Financial Services and Markets Act 2000

[F155QExercise of power in support of overseas regulatorU.K.

This section has no associated Explanatory Notes

(1)Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind.

F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers.

F3(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)In deciding whether or not to [F4exercise its own-initiative powers in response to a request, the UK regulator] may take into account in particular—

(a)whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;

(b)whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;

(c)the seriousness of the case and its importance to persons in the United Kingdom;

(d)whether it is otherwise appropriate in the public interest to give the assistance sought.

(6)The UK regulator may decide not to exercise its own-initiative powers, in response to a request, unless the overseas regulator concerned undertakes to make such contribution towards the cost of their exercise as the UK regulator considers appropriate.

F5(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)In [F6subsections (5) and] (6) “request” means a request of a kind mentioned in subsection (1).

(9)In this section—

(a)“UK regulator” means the FCA or the PRA;

(b)“overseas regulator” means a regulator outside the United Kingdom;

(c)“own-initiative powers”, in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.]

Textual Amendments

F1Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.