This section has no associated Explanatory Notes
39(1)A supervisory authority must take appropriate measures to monitor persons operating in the financial sector for whom it is the supervisory authority for the purpose of securing compliance by those persons with the requirements of any directions under this Schedule.U.K.
(2)For the purposes of this Schedule—
(a)the FSA is the supervisory authority for—
(i)credit institutions that are authorised persons;
(ii)financial institutions (except money service businesses that are not authorised persons and consumer credit financial institutions);
(b)the OFT is the supervisory authority for consumer credit financial institutions;
(c)HMRC are the supervisory authority for money service businesses that are not authorised persons;
(d)DETINI is the supervisory authority for credit unions in Northern Ireland.
(3)Where under sub-paragraph (2) there is more than one supervisory authority for a person, the authorities may agree that one of them will act as the supervisory authority for that person for the purposes of this Schedule.
(4)Where an agreement has been made under sub-paragraph (3), the authority that has agreed to act as the supervisory authority must—
(a)where directions under this Schedule have been given to specified persons operating in the financial sector, notify those persons;
(b)where such directions have been given to all persons operating in the financial sector or to a description of such persons, publish the agreement in such way as it considers appropriate.
(5)Where no agreement has been made under sub-paragraph (3), the supervisory authorities for a person must co-operate in the performance of their functions under this paragraph.