- Latest available (Revised)
- Point in Time (28/09/2018)
- Original (As enacted)
Version Superseded: 31/12/2020
Point in time view as at 28/09/2018. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Financial Services and Markets Act 2000, Section 354E is up to date with all changes known to be in force on or before 23 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)The Treasury must inform the Commission, ESMA and the competent authorities established in EEA States other than the United Kingdom—
(a)of the identity of the authority (or authorities) for the time being designated by the Treasury under [F2Article 67.1] of the markets in financial instruments directive (designation of authorities competent to carry out duties under that directive); and
(b)if more than one authority is designated, of the division of responsibilities between them.
(2)The Treasury must inform the Commission, ESMA and EEA States other than the United Kingdom of the identity of the authority for the time being designated by the Treasury under [F3Article 79.1] of the markets in financial instruments directive as a contact point for the purposes of that directive (obligation to co-operate with competent authorities of other member States).
(3)Subsection (4) applies where the FCA or the PRA has good reason to suspect that any person, other than an authorised person who has a Part 4A permission or a recognised investment exchange, has acted or is acting in an EEA State other than the United Kingdom in a manner contrary to the markets in financial instruments directive.
(4)The FCA must give a competent authority established in that State and ESMA notice of those suspicions, together with information, which is as specific as reasonably practicable under the circumstances, about the reason for those suspicions.
(5)Subsections (6) and (7) apply where a competent authority established in an EEA State other than the United Kingdom informs the FCA that it has good reason to suspect that an authorised person who has a Part 4A permission or a recognised investment exchange has acted or is acting in a manner contrary to the markets in financial instruments directive.
(6)If the information relates to a PRA-authorised person, the FCA must inform the PRA.
(7)The FCA must inform the competent authority and ESMA—
(a)of the outcome of any action taken by the FCA or PRA in response to receiving that information; and
(b)if reasonably practicable under the circumstances, of significant interim developments resulting from that action.
(8)Subsections (9) and (10) apply where the FCA receives a request by a competent authority established in an EEA State other than the United Kingdom—
(a)under [F4Article 80] of the markets in financial instruments directive for co-operation in carrying out any investigation, on-the-spot verification or supervisory activity; or
(b)for the supply of information required for the purposes referred to in [F5Article 81.1] of that directive.
(9)If the request relates to a PRA-authorised person, the FCA must inform the PRA.
(10)Where the FCA or the PRA refuses on the grounds in [F6Article 83(a) or (b)] of the markets in financial instruments directive to act on the request, the FCA must give the competent authority and ESMA notice of the refusal, together with as much detailed information as possible about the reasons for the refusal.
(11)The PRA must provide the FCA with information required by the FCA for the purposes of complying with subsections (4), (7) and (10).
(12)In this section “competent authority” means an authority designated by an EEA State under [F7Article 67.1] of the markets in financial instruments directive.]
Textual Amendments
F1Ss. 354D-354G and cross-heading inserted (8.12.2016) by The Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095), regs. 1, 3(3)
F2Words in s. 354E(1)(a) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(a)
F3Words in s. 354E(2) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(b)
F4Words in s. 354E(8)(a) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(c)(i)
F5Words in s. 354E(8)(b) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(c)(ii)
F6Words in s. 354E(10) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(d)
F7Words in s. 354E(12) substituted (21.7.2018) by The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786), regs. 1, 2(5)(e)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: