The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019

Reporting of infringements

28.  After section 97 (appointment by FCA of persons to carry out investigations) insert—

“Reporting of infringements

97A.— (1) This section applies to a person—

(a) who is the employer of any employees, and

(b) who—

(i) provides regulated financial services,

(ii) carries on regulated activities in reliance on the exemption in section 327, or

(iii) is a recognised investment exchange, a recognised clearing house, a recognised CSD, an EEA central counterparty or a third country central counterparty.

(2) The person must have in place appropriate internal procedures for the person’s employees to report, through an independent channel, contraventions and potential contraventions of—

(a) the prospectus regulation, or

(b) any directly applicable EU regulation made under the prospectus regulation.

(3) In this section—

“employer” and “employee” have the same meaning given in section 230(1) to (5) of the Employment Rights Act 1996(1);

“regulated financial services” has the meaning given by section 1H.”.

(1)

1996 c. 18.