143R;

ib

an individual may have performed or agreed to perform a function in breach of a Part 9C prohibition order;

ic

a person may have failed to comply with section 143S(6);

F38id

a person may have contravened any provision made by or under the Securitisation Regulations 2024;

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 F16...

F20ja

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; F21...

C38ii

any provision made by the Alternative Investment Fund Managers Regulations 2013; F22...

F23iii

any provision made by or under this Act for the purpose of implementing the UCITS Directive; or

iv

any provision made by the Undertakings for Collective Investment in Transferable Securities Regulations 2011; F26....

F27jb

a person may have contravened—

i

any provision made by or under this Act for the purposes of the market abuse regulation; or

ii

a requirement imposed on that person under sections 122A to 122C, 122G to 122I, 123A or 123B;

jc

a person may have been knowingly concerned in the contravention of—

i

a provision of the market abuse regulation other than Article 14 (prohibition of insider dealing) or 15 (prohibition of market manipulation) of that regulation; or

ii

F29any F37assimilated direct legislation originally made under the market abuse regulation or any subordinate legislation (within the meaning of the Interpretation Act 1978) made on or after IP completion day under the market abuse regulation; or

F17k

a person may have contravened a F30qualifying provision that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

F334A

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

a

an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;

b

an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;

c

a person may have failed to comply with section 309F(1);

d

a relevant recognised body may have failed to comply with section 309G(1);

e

a person in relation to whom the FCA has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;

f

a person may have performed a designated senior management function without approval under section 309G (see section 309U(3));

g

a person may be guilty of misconduct for the purposes of section 309Z2.

C2C185

The F18investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

C18F196

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.

F35c

in subsection (4A), the FCA.

F347

“Relevant recognised body” has the same meaning as in Chapter 2A of Part 18 (see section 309A).