The following Financial Services guidance note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:
There are a number of disclosure issues that can arise when dealing with the financial services regulators. The points set out below apply equally to dealings with the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) given that the same statutory provisions apply to each. However, most issues are likely to arise with the FCA given that it is the more active enforcement agency.
See also Practice Note: FCA disclosure of information issues—one minute guide.
Financial regulators seek information and documents from those who they regulate as part of the ongoing regulatory relationship. The regulators use the information to monitor the business of firms on an ongoing basis. This information is usually provided on a voluntary basis without the exercise of formal powers by the regulator.
The regulators can exercise a number of statutory powers against firms to require the production of documents and the provision of information without launching an investigation. Regulators can appoint investigators in certain specified circumstances. Investigators can exercise a number of more intrusive statutory powers to require certain people (both regulated and non-regulated) to attend to answer questions and to produce information and documents. The regulators and investigators exercise their statutory powers by issuing statutory requirements which compel the subject to comply under the force of law (a ‘statutory requirement’). Failure to comply with
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