F1PART 4APermission to carry on regulated activities

Exercise of power in support of overseas regulator

55QExercise of power in support of overseas regulator

(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.