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14 (1) | Section 381 (injunctions in case of market abuse) is amended as follows. |
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(2) | In subsections (1) to (3), for “Authority” substitute “FCA”. |
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(3) | In subsection (4), after “The court” insert “may”. |
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15 (1) | Section 382 (restitution orders) is amended as follows. |
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(2) | In subsection (1), for “Authority” substitute “appropriate regulator”. |
| 5 |
(3) | In subsections (2) and (3), for “Authority” substitute “regulator concerned”. |
| |
(4) | In subsection (7), for “Authority” substitute “appropriate regulator”. |
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(5) | In subsection (9)(a)— |
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(a) | in the opening words, for “Authority” substitute “appropriate |
| |
| 10 |
(b) | in sub-paragraph (i), for the words from “any directly applicable” to |
| |
“UCITS directive” substitute “a qualifying EU provision specified, or |
| |
of a description specified, for the purposes of this subsection by the |
| |
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(c) | in sub-paragraph (ii), for the words from “which the Authority” to |
| 15 |
the end substitute “mentioned in section 402(1)”. |
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(6) | In subsection (10), omit paragraph (a) (and the “and” at the end of it). |
| |
(7) | After subsection (10) insert— |
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“(11) | The PRA is the “appropriate regulator” in the case of a contravention |
| |
| 20 |
(a) | a requirement that is imposed by the PRA under any |
| |
| |
(b) | a requirement under section 56(6) where the authorised |
| |
person concerned is a PRA-authorised person and the |
| |
prohibition order concerned is made by the PRA, or |
| 25 |
(c) | a requirement under section 59(1) or (2) where the authorised |
| |
person concerned is a PRA-authorised person and the |
| |
approval concerned falls to be given by the PRA. |
| |
(12) | In the case of a contravention of a requirement that is imposed by a |
| |
qualifying EU provision, “the appropriate regulator” is whichever of |
| 30 |
the PRA or the FCA (or both) is specified by the Treasury by order in |
| |
relation to the qualifying EU provision for the purposes of this |
| |
| |
(13) | In the case of a contravention of a requirement where the |
| |
contravention constitutes an offence under this Act, the “appropriate |
| 35 |
regulator” is the regulator which has power to prosecute the offence |
| |
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(14) | The FCA is the “appropriate regulator” in the case of a contravention |
| |
of any other requirement. |
| |
(15) | The Treasury may by order amend the definition of “appropriate |
| 40 |
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16 | In section 383(1), (4), (5) and (9) (restitution orders in case of market abuse), |
| |
for “ Authority” substitute “FCA”. |
| |
|
| |
|
| |
|
17 (1) | Section 384 (power of Authority to require restitution) is amended as |
| |
| |
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(a) | for “The Authority” substitute “The appropriate regulator”, and |
| |
(b) | after “authorised person” insert “or recognised investment |
| 5 |
| |
(3) | In subsections (2) and (4), for “Authority” substitute “FCA”. |
| |
| |
(a) | for “Authority”, in the first place, substitute “regulator exercising the |
| |
power (“the regulator concerned”)”, and |
| 10 |
(b) | for “Authority”, in each of the other places, substitute “regulator |
| |
| |
(5) | In subsection (6), for “Authority” substitute “regulator concerned”. |
| |
| |
(a) | in paragraph (a), for the words from “any directly applicable” to |
| 15 |
“UCITS directive” substitute “a qualifying EU provision specified, or |
| |
of a description specified, for the purposes of this subsection by the |
| |
| |
(b) | in paragraph (b), for the words from “in relation to which” to the end |
| |
substitute “mentioned in section 402(1)”. |
| 20 |
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(8) | After subsection (8) insert— |
| |
“(9) | The PRA is the “appropriate regulator” in the case of a contravention |
| |
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(a) | a requirement that is imposed by the PRA under any |
| 25 |
| |
(b) | a requirement under section 56(6) where the authorised |
| |
person concerned is a PRA-authorised person and the |
| |
prohibition order concerned is made by the PRA, or |
| |
(c) | a requirement under section 59(1) or (2) where the authorised |
| 30 |
person concerned is a PRA-authorised person and the |
| |
approval concerned falls to be given by the PRA. |
| |
(10) | In the case of a contravention of a requirement that is imposed by a |
| |
qualifying EU provision, “the appropriate regulator” is whichever of |
| |
the PRA or the FCA (or both) is specified by the Treasury by order in |
| 35 |
relation to the qualifying EU provision for the purposes of this |
| |
| |
(11) | In the case of a contravention of a requirement where the |
| |
contravention constitutes an offence under this Act, the “appropriate |
| |
regulator” is the regulator which has power to prosecute the offence |
| 40 |
| |
(12) | The FCA is the “appropriate regulator” in the case of a contravention |
| |
of any other requirement. |
| |
(13) | The Treasury may by order amend the definition of “appropriate |
| |
| 45 |
|
| |
|
| |
|
(9) | In the heading, for “Authority” substitute “FCA or PRA”. |
| |
(10) | In the italic heading before section 384, for “Authority” substitute “FCA or |
| |
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18 (1) | Section 385 (warning notices) is amended as follows. |
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(2) | In subsection (1), for “the Authority” substitute “a regulator”. |
| 5 |
(3) | In subsection (2), for “the Authority” substitute “the regulator”. |
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19 | In section 386(1) and (3) (decision notices), for “Authority” substitute |
| |
| |
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| 10 |
20 (1) | Section 387 (warning notices) is amended as follows. |
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(2) | In subsection (1)(a), for “Authority” substitute “regulator giving the notice |
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(“the regulator concerned”)”. |
| |
(3) | After subsection (1) insert— |
| |
“(1A) | Where the PRA is the regulator concerned and the FCA proposes to |
| 15 |
refuse consent for the purposes of section 55F, 55I or 59 or to give |
| |
conditional consent as mentioned in section 55F(5) or 55I(8), the |
| |
warning notice given by the PRA must— |
| |
| |
(b) | give the reasons for the FCA’s proposal.” |
| 20 |
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(a) | for “The warning” substitute “A warning”, |
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(b) | for “28 days” substitute “14 days”, and |
| |
(c) | for “Authority” substitute “regulator concerned”. |
| |
(5) | In subsection (3), for “The Authority” substitute “The regulator concerned”. |
| 25 |
(6) | After subsection (3) insert— |
| |
“(3A) | Where the PRA receives any representations in response to a |
| |
warning notice given by it under section 55X(1) or (2) or 62(2) in a |
| |
case falling within subsection (1A) it must— |
| |
(a) | if the representations are in writing, give a copy to the FCA, |
| 30 |
| |
(b) | if they are not in writing and have not been given directly to |
| |
the FCA by the person making them, provide the FCA with a |
| |
| |
(7) | In subsection (4), for “The Authority” substitute “The regulator concerned”. |
| 35 |
21 (1) | Section 388 (decision notices) is amended as follows. |
| |
(2) | In subsection (1)(b), for “the Authority’s reasons” substitute “the reasons of |
| |
the regulator giving the notice (“the regulator concerned”)”. |
| |
|
| |
|
| |
|
(3) | After subsection (1) insert— |
| |
“(1A) | Where the PRA is the regulator concerned and the FCA has decided |
| |
to refuse consent for the purposes of section 55F, 55I or 59 or to give |
| |
conditional consent as mentioned in section 55F(5) or 55I(8), the |
| |
decision notice given by the PRA must— |
| 5 |
| |
(b) | give the reasons for the FCA’s decision.” |
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(4) | In subsections (3) and (4), for “The Authority” substitute “The regulator |
| |
| |
22 | In section 389(1) (notices of discontinuance)— |
| 10 |
(a) | for “the Authority” substitute “a regulator”, and |
| |
(b) | in paragraphs (a) and (b), after “notice” insert “given by it”. |
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23 (1) | Section 390 (final notices) is amended as follows. |
| |
| |
(a) | for “the Authority”, in the first place, substitute “a regulator”, and |
| 15 |
(b) | for “the Authority”, in the second place, substitute “the regulator”. |
| |
| |
(a) | for “the Authority”, in the first place, substitute “a regulator”, and |
| |
(b) | for “the Authority”, in the second place, substitute “the regulator”. |
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(4) | In subsections (9) and (10), for “the Authority” substitute “the regulator |
| 20 |
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24 (1) | Section 391 (publication) is amended as follows. |
| |
(2) | For subsection (1) substitute— |
| |
“(1) | In the case of a warning notice falling within subsection (1ZB)— |
| |
(a) | neither the regulator giving the notice nor a person to whom |
| 25 |
it is given or copied may publish the notice; |
| |
(b) | a person to whom the notice is given or copied may not |
| |
publish any details concerning the notice unless the regulator |
| |
giving the notice has published those details; and |
| |
(c) | after consulting the persons to whom the notice is given or |
| 30 |
copied, the regulator giving the notice may publish such |
| |
information about the matter to which the notice relates as it |
| |
| |
(1ZA) | In the case of a warning notice not falling within subsection (1ZB), |
| |
neither the regulator giving the notice nor a person to whom it is |
| 35 |
given or copied may publish the notice or any details concerning it. |
| |
(1ZB) | A warning notice falls within this subsection if it is given under— |
| |
| |
| |
| 40 |
| |
| |
| |
| |
|
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|
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|
| |
| |
| |
| |
| 5 |
(m) | section 345B (whether as a result of section 345(2) or 345A(3) |
| |
| |
(3) | In subsections (1A), (2) and (3), for “Authority” substitute “regulator giving |
| |
| |
| 10 |
(a) | for “The Authority” substitute “The regulator giving a decision or |
| |
| |
(b) | for “a decision notice or final notice” substitute “the notice”. |
| |
(5) | In subsection (5), for “Authority” substitute “regulator giving the notice”. |
| |
(6) | For subsection (6) substitute— |
| 15 |
“(6) | The FCA may not publish information under this section if, in its |
| |
opinion, publication of the information would be— |
| |
(a) | unfair to the person with respect to whom the action was |
| |
taken (or was proposed to be taken), |
| |
(b) | prejudicial to the interests of consumers, or |
| 20 |
(c) | detrimental to the stability of the UK financial system. |
| |
(6A) | The PRA may not publish information under this section if, in its |
| |
opinion, publication of the information would be— |
| |
(a) | unfair to the person with respect to whom the action was |
| |
taken (or was proposed to be taken), |
| 25 |
(b) | prejudicial to the safety and soundness of PRA-authorised |
| |
| |
(c) | in a case where section 2C applies, prejudicial to securing the |
| |
appropriate degree of protection for policyholders.” |
| |
(7) | In subsection (7), for “Authority” substitute “regulator”. |
| 30 |
25 (1) | Section 392 (application of sections 393 and 394) is amended as follows. |
| |
| |
(a) | for “54(1)” substitute “55Z(1)”, and |
| |
(b) | after “131H(1),” insert “192L(1),”. |
| |
| 35 |
(a) | for “54(2)” substitute “55Z(2)”, and |
| |
(b) | after “131H(4),” insert “192L(4),”. |
| |
26 (1) | Section 393 (third party rights) is amended as follows. |
| |
(2) | In subsections (1)(b) and (2), for “Authority” substitute “regulator giving the |
| |
| 40 |
| |
(a) | for “28 days” substitute “14 days”, and |
| |
(b) | for “the Authority” substitute “the regulator giving the notice”. |
| |
|
| |
|
| |
|
(4) | In subsections (4)(b), (6), (7), (9)(b) and (11)(b), for “the Authority” substitute |
| |
“the regulator giving the notice”. |
| |
(5) | In subsection (12), for “which the Authority must disclose” substitute “to |
| |
which access must be given”. |
| |
27 (1) | Section 394 (access to Authority material) is amended as follows. |
| 5 |
| |
(a) | in the opening words, for “the Authority” substitute “a regulator”, |
| |
| |
(b) | in paragraph (b), for “, in the opinion of the Authority,” substitute |
| |
“, in the regulator’s opinion,”. |
| 10 |
(3) | In subsection (2), for “the Authority”, in both places, substitute “the |
| |
regulator giving the notice”. |
| |
(4) | In subsection (3), for “The Authority” substitute “The regulator giving the |
| |
| |
| 15 |
(a) | for “the Authority” substitute “the regulator giving the notice”, and |
| |
(b) | for “the Authority’s” substitute “the regulator’s”. |
| |
(6) | In subsection (5), for “the Authority” substitute “the regulator giving the |
| |
| |
| 20 |
(a) | in paragraph (a), for “the Authority” substitute “the regulator giving |
| |
| |
(b) | in paragraph (b), for “the Authority in connection with the matter to |
| |
which the notice to which this section applies” substitute “the |
| |
regulator giving the notice in connection with the matter to which |
| 25 |
| |
(8) | In the heading, for “Authority” substitute “FCA or PRA”. |
| |
28 (1) | Section 395 (the Authority’s procedures) is amended as follows. |
| |
(2) | For subsection (1) substitute— |
| |
“(1) | Each regulator must determine the procedure that it proposes to |
| 30 |
follow in relation to the following— |
| |
(a) | a decision which gives rise to an obligation to give a |
| |
| |
(b) | in the case of the FCA, a decision which— |
| |
(i) | gives rise to an obligation for it to give a warning |
| 35 |
notice or decision notice, or |
| |
(ii) | gives rise to an obligation for the PRA to include a |
| |
statement under section 387(1A) in a warning notice |
| |
or a statement under section 388(1A) in a decision |
| |
| 40 |
(c) | in the case of the PRA, a decision which gives rise to an |
| |
obligation for it to give a warning notice or decision notice, |
| |
other than a decision which depends entirely on a decision of |
| |
the FCA of the kind mentioned in paragraph (b)(ii).” |
| |
| 45 |
|
| |
|
| |
|
(a) | omit the words from “which gives” to “such notice”, and |
| |
(b) | at the end insert “, or by 2 or more persons who include a person not |
| |
directly involved in establishing that evidence”. |
| |
(4) | In subsection (3), for the words from “taken” to the end substitute “taken |
| |
otherwise as mentioned in subsection (2) if the person taking the decision is |
| 5 |
of a level of seniority laid down by the procedure and— |
| |
(a) | in the case of procedure proposed by the FCA, the FCA |
| |
considers that, in the particular case, it is necessary in order |
| |
to advance one or more of its operational objectives, or |
| |
(b) | in the case of procedure proposed by the PRA, the PRA |
| 10 |
considers that, in the particular case, it is necessary in order |
| |
to advance any of its objectives.” |
| |
| |
(a) | for “The Authority” substitute “Each regulator”, and |
| |
(b) | for “the procedure” substitute “its procedure”. |
| 15 |
| |
(a) | for “the Authority” substitute “the regulator issuing it”, and |
| |
(b) | for “it” substitute “the statement”. |
| |
(7) | In subsection (7), for “The Authority” substitute “The regulator issuing the |
| |
| 20 |
| |
(a) | for “The Authority” substitute “The regulator issuing a statement |
| |
| |
(b) | for “any statement which it issues under this section” substitute “the |
| |
| 25 |
| |
(a) | for “giving” substitute “a regulator gives”, |
| |
(b) | after “decision notice,” insert “other than a warning notice or |
| |
decision notice relating to a decision of the PRA that is required by a |
| |
a decision of the FCA of the kind mentioned in subsection (1)(b)(ii)”, |
| 30 |
| |
(c) | for “the Authority” substitute “the regulator”. |
| |
(10) | After subsection (9) insert— |
| |
“(9A) | When the FCA takes a decision falling within subsection (1)(b)(ii), it |
| |
must follow its stated procedure.” |
| 35 |
| |
(a) | for “the Authority” substitute “a regulator”, and |
| |
(b) | for “the procedure” substitute “its procedure”. |
| |
(12) | In subsection (11), for “The Authority’s” substitute “A regulator’s”. |
| |
(13) | In subsection (13), for paragraph (a) substitute— |
| 40 |
“(a) | 55Y(4), (7) or (8)(b);”. |
| |
(14) | In the heading, for “Authority’s” substitute “FCA’s and PRA’s”. |
| |
(15) | In the italic heading before that section, for “Authority’s” substitute “FCA’s |
| |
| |
|
| |
|