Financial Services and Markets Act 2000

394 Access to Authority material.U.K.

This section has no associated Explanatory Notes

(1)If the Authority gives a person (“A”) a notice to which this section applies, it must—

(a)allow him access to the material on which it relied in taking the decision which gave rise to the obligation to give the notice;

(b)allow him access to any secondary material which, in the opinion of the Authority, might undermine that decision.

(2)But the Authority does not have to allow A access to material under subsection (1) if the material is excluded material or it—

(a)relates to a case involving a person other than A; and

(b)was taken into account by the Authority in A’s case only for purposes of comparison with other cases.

(3)The Authority may refuse access A to particular material which it would otherwise have to allow him access to if, in its opinion, allowing him access to the material—

(a)would not be in the public interest; or

(b)would not be fair, having regard to—

(i)the likely significance of the material to A in relation to the matter in respect of which he has been given a notice to which this section applies; and

(ii)the potential prejudice to the commercial interests of a person other than A which would be caused by the material’s disclosure.

(4)If the Authority does not allow A access to material because it is excluded material consisting of a protected item, it must give A written notice of—

(a)the existence of the protected item; and

(b)the Authority’s decision not to allow him access to it.

(5)If the Authority refuses under subsection (3) to allow A access to material, it must give him written notice of—

(a)the refusal; and

(b)the reasons for it.

(6)“Secondary material” means material, other than material falling within paragraph (a) of subsection (1) which—

(a)was considered by the Authority in reaching the decision mentioned in that paragraph; or

(b)was obtained by the Authority in connection with the matter to which the notice to which this section applies relates but which was not considered by it in reaching that decision.

(7)“Excluded material” means material which—

[F1(a)is material the disclosure of which for the purposes of or in connection with any legal proceedings is prohibited by section 17 of the Regulation of Investigatory Powers Act 2000; or]

(c)is a protected item (as defined in section 413).

Textual Amendments

F1S. 394(7)(a) substituted (2.10.2000) for s. 394(7)(a)(b) by 2000 c. 23, s. 82, Sch. 4 para. 11 (with s. 82(3)); S.I. 2000/2543, art. 3

Modifications etc. (not altering text)

C1S. 394 applied (1.12.2001) by S.I. 2001/1228, regs. 1(2)(c), 24(3) (with reg. 1(2)(3)); S.I. 2001/3538, art. 2(1)

S. 394 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 36(3), 38(2), 46(2), 47(2), 48(2), 52(4), 55(2) (with art. 23(2))