Financial Services Act 2012

1(1)Section 165 (power to require information) is amended as follows.U.K.

(2)In subsection (1), for “The Authority” substitute “ Either regulator ”.

(3)In subsection (3), for “Authority” substitute “ regulator ”.

(4)In subsection (4), for “the Authority” substitute “ either regulator ”.

(5)In subsections (5) and (6) for “The Authority”, in each place, substitute “ The regulator in question ”.

(6)In subsection (7), for the words from “exercised” to the end substitute “exercised—

(a)by either regulator, to impose requirements on a person who is connected with an authorised person;

(b)by the FCA, to impose requirements on an operator, trustee or depositary of a scheme recognised under section 270 or 272 who is not an authorised person;

(c)by the FCA, to impose requirements on a recognised investment exchange;

(d)by the FCA, to impose requirements on a person who is connected with a recognised investment exchange.”.

(7)In subsection (9)—

(a)for “the Authority”, in the first place, substitute “ the regulator exercising the power ”,

(b)for “the Authority's” substitute “that regulator's”, and

(c)for “the Authority”, in the second place, substitute “ that regulator ”.

(8)In subsection (11)—

(a)in the opening words, for “an authorised person” substitute “ another person ”, and

(b)in paragraph (d), at the end insert “ (reading references in that Part to the authorised person as references to A) ”.

(9)In the heading, for “Authority's” substitute “Regulators'”.