The following Financial Services practice note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:
The Financial Conduct Authority (FCA) has a variety of powers under the Financial Services and Markets Act 2000 (FSMA 2000).
This Practice Note will discuss the FCA’s powers to obtain information and the restrictions on its disclosure and use of information obtained. However, it is worth noting that the Prudential Regulation Authority (PRA), like the FCA, has powers under sections 165-169 of FSMA 2000 (as detailed below) and can require firms to provide information and reports, appoint investigators and assist overseas regulators. The PRA has an additional power to require information under FSMA 2000, s 165A. Section 165A provides the PRA with the ability to require information held by investment funds that may be relevant to the stability of the UK financial markets.
For more information, please see Practice Note: FCA and PRA disclosure issues—essentials.
The FCA has various powers under FSMA 2000 to gather information, appoint investigators and to require the production of a report by a skilled person.
The FCA can:
require firms to provide
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