The Data Reporting Services Regulations 2017

Made: 21st June 2017

Laid before Parliament: 22nd June 2017

Coming into force in accordance with regulation 1(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 1 — Introductory Provisions

Citation and commencement

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CTP definition and conditions

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directly applicable EU regulations

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 2 — Authorisation of Data Reporting Services

Prohibition on provision of data reporting service

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Register of data reporting service providers

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application for authorisation to provide a data reporting service

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application for verification of compliance with these Regulations

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions for authorisation to provide a data reporting service

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Determination of an application for authorisation to provide a data reporting service

10

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cancellation of an authorisation to provide a data reporting service

11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variation of an authorisation to provide data reporting services

12

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3 — Operating Requirements

Requirements for the management body of a data reporting service provider

13

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions for an APA

14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions for a CTP

15

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Conditions for an ARM

16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 4 — Administration and enforcement

CHAPTER 1 — The FCA

Functions of the FCA

Functions of the FCA

17

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Monitoring and enforcement

18

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Co-operation and consultation

19

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Guidance

20

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting requirements

21

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restrictions on authorisation

Restrictions on authorisation to carry on data reporting services

22

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Administrative sanctions

Public censure

23

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial penalties

24

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Warning notice

25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Decision notice

26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statements of policy

27

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statements of policy: procedure

28

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences

Misleading the FCA

29

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Breach of the prohibition on provision of data reporting service

30

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restriction on penalties

31

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHAPTER 2 — Application of the Act for the purposes of the Regulations

Application of Part 9 of the Act (hearings and appeals)

32

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of Part 11 of the Act (information gathering and investigations)

33

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information given by an auditor

34

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restrictions on disclosure of information

35

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of Part 25 of the Act (injunctions and restitution)

36

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of Part 26 of the Act (notices)

37

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of Part 27 of the Act (offences)

38

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of section 413 of the Act (protected items)

39

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

FCA: penalties, fees and exemption from liability in damages

40

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHAPTER 3 — Application of secondary legislation for the purposes of the Regulations

Service of notices

41

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of confidential information

42

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Communications by auditors

43

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 5 — Miscellaneous

Record keeping

44

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reporting of infringements

45

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application to Gibraltar

46

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Applications for authorisation and verification: CTP definition and conditions

47

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Review

48

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signed

David Evennett — Andrew Griffiths — Two of the Lords Commissioners of Her Majesty's Treasury — 2017-06-21

Explanatory note

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

[^f00003]: 2000 c.8.

[^f00004]: OJ no L331, 15/12/2010, p84.

[^f00005]: OJ no L173, 12/6/2014, p349.

[^f00006]: OJ no L173, 12/6/2014, p84.

[^f00007]: Section 313(1) was amended by S.I. 2013/504. There are other amendments but none is relevant.

[^f00008]: Section 2B was inserted by section 6 of the Financial Services Act 2012 (c.21).

[^f00009]: Section 285(1) was amended by S.I. 2013/504.

[^f00010]: OJ No L257, 28.8.2014, p1.

[^f00011]: 1971 c.80. Schedule 1 was amended by section 1 of the St Andrew’s Day Bank Holiday (Scotland) Act 2007 (asp 2). There are other amendments but none is relevant.

[^f00012]: 2000 c.8; sections 1B and 1F were inserted by section 6 of the Financial Services Act 2012 (c.21). Section 1B was amended by paragraph 3 of Schedule 3 to the Pension Schemes Act 2015 (c.8).

[^f00013]: Section 166 was substituted by paragraph 5 of Schedule 12 to the Financial Services Act 2012.

[^f00014]: Section 166A was inserted by paragraph 6 of Schedule 12 to the Financial Services Act 2012.

[^f00015]: Section 167(1) was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012 and S.I. 2007/126.

[^f00016]: Section 169(1) was amended by paragraph 9 of Schedule 12 to the Financial Services Act 2012.

[^f00017]: Sections 139A and 139B were inserted by section 24 of the Financial Services Act 2012. There are amendments to section 139A but none is relevant.

[^f00018]: Section 55Y was inserted by section 11 of the Financial Services Act 2012.

[^f00019]: Section 393(4) was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012.

[^f00020]: Part 9 was amended by section 23 of the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013 (c.33), paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c.22), S.I. 2010/22, 2013/1388, 2014/3329 and 2016/680.

[^f00021]: Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c.44), paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c.28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c.28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c.14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c.25), S.I. 2001/1090, 2005/1433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575 and 2016/680. There are other amendments but none is relevant.

[^f00022]: Section 342 was amended by paragraph 4 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115. Section 343 was amended by paragraph 5 of Schedule 13 to the Financial Services Act 2012 and S.I. 2013/3115. Section 344 was amended by paragraph 6 of Schedule 13 to the Financial Services Act 2012.

[^f00023]: Section 348 was amended by paragraph 26 of Schedule 2 to the Financial Services Act 2010 (c.28), paragraph 18 of Schedule 12 to the Financial Services Act 2012, paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013, paragraph 45 of Schedule 2 to the Bank of England and Financial Services Act 2016 and S.I. 2016/1239. Section 349 was amended by section 964 of the Companies Act 2006 (c.46), paragraph 19 of Schedule 12 to the Financial Services Act 2012, S.I. 2006/1183, 2007/1093 and 2011/1043. Section 352 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c.44).

[^f00024]: Part 25 was amended by paragraphs 19, 21, 23, 24 and 25 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126, 2013/1773, 2015/1755, 2016/225 and 680. There are other amendments but none is relevant.

[^f00025]: Part 26 was amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c.23), sections 13 and 24 of and paragraphs 28 and 29 of Schedule 2 to the Financial Services Act 2010, sections 17, 18, 19 and 24 of and paragraph 37 of Schedule 8, Schedule 9 and paragraph 8 of Schedule 13 to the Financial Services Act 2012, section 4 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, paragraph 43 of Schedule 10 to the Investigatory Powers Act 2016, S.I. 2005/381, 2005/1433, 2007/126, 2007/1973, 2009/534, 2010/22, 2010/747, 2012/916, 2013/1388, 2013/3115, 2014/2879, 2015/1755, 2016/225, 2016/680, 2016/715 and 2016/1239. There are other amendments but none is relevant.

[^f00026]: Section 425A was inserted by paragraph 32 of Schedule 2 to the Financial Services Act 2010 and amended by S.I. 2013/655 and 2013/3115.

[^f00027]: Section 55Y was inserted by section 11 of the Financial Services Act 2012.

[^f00028]: Part 27 was amended by section 95 of and paragraphs 37, 38 and 40 of Schedule 9 to the Financial Services Act 2012 and S.I. 2013/1881 and 2016/1239. There are other amendments but none is relevant.

[^f00029]: Schedule 1ZA was inserted by Schedule 3 to the Financial Services Act 2012 and is amended by section 109 of, paragraph 7 of Schedule 8 to and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, section 29 of the Bank of England and Financial Services Act 2016 and S.I. 2013/1773. There are other amendments but none is relevant.

[^f00030]: S.I. 2001/1420.

[^f00031]: S.I. 2001/2188.

[^f00032]: S.I. 2001/2587.

[^f00033]: OJ L173, 12/6/2014, p349.

Editorial notes