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Financial Services and Markets Act 2023
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- UK Public General Acts
- 2023 c. 29
- SCHEDULE 11
- PART 6
- Paragraph 120
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- 31/12/2023- Amendment
- 06/11/2023
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Valid from 31/12/2023
Reports by skilled personsU.K.
This section has no associated Explanatory Notes
120(1)This paragraph applies where the Bank has required or could require a person to whom sub-paragraph (2) applies (“the person concerned”) to provide information or produce documents with respect to any matter (“the matter concerned”) under paragraph 119.
(2)This sub-paragraph applies to—
(a)a CCP,
(b)a member of a CCP’s group, or
(c)a person who has at any relevant time been a person falling within paragraph (a) or (b),
who is, or was at the relevant time, carrying on a business.
(3)The Bank may either—
(a)by notice in writing given to the person concerned, require that person to provide the Bank with a report on the matter concerned, or
(b)itself appoint a person to provide the Bank with a report on the matter concerned.
(4)When acting under sub-paragraph (3)(a), the Bank may require the report to be in such form as may be specified in the notice.
(5)The Bank must give notice of an appointment under sub-paragraph (3)(b) to the person concerned.
(6)The person appointed to make a report—
(a)must be a person appearing to the Bank to have the skills necessary to make a report on the matter concerned, and
(b)where the appointment is to be made by the person concerned, must be a person nominated or approved by the Bank.
(7)It is the duty of—
(a)the person concerned, and
(b)any person who is providing (or who has at any time provided) services to the person concerned in relation to the matter concerned,
to give the person appointed to prepare a report all such assistance as the appointed person may reasonably require.
(8)The obligation imposed by sub-paragraph (7) is enforceable, on the application of the Bank, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
(9)The Bank may, in relation to an appointment under sub-paragraph (3)(b), require a CCP to pay to the Bank a fee to cover the expenses incurred by the Bank in relation to the appointment.
Commencement Information
I1Sch. 11 para. 120 not in force at Royal Assent, see s. 86(3)
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