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The Data Reporting Services Regulations 2024

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Application of Part 27 of FSMA 2000 (offences)

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24.—(1) Part 27 of FSMA 2000(1) (offences) applies with respect to offences under these Regulations and FSMA 2000 as applied by these Regulations as it applies with respect to offences under FSMA 2000, with the following modifications.

(2) Part 27 of FSMA 2000 applies as if—

(a)each reference to that Act included a reference to these Regulations;

(b)each reference to a section of that Act were a reference to that section as applied by these Regulations;

(c)references to the Secretary of State were omitted;

(d)references to a regulator or the appropriate regulator were references to the FCA.

(3) Section 398 of FSMA 2000 (misleading FCA or PRA: residual cases) applies as if —

(a)for subsection (1) there were substituted—

“(1) A person who, in purported compliance with any requirement imposed by or under the Data Reporting Services Regulations 2024 within the meaning of regulation 2(4) of those Regulations, knowingly or recklessly gives information which is false or misleading in a material particular to—

(a)the FCA, or

(b)another person, knowing that the information is to be provided to, or to be used for the purposes of providing information to the FCA,

is guilty of an offence.”;

(b)subsection (1A) were omitted;

(c)in subsection (2) for “this Act” there were substituted “FSMA 2000 as applied by the Data Reporting Services Regulations 2024”.

(4) Section 399 of FSMA 2000 of FSMA 2000 (misleading the CMA) does not apply.

(5) Section 400 of FSMA 2000 (offences by bodies corporate) applies as if subsection (6A) were omitted.

(6) Section 401 of FSMA 2000 (proceedings for offences) applies as if—

(a)subsection 1(c) were omitted;

(b)subsections (3A) to (3B) were omitted.

(7) Section 402 of FSMA 2000 (power of FCA to institute proceedings for certain other offences) does not apply.

(8) Section 403(7) of FSMA 2000 (jurisdiction and procedure in respect of offences) applies as if the words from “or an offence” to the end were omitted.

(1)

Part 27 was amended by section 95 of and paragraphs 37, 38 and 40 of Schedule 9 to the Financial Services Act 2012 and S.I. 2013/1881 and 2016/1239. There are other amendments but none is relevant.

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