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15.—(1) Paragraph (2) applies if, before the commencement date—
(a)(i)the Authority—
(aa)gave notice to an authorised person or person connected with an authorised person (a “connected person”) under section 165(1) (Authority’s power to require information: authorised persons etc) requiring the provision of information or the production of documents, or
(bb)required a third person to produce a document under section 175(2) (information and documents: supplemental provisions); or
(ii)an officer of the Authority required an authorised person under section 165(3) to provide information or documents; and
(b)the information was not provided or the documents were not produced.
(2) The FCA may, with the consent of the PRA, make an election in relation to the notice or requirement.
(3) If the FCA makes an election in relation to the notice or the requirement—
(a)where the requirement was imposed under section 165(3), the requirement is to be treated as if it had been imposed—
(i)by an officer of the PRA who has written authorisation from the PRA; and
(ii)also by an officer of the FCA who has written authorisation from the FCA if, in the election, the FCA makes a statement to that effect; and
(b)in any other case, the notice or the requirement is to be treated as if it had been given or imposed—
(i)by the PRA, requiring the person to whom the notice was given to provide the information or to produce the documents to the PRA; and
(ii)by the FCA, requiring the person to whom the notice was given to provide the information or to produce the documents also to the FCA if, in the election, the FCA makes a statement to that effect.
(4) An election under paragraph (2) must—
(a)be in writing;
(b)specify the notice or requirement to which it relates;
(c)include a statement as to whether the requirement or notice is to be treated as if it had been given by—
(i)the PRA alone;
(ii)an officer of the PRA alone;
(iii)both the FCA and the PRA; or
(iv)both an officer of the FCA and an officer of the PRA; and
(d)be made within the period of 45 days which begins on the commencement date.
(5) If the requirement was imposed under the section 165(3), the election must also specify an officer of the PRA and, where a statement is made in compliance with paragraph (4)(c)(iv), an officer of the FCA to whom the information or documents are to be provided.
(6) The FCA must send a copy of the election to—
(a)the authorised person, the connected person or the third person (as the case may be); and
(b)the PRA.
Section 165 is amended by the 2012 Act, Schedule 12, paragraph 1.
Section 175 is amended by the 2012 Act, Schedule 12, paragraph 13.
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