Sheron Cheng

This Practice Note deals with the disclosure issues that might arise during the course of an investigation by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) It sets out the rules on the disclosure of confidential information, privileged and protected items and disclosure to third parties such as overseas regulators and potential litigants. It also covers the general and specific obligations on firms (an auditors) to make notifications about rule breaches or other misconduct to the regulator, and the consequences of a failure to notify.

This Practice Note discusses the Financial Conduct Authority’s powers to obtain information and the restrictions on its disclosure and use of information obtained.

This Practice Note describes the materials and information which may be withheld from production to the Financial Conduct Authority (FCA) and considers some of the issues that arise when considering the interaction between protected items and privilege, but it is not a detailed analysis of the law of privilege. The Prudential Regulation Authority (PRA) has broadly the same powers as the FCA and references to the FCA should be taken to include the PRA unless otherwise stated.

This Practice Note describes the materials and information which may be withheld from production to the Financial Conduct Authority (FCA) and considers some of the issues that arise when considering the interaction between protected items and privilege, but it is not a detailed analysis of the law of privilege. The Prudential Regulation Authority (PRA) has broadly the same powers as the FCA and references to the FCA should be taken to include the PRA unless otherwise stated.

This Practice Note examines applications to the Upper Tribunal (Tax and Chancery Chamber) under Rules 5, 10, 14 and 37 of the Tribunal Procedure (Upper Tribunal) Rules 2008, SI 2008/2698. Specifically, applications for the suspension of the effect of the regulator’s decision, as well as applications relating to privacy, time extensions and costs, along with relevant case law.