97AReporting of infringements

1

This section applies to a person—

a

who is the employer of any employees, and

b

who—

i

provides regulated financial services,

ii

carries on regulated activities in reliance on the exemption in section 327, or

iii

is a recognised investment exchange, a recognised clearing house, a recognised CSD, an EEA central counterparty or a third country central counterparty.

2

The person must have in place appropriate internal procedures for the person's employees to report, through an independent channel, contraventions and potential contraventions of—

a

the prospectus regulation, or

b

any directly applicable EU regulation made under the prospectus regulation.

3

In this section—

• “employer” and “employee” have the same meaning given in section 230(1) to (5) of the Employment Rights Act 1996 M1;

• “regulated financial services” has the meaning given by section 1H.