|
| |
|
14 (1) | The FCA must send a copy of its annual accounts to the |
| |
Comptroller and Auditor General as soon as is reasonably |
| |
| |
(2) | The Comptroller and Auditor General must— |
| |
(a) | examine, certify and report on accounts received under |
| 5 |
| |
(b) | send a copy of the certified accounts and the report to the |
| |
| |
(3) | The Treasury must lay the copy of the certified accounts and the |
| |
report before Parliament. |
| 10 |
(4) | Except as provided by paragraph 13(1), the FCA is exempt from |
| |
the requirements of Part 16 of the Companies Act 2006 (audit), and |
| |
its balance sheet must contain a statement to that effect. |
| |
(5) | In this paragraph “annual accounts” has the meaning given in |
| |
section 471 of the Companies Act 2006. |
| 15 |
| |
| |
| |
15 | In relation to any of its functions— |
| |
(a) | the FCA is not to be regarded as acting on behalf of the |
| 20 |
| |
(b) | its members, officers and staff are not to be regarded as |
| |
| |
Exemption from requirement for use of “limited” in name of FCA |
| |
16 | The FCA is to continue to be exempt from the requirements of the |
| 25 |
Companies Act 2006 relating to the use of “limited” as part of its |
| |
| |
17 | If the Secretary of State is satisfied that any action taken by the |
| |
FCA makes it inappropriate for the exemption given by paragraph |
| |
16 to continue, the Secretary of State may, after consulting the |
| 30 |
Treasury, give a direction removing it. |
| |
| |
| |
| |
18 (1) | In determining its policy with respect to the amounts of penalties |
| 35 |
to be imposed by it under this Act, the FCA must take no account |
| |
of the expenses which it incurs, or expects to incur, in discharging |
| |
| |
(2) | The FCA must prepare and operate a scheme (“the financial |
| |
penalty scheme”) for ensuring that— |
| 40 |
|
| |
|
| |
|
(a) | the amounts paid to it by way of penalties imposed under |
| |
this Act (other than Part 6 or 18) are applied for the benefit |
| |
of authorised persons, and |
| |
(b) | the amounts paid to it by way of penalties imposed under |
| |
Part 6 of this Act are applied for the benefit of— |
| 5 |
(i) | issuers of securities admitted to the official list, and |
| |
(ii) | issuers who have requested or approved the |
| |
admission of financial instruments to trading on a |
| |
| |
(3) | The financial penalty scheme may, in particular, make different |
| 10 |
provision with respect to different classes of authorised person or |
| |
| |
(4) | Up-to-date details of the financial penalty scheme must be set out |
| |
in a document (“the scheme details”). |
| |
19 (1) | The scheme details must be published by the FCA in the way |
| 15 |
appearing to it to be best calculated to bring them to the attention |
| |
| |
(2) | Before making the financial penalty scheme, the FCA must |
| |
publish a draft of the proposed scheme in the way appearing to the |
| |
FCA to be best calculated to bring it to the attention of the public. |
| 20 |
(3) | The draft must be accompanied by notice that representations |
| |
about the proposals may be made to the FCA within a specified |
| |
| |
(4) | Before making the scheme, the FCA must have regard to any |
| |
representations made to it in accordance with sub-paragraph (3). |
| 25 |
(5) | If the FCA makes the proposed scheme, it must publish an |
| |
account, in general terms, of— |
| |
(a) | the representations made to it in accordance with sub- |
| |
| |
(b) | its response to them. |
| 30 |
(6) | If the scheme differs from the draft published under sub- |
| |
paragraph (2) in a way which is, in the opinion of the FCA, |
| |
significant, the FCA must (in addition to complying with sub- |
| |
paragraph (5)) publish details of the difference. |
| |
(7) | The FCA must, without delay, give the Treasury a copy of any |
| 35 |
scheme details published by it. |
| |
(8) | The FCA may charge a reasonable fee for providing a person with |
| |
| |
(a) | a draft published under sub-paragraph (2); |
| |
| 40 |
(9) | Sub-paragraphs (2) to (6) and (8)(a) also apply to a proposal to |
| |
alter or replace the financial penalty scheme. |
| |
| |
20 (1) | The FCA may make rules providing for the payment to it of such |
| |
fees, in connection with the discharge of any of its qualifying |
| 45 |
|
| |
|
| |
|
functions, as it considers will (taking account of its expected |
| |
income from fees and charges provided for by any other provision |
| |
| |
(a) | to meet expenses incurred in carrying out its functions or |
| |
for any incidental purpose, |
| 5 |
(b) | to repay the principal of, and pay any interest on, any |
| |
relevant borrowing and to meet relevant commencement |
| |
| |
(c) | to maintain adequate reserves. |
| |
(2) | The “qualifying functions” of the FCA are— |
| 10 |
(a) | its functions under or as a result of this Act, and |
| |
(b) | its functions under or as a result of a qualifying EU |
| |
provision that is specified, or of a description specified, for |
| |
the purposes of this sub-paragraph by the Treasury by |
| |
| 15 |
(3) | In sub-paragraph (1)(b)— |
| |
“relevant borrowing” means any money borrowed by the |
| |
FCA which has been used for the purpose of meeting |
| |
expenses incurred in relation to its assumption of |
| |
functions under this Act, and |
| 20 |
“relevant commencement expenses” means expenses |
| |
| |
(a) | in preparation for the exercise of functions by the |
| |
| |
(b) | for the purpose of facilitating the exercise by the FCA |
| 25 |
of those functions or otherwise in connection with |
| |
| |
(4) | For the purposes of sub-paragraph (3) it is irrelevant when the |
| |
borrowing of the money, the incurring of the expenses or the |
| |
assumption of functions took place (and, in particular, it is |
| 30 |
irrelevant if any of those things were done at a time when the FCA |
| |
was known as the Financial Services Authority). |
| |
(5) | In the case of rules made under Part 6 of this Act, the rules may, in |
| |
particular, require the payment of fees in respect of— |
| |
(a) | the continued inclusion of securities or persons in any list |
| 35 |
or register required to be kept by the FCA as a result of any |
| |
provision made by or under that Part, |
| |
(b) | access to any list or register within paragraph (a), and |
| |
(c) | the continued admission of financial instruments to |
| |
trading on a regulated market. |
| 40 |
(6) | In fixing the amount of any fee which is to be payable to the FCA, |
| |
no account is to be taken of any sums which the FCA receives, or |
| |
expects to receive, by way of penalties imposed by it under this |
| |
| |
(7) | Any fee which is owed to the FCA under any provision made by |
| 45 |
or under this Act may be recovered as a debt due to the FCA. |
| |
|
| |
|
| |
|
Services for which fees may not be charged |
| |
21 | The power conferred by paragraph 20 may not be used to |
| |
| |
(a) | a fee to be paid in respect of the discharge of any of the |
| |
FCA’s functions under paragraph 13, 14, 19 or 20 of |
| 5 |
| |
(b) | a fee to be paid by any person whose application for |
| |
approval under section 59 has been granted. |
| |
| |
| 10 |
Exemption from liability in damages |
| |
22 (1) | None of the following is to be liable in damages for anything done |
| |
or omitted in the discharge, or purported discharge, of the FCA’s |
| |
| |
| 15 |
(b) | any person (“P”) who is, or is acting as, an officer of, or |
| |
member of the staff of, the FCA or a member of its |
| |
| |
(c) | any person who could be held vicariously liable for things |
| |
done or omitted by P, but only in so far as the liability |
| 20 |
| |
(2) | Sub-paragraph (1) does not apply— |
| |
(a) | if the act or omission is shown to have been in bad faith, or |
| |
(b) | so as to prevent an award of damages made in respect of |
| |
an act or omission on the ground that the act or omission |
| 25 |
was unlawful as a result of section 6(1) of the Human |
| |
| |
Accredited financial investigators |
| |
23 | For the purposes of this Act anything done by an accredited |
| |
financial investigator within the meaning of the Proceeds of Crime |
| 30 |
| |
(a) | is, or is acting as, an officer of, or member of the staff of, the |
| |
FCA or a member of its governing body, or |
| |
(b) | is appointed by the FCA under section 97, 167 or 168 to |
| |
conduct an investigation, |
| 35 |
| is to be treated as done in the exercise or discharge of a function of |
| |
| |
Amounts required by rules to be paid to the FCA |
| |
24 | Any amount (other than a fee) which is required by rules to be |
| |
paid to the FCA may be recovered as a debt due to the FCA. |
| 40 |
|
| |
|