Financial Services and Markets Act 2000

401 Proceedings for offences.U.K.

This section has no associated Explanatory Notes

[F1(1)In this section “offence” means—

(a)an offence under this Act,

(b)an offence under subordinate legislation made under this Act, or

(c)an offence under Part 7 of the Financial Services Act 2012 (offences relating to financial services).]

(2)Proceedings for an offence may be instituted in England and Wales only—

(a)by the [F2appropriate regulator] or the Secretary of State; or

(b)by or with the consent of the Director of Public Prosecutions.

(3)Proceedings for an offence may be instituted in Northern Ireland only—

(a)by the [F3appropriate regulator] or the Secretary of State; or

(b)by or with the consent of the Director of Public Prosecutions for Northern Ireland.

[F4(3A)For the purposes of subsections (2)(a) and (3)(a), the PRA is the “appropriate regulator” in respect of each of the following offences—

(a)an offence under section 55P(10) where the contravention is of a requirement imposed by the PRA;

(b)an offence under section 56(4) where the prohibition order is made by the PRA;

(c)an offence under section 177(3) where the investigation is being, or is likely to be, conducted on behalf of the PRA;

(d)an offence under section 177(4) where the requirement is imposed by the PRA;

(e)an offence under section 177(6) where the warrant is issued as a result of information on oath given by the PRA or a person appointed by the PRA to conduct an investigation on its behalf;

(f)an offence under section 191F(1) where the notice should have been given to the PRA;

(g)an offence under any of section 191F(2) to [F5(4) and (5) to] (7) where the notice, approval or information was given to or by the PRA;

(h)an offence under section 366(3), unless the activity of effecting or carrying out long-term contracts of insurance is not to any extent a PRA-regulated activity;

(i)an offence under section 398(1) where the information was given to the PRA.

[F6(3AB)For the purposes of subsections (2)(a) and (3)(a), the Bank of England is the “appropriate regulator” in respect of an offence under section 191F(4A).]

(3B)For the purposes of subsections (2)(a) and (3)(a), the FCA is the “appropriate regulator” in respect of any other offence.]

F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In exercising its power to institute proceedings for an offence, the [F8appropriate regulator] must comply with any conditions or restrictions imposed in writing by the Treasury.

(6)Conditions or restrictions may be imposed under subsection (5) in relation to—

(a)proceedings generally; or

(b)such proceedings, or categories of proceedings, as the Treasury may direct.

Textual Amendments

F2Words in s. 401(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 38(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in s. 401(3)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 38(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7S. 401(4) omitted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 10(14)

F8Words in s. 401(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 38(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1Pt. 27 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(12)

C2Pt. 27 applied (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 50(3)

C5S. 401 applied (1.12.2001) by S.I. 1995/1537, reg. 23(6) (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 509(g))

C6S. 401 amended (1.12.2001) by S.I. 2001/2657, arts. 1(1), 10(8), 11(8), 13(1)(3) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)

S. 401 amended (1.12.2001) by S.I. 2001/3083, arts. 1(2), 10(8), 11(8), 13(1); S.I. 2001/3538, art. 2(1)

S. 401 modified (1.12.2001) by S.I. 2001/3646, arts. 1(1), 12(2), 13(3)

C8S. 401 applied (with modifications) (7.6.2010) by The Credit Rating Agencies Regulations 2010 (S.I. 2010/906), reg. 27

C11S. 401 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 6

C14S. 401 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 8(4) (with Sch. 1 paras. 13, 14)