Legalize / United Kingdom / Public General Act

Financial Services and Markets Act 2000

Type Public General Act

Publication 2000-06-14

Last updated 2026-09-05

State In force

Department Statute Law Database

Source legislation.gov.uk

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articles Not indexed

An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.

Reform history JSON API

(2) The imposition or variation of the requirement may be expressed to take effect immediately, or on a specified date, only if the FCA reasonably considers that it is necessary for it to take effect immediately or on that date, having regard to the ground on which it is exercising its power under section 143K(2).

(3) If the FCA—

(a) proposes to exercise its power under section 143K(2) so as to impose a requirement on a parent undertaking or to vary a requirement imposed on a parent undertaking, or

(b) exercises that power so as to impose a requirement on a parent undertaking, or to vary a requirement imposed on a parent undertaking, with immediate effect,

it must give the parent undertaking a written notice.

(4) The notice must—

(a) give details of the requirement or its variation,

(b) state the FCA's reasons for imposing or varying the requirement,

(c) inform the parent undertaking that it may make representations to the FCA within the period specified in the notice (whether or not the parent undertaking has referred the matter to the Tribunal),

(d) inform the parent undertaking of when the imposition or variation of the requirement takes effect, and

(e) inform the parent undertaking of its right to refer the matter to the Tribunal.

(5) The FCA may extend the period allowed under the notice for making representations.

(6) If, having considered any representations made by the parent undertaking, the FCA decides—

(a) to impose the requirement or vary the requirement in the way proposed, or

(b) if the requirement has been imposed or varied, not to rescind its imposition or variation,

it must give the parent undertaking a written notice.

(7) A notice under subsection (6) must inform the parent undertaking of its right to refer the matter to the Tribunal.

(8) If, having considered any representations made by the parent undertaking, the FCA decides—

(a) not to impose the requirement or vary the requirement in the way proposed,

(b) to impose a different requirement or vary the requirement in a different way, or

it must give the parent undertaking a written notice.

(9) A notice under subsection (8)(b) must comply with subsection (4).

(10) If a notice under this section informs a person of the person's right to refer a matter to the Tribunal, it must give an indication of the procedure for such a reference.

(11) For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).

Right to refer matters to the Tribunal

143P

(1) An applicant who is aggrieved by the determination of an application under section 143K(1) may refer the matter to the Tribunal.

(2) A parent undertaking aggrieved by the exercise by the FCA of its power under section 143K(2) to impose a requirement on the parent undertaking, or vary a requirement imposed on the parent undertaking, may refer the matter to the Tribunal.

Assets requirements

143Q

(1) This section makes provision about a requirement imposed on a non-authorised parent undertaking of an FCA investment firm (“N”) under section 143K—

(a) prohibiting the disposal of, or other dealing with, any of N's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings, or

(b) requiring that some or all of N's assets, or some or all assets belonging to consumers (as defined in section 1G) but held by N or to N's order, must be transferred to and held by a trustee approved by the FCA.

(2) If the FCA—

(a) imposes a requirement described in subsection (1)(a), and

(b) gives notice of the requirement to an institution with whom N keeps an account,

the notice has the effects set out in subsection (3).

(3) Those effects are that—

(a) the institution does not act in breach of a contract with N if, having been instructed by N (or on N's behalf) to transfer a sum or otherwise make a payment out of N's account, it refuses to do so in the reasonably held belief that complying with the instruction would be incompatible with the requirement, and

(b) if the institution complies with such an instruction, it is liable to pay to the FCA an amount equal to the amount transferred from, or otherwise paid out of, N's account in contravention of the requirement.

(4) If the FCA imposes a requirement described in subsection (1)(b), no assets held by a person as trustee in accordance with the requirement may, while the requirement is in force, be released or dealt with except with the consent of the FCA.

(5) If, while a requirement described in subsection (1)(b) is in force, N creates a charge over any assets of N held in accordance with the requirement, the charge is (to the extent that it confers security over the assets) void against the liquidator and N's creditors.

(6) Assets held by a person as trustee are to be taken to be held by the trustee in accordance with a requirement mentioned in subsection (1)(b) only if—

(a) N has given the trustee a written notice that those assets are to be held by the trustee in accordance with the requirement, or

(b) they are assets into which assets to which paragraph (a) applies have been transposed by the trustee on the instruction of N.

(7) A person who contravenes subsection (4) commits an offence and is liable—

(a) on summary conviction in England and Wales, to a fine;

(b) on summary conviction in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.

(8) In this section, references to imposing a requirement (however expressed) include imposing a requirement by varying an existing requirement.

(9) In this paragraph, “charge” includes a mortgage (or, in Scotland, a security over property).

(10) Subsections (4) and (6) do not affect any equitable interest or remedy in favour of a person who is a beneficiary of a trust as a result of a requirement described in subsection (1)(b).

Control of managers etc of non-authorised parent undertakings

Managers of non-authorised parent undertakings

143R

A non-authorised parent undertaking of an FCA investment firm must take reasonable care to ensure that members of its management body—

(a) are of sufficiently good repute, and

(b) possess sufficient knowledge, skills and experience to perform their duties effectively.

Part 9C prohibition orders

143S

(1) Subsection (2) applies where it appears to the FCA that an individual—

(a) is not of sufficiently good repute, or

(b) does not possess sufficient knowledge, skills and experience,

to perform a function in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm.

(2) The FCA may make an order (“a Part 9C prohibition order”) prohibiting the individual from performing the function.

(3) A Part 9C prohibition order may relate to—

(a) all functions in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm, or

(b) a function specified in the order or of a description specified in the order.

(4) A Part 9C prohibition order may relate to—

(a) all activities of a non-authorised parent undertaking of an FCA investment firm, or

(b) an activity specified in the order or of a description specified in the order.

(5) A Part 9C prohibition order may relate to—

(a) all non-authorised parent undertakings of FCA investment firms, or

(b) an undertaking specified, or within a description specified, in the order.

(6) A non-authorised parent undertaking of an FCA investment firm must take reasonable care to ensure that none of its functions is performed by a person who is prohibited from performing that function by a Part 9C prohibition order.

Procedure for making a Part 9C prohibition order

143T

(1) If the FCA proposes to make a Part 9C prohibition order it must give the individual to whom the order would apply a warning notice.

(2) The warning notice must set out the terms of the prohibition.

(3) If the FCA decides to make a Part 9C prohibition order it must give the individual to whom the order applies a decision notice.

(4) The decision notice must—

(a) name the individual to whom the Part 9C prohibition order applies, and

(b) set out the terms of the order.

(5) If the FCA decides to make a Part 9C prohibition order, the individual to whom the order applies may refer the matter to the Tribunal.

Varying and withdrawing a Part 9C prohibition order

143U

(1) The FCA may vary or revoke a Part 9C prohibition order on the application of the individual named in the order.

(2) On an application for the variation or revocation of a Part 9C prohibition order—

(a) if the FCA decides to grant the application, it must give the applicant written notice of its decision,

(b) if the FCA proposes to refuse the application, it must give the applicant a warning notice, and

(3) If the FCA gives the applicant a decision notice under subsection (2)(c), the applicant may refer the matter to the Tribunal.

Offence of breaching a Part 9C prohibition order

143V

(1) An individual who performs a function, or agrees to perform a function, in breach of a Part 9C prohibition order commits an offence.

(2) An individual who commits an offence under this section is liable—

(a) on summary conviction in England and Wales, to a fine, and

(b) on summary conviction in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.

(3) In proceedings for an offence under this section, it is a defence for the individual to show that they took all reasonable precautions and exercised all due diligence to avoid committing the offence.

Disciplinary measures for non-authorised parent undertakings

Disciplinary measures

143W

(1) This section applies if the FCA is satisfied that a non-authorised parent undertaking of an FCA investment firm has contravened—

(a) a provision of Part 9C rules,

(b) a requirement imposed under section 143K,

(d) section 143S(6).

(2) The FCA may impose a penalty of such amount as it considers appropriate on any of the following—

(a) the non-authorised parent undertaking;

(b) a person who was knowingly concerned in the contravention.

(3) The FCA may (instead of or in addition to imposing a penalty under subsection (2)) publish a statement to the effect that the person has contravened, or been knowingly concerned in a contravention of, a provision of Part 9C rules.

(4) Subsection (5) applies to—

(a) a member of the management body of the non-authorised parent undertaking, or

(b) a person not falling within paragraph (a) who is an employee of the non-authorised parent undertaking,

who was, at any time, knowingly concerned in the contravention.

(5) The FCA may impose, for such period as it considers appropriate, restrictions (including a ban) on the exercise by the person of functions of an FCA investment firm or a parent undertaking of an FCA investment firm.

(6) The FCA may—

(a) vary a restriction imposed under subsection (5) so as to reduce the period for which it has effect or otherwise to limit its effect, or

(b) cancel the restriction.

(7) The FCA may not take action against a person under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the person under section 143X.

(8) In subsection (7), “the limitation period” means the period of six years beginning with the first day on which the FCA knew of the contravention.

(9) For the purpose of subsection (8), the FCA is to be treated as knowing of a contravention if it has information from which the contravention can reasonably be inferred.

(10) In this section, “management body” means the board of directors or, if there is no such board, the equivalent body responsible for the management of the undertaking concerned.

(11) The reference in subsection (4) to an employee of a person (“P”) includes a person who—

(a) personally provides, or is under an obligation personally to provide, services to P under an arrangement made between P and the person providing the services or another person, and

(b) is subject to (or to the right of) supervision, direction or control by P as to the manner in which those services are provided.

Procedure for disciplinary measures

143X

(1) If the FCA proposes to take action against a person under section 143W(2), (3) or (5) it must give the person a warning notice.

(2) A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3) A warning notice about a proposal to publish a statement must set out the terms of the statement.

(4) A warning notice about a proposal to impose a restriction under section 143W(5) must state—

(a) the terms of the restriction, and

(b) the period for which the restriction is to have effect.

(5) If the FCA decides to take action against a person under section 143W(2), (3) or (5) it must give the person a decision notice.

(6) A decision notice about the imposition of a penalty must state the amount of the penalty.

(7) A decision notice about the publication of a statement must state the terms of the statement.

(8) After the statement is published, the FCA must send a copy of the statement to—

(a) the person in respect of whom it is made, and

(b) any person to whom a copy of the decision notice was given under section 393(4).

(9) A decision notice about the imposition of a restriction under section 143W(5) must state—

(a) the terms of the restriction, and

(b) the period for which the restriction is to have effect.

(10) If the FCA decides to take action against a person under section 143W(2), (3) or (5), the person may refer the matter to the Tribunal.

(11) If the FCA decides to vary or cancel a restriction under section 143W(6), it must give written notice of its decision to the applicant.

Statement of policy for penalties under section 143W

143Y

(1) The FCA must prepare and issue a statement of policy with respect to—

(a) the imposition of penalties under section 143W, and

(b) the amount of penalties under that section.

(2) The FCA's policy in determining what the amount of a penalty should be must include having regard to—

(a) the seriousness of the contravention,

(b) the extent to which the contravention was deliberate or reckless, and

(3) The FCA may at any time alter or replace a statement issued under this section.

(4) If a statement issued under this section is altered or replaced, the FCA must issue the altered or replacement statement.

(5) In exercising, or deciding whether to exercise, a power under section 143W(2) in the case of any particular contravention, the FCA must have regard to any statement of policy published under this section and in force at a time when the contravention occurred.

(6) A statement under this section must be published by the FCA in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

(7) The FCA must, without delay, give the Treasury a copy of any statement which it publishes under this section.

(8) The FCA may charge a reasonable fee for providing a person with a copy of a statement published under this section.

Procedure for statement of policy

143Z

(1) Before issuing a statement of policy under section 143Y, the FCA must publish a draft of the proposed statement in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

(2) The draft must be accompanied by notice that representations about the proposal may be made to the FCA within a specified time.

(3) Before issuing the proposed statement, the FCA must have regard to any representations made to it in accordance with subsection (2).

(4) If the FCA issues the proposed statement, it must publish an account in general terms of—

(a) the representations made to it in accordance with subsection (2), and

(b) its response to them.

(5) If the statement differs from the draft published under subsection (1) in a way which is, in the FCA's opinion, significant, the FCA must publish details of the difference (in addition to complying with subsection (4)).

(6) The FCA may charge a reasonable fee for providing a person with a copy of a draft published under subsection (1).

(7) This section also applies to a proposal to alter or replace a statement.

PART 9D — Prudential regulation of credit institutions etc

Interpretation

CRR rules

144A

(1) In this Act, “CRR rules” means rules of a type described in subsection (2) to the extent that they make provision about a matter described in subsection (3).

(2) The types of rules are—

(a) general rules made, or to be made, by the PRA applying to CRR firms or a description of CRR firm;

(b) rules made, or to be made, under section 192XA.

(3) The matters are any matter that is the subject of—

(a) a relevant provision of the capital requirements regulation, or

(b) a CRR Basel standard.

(4) For the purposes of subsection (3)(a), a provision is “relevant” if—

(a) it has been or may be revoked by regulations made under section 3(1) of the Financial Services Act 2021, ...

(b) it has been revoked by regulations made under section 3(3) or (5) of that Act , or

(5) In subsection (3)—

(a) the reference to a matter that is the subject of a provision of the capital requirements regulation includes a matter that is the subject of an instrument made under the provision, and

(b) the reference to a matter that is the subject of a CRR Basel standard includes such a matter as it relates to any CRR firm (even where the standard in question does not apply to all CRR firms).

Terms used in this Part

144B

(1) In this Part—

“CRR Basel standard” has the meaning given in section 4 of the Financial Services Act 2021;

“CRR firm” has the same meaning as in the capital requirements regulation;

“EU tertiary legislation” has the meaning given in section 20 of the European Union (Withdrawal) Act 2018.

(2) In this Part, references to instruments made under the capital requirements regulation include EU tertiary legislation made under that regulation which forms part of assimilated law.

Making CRR rules

Matters to consider when making CRR rules

144C

(1) When making CRR rules, the PRA must, among other things, have regard to—

(a) relevant standards recommended by the Basel Committee on Banking Supervision from time to time,

(b) the likely effect of the rules on the relative standing of the United Kingdom as a place for internationally active credit institutions and investment firms to be based or to carry on activities,

(c) the likely effect of the rules on the ability of CRR firms to continue to provide finance to businesses and consumers in the United Kingdom on a sustainable basis in the medium and long term,

(d) the target in section 1 of the Climate Change Act 2008 (carbon target for 2050), and

(e) any other matter specified by the Treasury by regulations.

(2) For the purposes of subsection (1)(b), the PRA must consider the United Kingdom's standing in relation to the other countries and territories in which, in its opinion, internationally active credit institutions and investment firms are most likely to choose to be based or carry on activities.

(3) When making CRR rules, the PRA must consider, and consult the Treasury about, the likely effect of the rules on relevant equivalence decisions.

(4) For the purpose of this section, an equivalence decision is “relevant” if the Treasury have, by notice in writing, informed the PRA that it is relevant for that purpose.

(5) In this section—

“consumer” means an individual who is acting for purposes outside those of any trade, business or profession carried on by the individual;

“equivalence decision” means a decision as to whether the law and practice of one country or territory is equivalent to the law and practice of another country or territory, either generally or as it relates to a particular matter;

“territory” includes the European Union and any other international organisation or authority comprising countries or territories.

(6) This section is subject to section 144E.

Explanation to accompany consultation on CRR rules

144D

(1) A draft of proposed CRR rules published in accordance with section 138J(1)(b) must be accompanied by an explanation of the ways in which having regard to the matters specified in or under section 144C(1) has affected the proposed rules (as well as being accompanied by the information listed in section 138J(2)).

(2) If the PRA makes the proposed CRR rules, it must publish—

(a) a summary of the purpose of the proposed rules, and

(b) an explanation complying with subsection (1),

(as well as the information required by section 138J(4) and (5)).

(3) This section is subject to section 144E.

Exceptions from sections 144C and 144D etc

144E

(1) Sections 144C and 144D do not apply where the PRA makes CRR rules—

(a) in order to comply with a direction given by the Financial Policy Committee of the Bank of England under section 9H of the Bank of England Act 1998 (directions requiring macro-prudential measures), or

(b) in order to act in accordance with a recommendation made by that Committee under section 9Q of that Act (recommendations about the exercise of the PRA's functions).

(2) Section 144C does not apply where the PRA makes CRR rules to the extent that they make provision (“CRR restatement provision”) reproducing without any changes which, in the PRA's opinion, are material—

(a) a provision of the capital requirements regulation as it had effect immediately before it was revoked by regulations made under section 3 of the Financial Services Act 2021, or

(b) a provision of an instrument made under the capital requirements regulation as it had effect immediately before it was revoked by such regulations.

(3) The following do not apply in relation to CRR rules to the extent that they make CRR restatement provision—

(a) section 138J, other than subsection (1)(a),

(b) section 138K, and

but, if it makes rules making such provision, the PRA must publish a statement of which provisions of the capital requirements regulation, or of the instrument made under that regulation, are reproduced and what changes (if any) are made.

(4) Section 144D does not apply in relation to CRR rules if the PRA considers that the delay involved in complying with that section would be prejudicial to the safety and soundness of PRA-authorised persons.

(5) If the PRA proposes CRR rules that change existing CRR rules and the changes consist of or include changes which, in the PRA's opinion, are not material—

(a) the explanation described in section 144D(1) is not required in relation to the rules to the extent that they make those changes, but

(b) the draft of the rules must be accompanied by a statement of the PRA's opinion.

(6) If the PRA makes CRR rules that change existing CRR rules and the changes consist of or include changes which, in the PRA's opinion, are not material—

(a) the summary and explanation described in section 144D(2) are not required in relation to the rules to the extent that they make those changes, but

(b) the PRA must publish a statement of its opinion.

(7) For the purposes of this section, whether a change is material is to be determined by the PRA by reference to, among other things, the matters specified in or under section 144C(1).

Power to consequentially amend enactments

144F

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Content of CRR rules

Disapplication or modification of CRR rules in individual cases

144G

(1) This section applies to a CRR rule if, or to the extent that, CRR rules provide for it to apply to the rule.

(2) The PRA may, on the application of or with the consent of a person who is subject to CRR rules, give the person a permission that enables the person—

(a) not to apply the CRR rule, or

(b) to apply the CRR rule with the modifications specified in the permission.

(3) The PRA may—

(a) give permission under this section subject to conditions, and

(b) revoke or vary permission under this section.

Relationship with the capital requirements regulation

144H

(1) CRR rules may make provision by reference to the capital requirements regulation, to an instrument made under the capital requirements regulation or to Directive 2013/36/EU UK law, as amended from time to time.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In this section, “Directive 2013/36/EU UK law” means the law of the United Kingdom which was relied on immediately before 1 January 2022 to implement the capital requirements directive and its implementing measures as it has effect—

(a) on IP completion day, in the case of rules made by the PRA or the FCA under this Act, and

(b) as amended from time to time, in all other cases.

Part X — Rules and Guidance

Chapter I — Rule-making Powers

General rule-making power.

138

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Miscellaneous ancillary matters.

139

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General rules about remuneration

139A

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Rules about recovery plans

139B

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Rules about resolution plans

139C

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Sections 139B and 139C: interpretation

139D

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Rules about recovery and resolution plans: supplementary provision

139E

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Special provision in relation to resolution plans

139F

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Restriction on managers of certain collective investment schemes.

140

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Insurance business rules.

141

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Insurance business: regulations supplementing Authority’s rules.

142

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Endorsement of codes etc.

143

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Specific rules

Price stabilising rules.

144

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Financial promotion rules.

145

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Money laundering rules.

146

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Control of information rules.

147

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Modification or waiver

Modification or waiver of rules.

148

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Contravention of rules

Evidential provisions.

149

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Actions for damages.

150

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Limits on effect of contravening rules.

151

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Procedural provisions

Notification of rules to the Treasury.

152

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Rule-making instruments.

153

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Verification of rules.

154

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Consultation.

155

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General supplementary powers.

156

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Chapter II — Guidance

Guidance.

157

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Notification of guidance to the Treasury.

158

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Guidance on outsourcing by investment firms and credit institutions

158A

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Chapter III — Competition Scrutiny

Interpretation.

159

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Reports by OFT.

160

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Power of OFT to request information.

161

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Consideration by Competition Commission.

162

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Role of the Treasury.

163

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The Competition Act 1998.

164

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Part XI — Information Gathering and Investigations

Powers to gather information

Regulators power to require information : authorised persons etc.

165

(1) Either regulator may, by notice in writing given to an authorised person, require him—

(a) to provide specified information or information of a specified description; or

(b) to produce specified documents or documents of a specified description.

(2) The information or documents must be provided or produced—

(a) before the end of such reasonable period as may be specified; and

(b) at such place as may be specified.

(3) An officer who has written authorisation from the regulator to do so may require an authorised person without delay—

(a) to provide the officer with specified information or information of a specified description; or

(b) to produce to him specified documents or documents of a specified description.

(4) This section applies only to

(a) information and documents reasonably required in connection with the exercise by either regulator of functions conferred on it by or under this Act , and

(b) in relation to the exercise by the PRA of the powers conferred by subsections (1) and (3), information and documents reasonably required by the Bank of England in connection with the exercise by the Bank of its functions in pursuance of its financial stability objective.

(5) The regulator in question may require any information provided under this section to be provided in such form as it may reasonably require.

(6) The regulator in question may require—

(a) any information provided, whether in a document or otherwise, to be verified in such manner, or

(b) any document produced to be authenticated in such manner,

as it may reasonably require.

(7) The powers conferred by subsections (1) and (3) may also be exercised—

(a) by either regulator, to impose requirements on a person who is connected with an authorised person;

(aa) by the FCA, to impose requirements on a person who is or has been subject to a relevant Part 5A requirement;

(b) by the FCA, to impose requirements on an operator, trustee or depositary of a scheme recognised under section ... 271A or 272 who is not an authorised person;

(d) by the FCA, to impose requirements on a person who is connected with a recognised investment exchange.

(da) by the FCA, to impose requirements on a person who provides, or has provided, a service to an FCA investment firm or to a relevant parent undertaking of such a firm;

(e) by either regulator, to impose requirements on a person who provides any service to an insurance undertaking or reinsurance undertaking.

(7A) For the purposes of the exercise by virtue of subsection (7)(aa) of the powers conferred by subsections (1) and (3) in relation to a person who is not an authorised person, the reference in subsection (4)(a) to functions conferred by or under this Act is to be read as referring only to functions so conferred which relate to the carrying on of a designated activity.

(8) “Authorised person” includes a person who was at any time an authorised person but who has ceased to be an authorised person.

(8A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) “Officer” means an officer of the regulator exercising the power and includes a member of that regulator's staff or an agent of that regulator.

(10) “Specified” means—

(a) in subsections (1) and (2), specified in the notice; and

(b) in subsection (3), specified in the authorisation.

(11) For the purposes of this section, a person is connected with another person (“A”) if he is or has at any relevant time been—

(a) a member of A’s group;

(b) a controller of A;

(d) in relation to A, a person mentioned in Part I of Schedule 15 (reading references in that Part to the authorised person as references to A); or

(e) involved in the administration of any trust arrangement relating to a funeral plan contract entered into or carried out by A.

(12) In subsection (7)(b), the reference to a scheme that is recognised includes a scheme a part of which is recognised.

(13) In this section, “funeral plan contract” has the same meaning as in article 59(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

PRA's power to require information: financial stability

165A

(1) The PRA may, by notice in writing given to a person to whom this section applies, require the person—

(a) to provide specified information or information of a specified description; or

(b) to produce specified documents or documents of a specified description.

(2) This section applies to—

(a) a person who has a legal or beneficial interest in any of the assets of a relevant investment fund;

(b) a person who is responsible for the management of a relevant investment fund;

(d) a person prescribed by an order made by the Treasury or any person of a description prescribed by such an order (and see also section 165C);

(e) a person who is connected with a person to whom this section applies as a result of any of the above paragraphs.

(3) This section applies only to

(a) information and documents that the PRA considers are, or might be, relevant to the stability of one or more aspects of the UK financial system , and

(b) information and documents reasonably required by the Bank of England in connection with the exercise by the Bank of its functions in pursuance of its financial stability objective.

(4) A notice may be given to a service provider, or to a person who is connected with a service provider, only if the PRA considers that—

(a) the service or the way in which it (or any part of it) is provided, or

(b) any failure to provide the service (or any part of it),

poses, or would be likely to pose, a serious threat to the stability of the UK financial system.

(5) Information or documents required under this section must be provided or produced—

(a) before the end of such reasonable period as may be specified; and

(b) at such place as may be specified.

(6) The PRA may require any information provided under this section to be provided in such form as it may reasonably require.

(7) The PRA may require—

(a) any information provided, whether in a document or otherwise, to be verified in such manner as it may reasonably require; or

(b) any document produced to be authenticated in such manner as it may reasonably require.

(7A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) In this section—

“management” includes any of the activities listed in Schedule 6 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

“relevant investment fund” means an investment fund whose assets consist of or include financial instruments which—are traded in the United Kingdom; orwere issued by a body incorporated in the United Kingdom;

“service” includes facility;

“specified” means specified in the notice.

(9) For the purposes of the definition of “relevant investment fund”—

(a) arrangements may constitute an investment fund even if there is only one person participating in the arrangements; and

(b) the reference to financial instruments has the same meaning as in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (see article 3(1) of that Order).

(10) For the purposes of this section a person is connected with another person (“A”) if the person is or has at any relevant time been—

(a) a member of A's group;

(b) a controller of A;

(d) in relation to A, a person mentioned in Part 1 of Schedule 15 (reading references in that Part to the authorised person as references to A).

Safeguards etc in relation to exercise of power under section 165A

165B

(1) If the PRA proposes to impose a requirement on a person under section 165A, it must give the person a notice in writing warning the person that the PRA is proposing to impose the requirement.

(2) The notice under subsection (1) must—

(a) give the PRA's reasons for proposing to impose the requirement; and

(b) specify a reasonable period within which the person may make representations to the PRA.

(3) The PRA must then decide, within a reasonable period, whether to impose the requirement.

(4) Subsections (1) to (3) do not apply in any case where the PRA is satisfied that it is necessary for the information or documents to be provided or produced without delay.

(5) If the PRA imposes a requirement on a person under section 165A, the notice under that section must give the PRA's reasons for imposing the requirement.

(6) The PRA must prepare a statement of its policy with respect to the exercise of the power conferred by section 165A.

(7) The statement requires the approval of the Treasury.

(8) If the Treasury approve the statement, the PRA must publish it.

(9) The power conferred by section 165A may not be exercised before the statement has been published.

Orders under section 165A(2)(d)

165C

(1) The Treasury may make an order under section 165A(2)(d) only if either or both of the following conditions is met in relation to the provision made by the order.

(1A) Condition A is that the Treasury consider that—

(a) the activities carried on by the prescribed person or persons of the prescribed description, or the way in which those activities (or any part of them) are carried on, or

(b) any failure to carry on those activities (or any part of them),

pose, or would be likely to pose, a serious threat to the stability of the UK financial system.

(1B) Condition B is that the provision implements all or part of a recommendation made by the Financial Policy Committee of the Bank of England under section 9P of the Bank of England Act 1998.

(2) Subject as follows, an order under section 165A(2)(d) may not be made unless a draft of the order has been laid before, and approved by a resolution of, each House of Parliament.

(3) Subsection (2) does not apply in any case where the Treasury are satisfied that it is necessary to make an order under section 165A(2)(d) without laying a draft for approval.

(4) In that case, the order—

(a) must be laid before Parliament after being made; and

(b) ceases to have effect at the end of the relevant period unless before the end of that period it is approved by a resolution of each House of Parliament.

(5) If an order ceases to have effect as a result of subsection (4)(b) that does not affect—

(a) anything done under it; or

(b) the power to make a new one.

(6) “Relevant period” means a period of 28 days beginning with the day on which the order is made.

(7) In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.

(8) If a statutory instrument containing an order under section 165A(2)(d) would, apart from this subsection, be treated as a hybrid instrument for the purposes of the Standing Orders of either House of Parliament, it is to proceed in that House as if it were not a hybrid instrument.

Reports by skilled persons.

166

(1) This section applies where either regulator has required or could require a person to whom subsection (2) applies (“the person concerned”) to provide information or produce documents with respect to any matter (“the matter concerned”).

(2) This subsection applies to—

(a) an authorised person (“A”),

(b) any other member of A's group,

(d) a person who has at any relevant time been a person falling within paragraph (a), (b) or (c),

who is, or was at the relevant time, carrying on a business.

(3) The regulator mentioned in subsection (1) may either—

(a) by notice in writing given to the person concerned, require the person concerned to provide the regulator with a report on the matter concerned, or

(b) itself appoint a person to provide the regulator with a report on the matter concerned.

(4) When acting under subsection (3)(a), the regulator may require the report to be in such form as may be specified in the notice.

(5) The regulator must give notice of an appointment under subsection (3)(b) to the person concerned.

(6) The person appointed to make a report—

(a) must be a person appearing to the regulator 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 regulator.

(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 subsection (7) is enforceable, on the application of the regulator in question, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(9) A regulator may make rules providing for expenses incurred by it in relation to an appointment under subsection (3)(b) to be payable as a fee by the person concerned.

(10) The powers conferred by this section may also be exercised by the FCA in relation to a person to whom subsection (10A), (11) , (12) or (13) applies, (and references to the person concerned are to be read accordingly).

(10A) This subsection applies to a person who is or has been subject to a relevant Part 5A requirement.

(11) This subsection applies to—

(a) a recognised investment exchange (“A”),

(b) any other member of A's group,

(d) a person who has at any time been a person falling within paragraph (a), (b) or (c),

who is, or was at the relevant time, carrying on a business.

(12) This subsection applies to a person who provides, or has provided, a service to an FCA investment firm or to a relevant parent undertaking of such a firm.

(13) This subsection applies to a person who is or has at any relevant time been involved in the administration of any trust arrangement relating to a funeral plan contract entered into or carried out by an authorised person.

(14) In this section, “funeral plan contract” has the same meaning as in article 59(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

Appointment of skilled person to collect and update information

166A

(1) This section applies if either regulator considers that an authorised person has contravened a requirement in rules made by that regulator to collect, and keep up to date, information of a description specified in the rules.

(2) The regulator may either—

(a) require the authorised person to appoint a skilled person to collect or update the information, or

(b) itself appoint a skilled person to do so.

(3) References in this section to a skilled person are to a person—

(a) appearing to the regulator to have the skills necessary to collect or update the information in question, and

(b) where the appointment is to be made by the authorised person, nominated or approved by the regulator.

(4) The regulator must give notice of an appointment under subsection (2)(b) to the authorised person.

(5) The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question.

(6) A requirement imposed under subsection (5) is enforceable, on the application of the regulator in question, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.

(7) A contractual or other requirement imposed on a person (“P”) to keep any information in confidence does not apply if—

(a) the information is or may be relevant to anything required to be done as a result of this section,

(b) an authorised person or a skilled person requests or requires P to provide the information for the purpose of securing that those things are done, and

(c) the regulator in question has approved the making of the request or the imposition of the requirement before it is made or imposed.

(8) An authorised person may provide information (whether received under subsection (7) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of this section.

(9) A regulator may make rules providing for expenses incurred by it in relation to an appointment under subsection (2)(b) to be payable as a fee by the authorised person.

(9A) The powers conferred by this section may also be exercised by the FCA in relation to a recognised investment exchange (and references to an authorised person are to be read accordingly).

(9B) The powers conferred by this section may also be exercised by the FCA in relation to a person who is or has been subject to a relevant Part 5A requirement (and references to an authorised person are to be read accordingly).

(10) In this section “authorised person”, in relation to the PRA, means PRA-authorised person.

Appointment of investigators

Appointment of persons to carry out general investigations.

167

(1) If it appears to an investigating authority that there is good reason for doing so, the investigating authority may appoint one or more competent persons to conduct an investigation on its behalf into—

(a) the nature, conduct or state of the business of a person to whom subsection (1A) applies or an appointed representative;

(b) a particular aspect of that business; or

(1A) This subsection applies to the following persons—

(a) a recognised investment exchange;

(b) an authorised person;

(d) a person who provides a service to an FCA investment firm or to a relevant parent undertaking of such a firm.

(e) a person on whom a relevant Part 5A requirement is imposed.

(2) If a person appointed under subsection (1) thinks it necessary for the purposes of his investigation, he may also investigate the business of a person who is or has at any relevant time been—

(a) a member of the group of which the person under investigation (“A”) is part; ...

(b) a partnership of which A is a member ; or

(3) If a person appointed under subsection (1) decides to investigate the business of any person under subsection (2) he must give that person written notice of his decision.

(3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4A) The power conferred by this section may be exercised in relation to a person who has at any time been an authorised person or a person described in subsection (1A)(c) , (d) or (e) but only in relation to—

(a) business carried on at any time when the person was an authorised person or a person described in subsection (1A)(c) , (d) or (e), or

(b) the ownership or control of the person at such a time.

(4B) The power conferred by this section may be exercised in relation to a person who has at any time been an appointed representative but only in relation to business carried on at any time when the person was an appointed representative.

(5) “Business” includes any part of a business even if it does not consist of carrying on regulated activities.

(5A) “Investigating authority” means—

(a) in relation to a recognised investment exchange, the Secretary of State or the FCA;

(b) in relation to an authorised person or former authorised person, the FCA or the PRA;

(d) in relation to a person who is, or has at any time been, a person described in subsection (1A)(c) , (d) or (e) who is not an authorised person, the FCA.

(6) References in subsection (1) to a recognised investment exchange do not include references to an overseas investment exchange (as defined by section 313(1)).

Appointment of persons to carry out investigations in particular cases.

168

(1) Subsection (3) applies if it appears to an investigating authority that there are circumstances suggesting that—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) a person may be guilty of an offence under section 122F, 177, 191F, 346 or 398(1) ....

(2) Subsection (3) also applies if it appears to an investigating authority that there are circumstances suggesting that—

(a) an offence under section 24(1) ... or under Part 7 of the Financial Services Act 2012 or under Part V of the Criminal Justice Act 1993 may have been committed;

(b) there may have been a breach of the general prohibition;

(ba) an authorised person may have contravened section 20 in relation to a credit-related regulated activity;

(d) a person has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.

(3) The investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

(4) Subsection (5) applies if it appears to an investigating authority that there are circumstances suggesting that—

(a) a person may have contravened section 20;

(b) a person may be guilty of an offence under prescribed regulations relating to money laundering;

(ba) a person may be guilty of an offence under Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing or money laundering);

(ca) a recognised investment exchange may have contravened the recognition requirements (within the meaning of Part 18) or a rule made by the FCA under section 300H;

(d) an individual may not be a fit and proper person to perform functions in relation to a regulated activity carried on by an authorised or exempt person;

(e) an individual may have performed or agreed to perform a function in breach of a prohibition order;

(f) a person may have failed to comply with section 56(6);

(g) an authorised person may have failed to comply with section 59(1) or (2);

(h) a person in relation to whom a regulator has given its approval under section 59 may not be a fit and proper person to perform the function to which that approval relates; . . .

(ha) a person may have performed a controlled function without approval for the purposes of section 63A;

(i) a person may be guilty of misconduct for the purposes of section 66 ; ...

(iza) a person has effected, or has purported to effect, a unilateral change under subsection (1) of section 117B (unilateral changes by providers of pension schemes), but any of the provisions mentioned in subsection (3) of that section may have been contravened in relation to it;

(ia) a person may have failed to comply with section 143R;

(ib) an individual may have performed or agreed to perform a function in breach of a Part 9C prohibition order;

(ic) a person may have failed to comply with section 143S(6);

(id) a person may have contravened any provision made by or under the Securitisation Regulations 2024;

(j) a person may have contravened any provision made by or under this Act for the purpose of implementing the markets in financial instruments directive ...

(ja) a person may have contravened—

(i) any provision made by or under this Act for the purpose of implementing the alternative investment fund managers directive; ...

(ii) any provision made by the Alternative Investment Fund Managers Regulations 2013; ...

(iii) any provision made by or under this Act for the purpose of implementing the UCITS Directive; or

(iv) any provision made by the Undertakings for Collective Investment in Transferable Securities Regulations 2011; ....

(jb) a person may have contravened—

(i) any provision made by or under this Act for the purposes of the market abuse regulation; or

(ii) a requirement imposed on that person under sections 122A to 122C, 122G to 122I, 123A or 123B;

(jc) a person may have been knowingly concerned in the contravention of—

(i) a provision of the market abuse regulation other than Article 14 (prohibition of insider dealing) or 15 (prohibition of market manipulation) of that regulation; or

(ii) any assimilated direct legislation originally made under the market abuse regulation or any subordinate legislation (within the meaning of the Interpretation Act 1978) made on or after IP completion day under the market abuse regulation; or

(k) a person may have contravened a qualifying provision that is specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

(4A) Subsection (5) applies if it appears to the investigating authority that there are circumstances suggesting that—

(a) an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;

(b) an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;

(d) a relevant recognised body may have failed to comply with section 309G(1);

(e) a person in relation to whom the FCA has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;

(f) a person may have performed a designated senior management function without approval under section 309G (see section 309U(3));

(g) a person may be guilty of misconduct for the purposes of section 309Z2.

(4B) Subsection (5) also applies if it appears to the investigating authority that there are circumstances suggesting that a person may have contravened a relevant Part 5A requirement.

(5) The investigating authority may appoint one or more competent persons to conduct an investigation on its behalf.

(6) Investigating authority” means—

(a) in subsections (1) to (3), the FCA, the PRA or the Secretary of State;

(b) in subsections (4) and (5), the FCA or the PRA.

(7) “Relevant recognised body” has the same meaning as in Chapter 2A of Part 18 (see section 309A).

Assistance to overseas regulators

Investigations etc. in support of overseas regulator.

169

(1) At the request of an overseas regulator, a regulator may—

(a) exercise the power conferred by section 165; or

(b) appoint one or more competent persons to investigate any matter.

(2) An investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (1) of that section).

(2A) But where the investigator is—

(a) appointed by the FCA, and

(b) the appointment is in response to a request to the FCA to investigate a possible contravention by a person of Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation,

the investigator has the same powers as an investigator appointed under section 168(3) (as a result of subsection (2) of that section).

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In deciding whether or not to exercise its investigative power, the 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;

(d) whether it is otherwise appropriate in the public interest to give the assistance sought.

(5) The regulator may decide that it will not exercise its investigative power unless the overseas regulator undertakes to make such contribution towards the cost of its exercise as the regulator considers appropriate.

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) If a regulator has appointed an investigator in response to a request from an overseas regulator, it may direct the investigator to permit a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation.

(8) A direction under subsection (7) is not to be given unless the regulator is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those contained in Part XXIII.

(9) Each regulator must prepare a statement of its policy with respect to the conduct of interviews in relation to which a direction under subsection (7) has been given.

(10) The statement requires the approval of the Treasury.

(11) If the Treasury approve the statement, the regulator must publish it.

(12) No direction may be given under subsection (7) before the statement has been published.

(13) “Overseas regulator” has the same meaning as in section 195.

(14) “Investigative power” means one of the powers mentioned in subsection (1).

(15) “Investigator” means a person appointed under subsection (1)(b).

Support of overseas regulator with respect to financial stability

169A

(1) At the request of an overseas regulator, the PRA may exercise a corresponding section 165A power.

(2) An “overseas regulator” means an authority in a country or territory outside the United Kingdom which exercises functions with respect to the stability of the financial system operating in that country or territory.

(3) A “corresponding section 165A power” means a power corresponding to the one conferred by section 165A, but reading references in that section to the stability of the UK financial system as references to the stability of the financial system operating in the country or territory of the overseas regulator.

(4) The following provisions apply in relation to the exercise of the corresponding section 165A power—

(a) section 165B(1) to (5); and

(b) section 169(4)(a) and (d) and (5).

(5) In this section “the financial system” includes—

(a) financial markets and exchanges;

(b) activities that would be regulated activities if carried on in the United Kingdom; and

Conduct of investigations

Investigations: general.

170

(1) This section applies if an investigating authority appoints one or more competent persons (“investigators”) under section 167 or 168(3) or (5) to conduct an investigation on its behalf.

(2) The investigating authority must give written notice of the appointment of an investigator to the person who is the subject of the investigation (“the person under investigation”).

(3) Subsections (2) and (9) do not apply if —

(a) the investigator is appointed as a result of section 168(1) , (4) or (4B) and the investigating authority believes that the notice required by subsection (2) or (9) would be likely to result in the investigation being frustrated; or

(b) the investigator is appointed as a result of subsection (2) of section 168.

(4) A notice under subsection (2) must—

(a) specify the provisions under which, and as a result of which, the investigator was appointed; and

(b) state the reason for his appointment.

(5) Nothing prevents the investigating authority from appointing a person who is a member of its staff as an investigator.

(6) An investigator must make a report of his investigation to the investigating authority.

(7) The investigating authority may, by a direction to an investigator, control—

(a) the scope of the investigation;

(b) the period during which the investigation is to be conducted;

(d) the reporting of the investigation.

(8) A direction may, in particular—

(a) confine the investigation to particular matters;

(b) extend the investigation to additional matters;

(c) require the investigator to discontinue the investigation or to take only such steps as are specified in the direction;

(d) require the investigator to make such interim reports as are so specified.

(9) If there is a change in the scope or conduct of the investigation and, in the opinion of the investigating authority, the person subject to investigation is likely to be significantly prejudiced by not being made aware of it, that person must be given written notice of the change.

(10) “Investigating authority”, in relation to an investigator, means—

(a) the FCA, if the FCA appointed the investigator;

(aa) the PRA, if the PRA appointed the investigator;

(b) the Secretary of State, if the Secretary of State appointed the investigator.

Powers of persons appointed under section 167.

171

(1) An investigator may require a person to whom subsection (1A) applies—

(a) to attend before the investigator at a specified time and place and answer questions; or

(b) otherwise to provide such information as the investigator may require.

(1A) This subsection applies to the following persons—

(a) the person who is the subject of the investigation (“the person under investigation”);

(b) any person connected with the person under investigation;

(c) where the person under investigation is an FCA investment firm, a person who provides, or has provided, a service to the firm or to a relevant parent undertaking of the firm;

(d) where the person under investigation is a relevant parent undertaking of an FCA investment firm, a person who provides, or has provided, a service to the parent undertaking or to the firm.

(2) An investigator may also require any person to produce at a specified time and place any specified documents or documents of a specified description.

(3) A requirement under subsection (1) or (2) may be imposed only so far as the investigator concerned reasonably considers the question, provision of information or production of the document to be relevant to the purposes of the investigation.

(3A) Where the investigation relates to a recognised investment exchange, an investigator has the additional powers conferred by sections 172 and 173 (and for this purpose references in those sections to an investigator are to be read accordingly).

(4) For the purposes of this section and section 172, a person is connected with the person under investigation (“A”) if he is or has at any relevant time been—

(a) a member of A’s group;

(b) a controller of A;

(d) in relation to A, a person mentioned in Part I or II of Schedule 15.

(5) “Investigator” means a person conducting an investigation under section 167.

(6) “Specified” means specified in a notice in writing.

(7) The reference in subsection (3A) to a recognised investment exchange does not include a reference to an overseas investment exchange (as defined by section 313(1)).

Additional power of persons appointed as a result of section 168(1) , (4) or (4B).

172

(1) An investigator has the powers conferred by section 171.

(2) An investigator may also require a person who is neither the subject of the investigation (“the person under investigation”) nor a person connected with the person under investigation—

(a) to attend before the investigator at a specified time and place and answer questions; or

(b) otherwise to provide such information as the investigator may require for the purposes of the investigation.

(3) A requirement may only be imposed under subsection (2) if the investigator is satisfied that the requirement is necessary or expedient for the purposes of the investigation.

(4) “Investigator” means a person appointed as a result of subsection (1) , (4) or (4B) of section 168.

(5) “Specified” means specified in a notice in writing.

Powers of persons appointed as a result of section 168(2).

173

(1) Subsections (2) to (4) apply if an investigator considers that any person (“A”) is or may be able to give information which is or may be relevant to the investigation.

(2) The investigator may require A—

(a) to attend before him at a specified time and place and answer questions; or

(b) otherwise to provide such information as he may require for the purposes of the investigation.

(3) The investigator may also require A to produce at a specified time and place any specified documents or documents of a specified description which appear to the investigator to relate to any matter relevant to the investigation.

(4) The investigator may also otherwise require A to give him all assistance in connection with the investigation which A is reasonably able to give.

(5) “Investigator” means a person appointed under subsection (3) of section 168 (as a result of subsection (2) of that section).

Admissibility of statements made to investigators.

174

(1) A statement made to an investigator by a person in compliance with an information requirement is admissible in evidence in any proceedings, so long as it also complies with any requirements governing the admissibility of evidence in the circumstances in question.

(2) But in criminal proceedings in which that person is charged with an offence to which this subsection applies or in proceedings in relation to action to be taken against that person under section 123 to which this subsection applies—

(a) no evidence relating to the statement may be adduced, and

(b) no question relating to it may be asked,

by or on behalf of the prosecution or (as the case may be) a regulator, unless evidence relating to it is adduced, or a question relating to it is asked, in the proceedings by or on behalf of that person.

(3) Subsection (2) applies to any offence other than one—

(a) under section 177(4) or 398;

(b) under section 5 of the Perjury Act 1911 (false statements made otherwise than on oath);

(c) under section 44(2) of the Criminal Law (Consolidation)(Scotland) Act 1995 (false statements made otherwise than on oath); or

(d) under Article 10 of the Perjury (Northern Ireland) Order 1979.

(3A) Subsection (2) applies to proceedings in relation to action to be taken under section 123(2) or (3) against a person who may have contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation.

(4) “Investigator” means a person appointed under section 167 or 168(3) or (5) , or a person appointed under section 169 who has the powers conferred by virtue of subsection (2A) of that section.

(5) “Information requirement” means a requirement imposed by an investigator under section 171, 172, 173 or 175.

Information and documents: supplemental provisions.

175

(1) If either regulator or an investigator has power under this Part to require a person to produce a document but it appears that the document is in the possession of a third person, that power may be exercised in relation to the third person.

(2) If a document is produced in response to a requirement imposed under this Part, the person to whom it is produced may—

(a) take copies or extracts from the document; or

(b) require the person producing the document, or any relevant person, to provide an explanation of the document.

(2A) A document so produced may be retained for so long as the person to whom it is produced considers that it is necessary to retain it (rather than copies of it) for the purposes for which the document was requested.

(2B) If the person to whom a document is so produced has reasonable grounds for believing—

(a) that the document may have to be produced for the purposes of any legal proceedings, and

(b) that it might otherwise be unavailable for those purposes,

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