Regulation 3 Power of FCA to require information from a person who is not authorised

In this regulation and in regulation 4—

• “non-authorised counterparty” means a person, other than an authorised person or a recognised body, who is a party to a financial collateral arrangement referred to in the second sub-paragraph of Article 3(2) of the CSD regulation;

• “participant” means a participant in a securities settlement system as defined in Article 2(1)(19) of the CSD regulation, other than—

  1. (a)

     an authorised person, or

  2. (b)

     a recognised body.

Paragraph (3) applies where—

The FCA may, by notice in writing, require the counterparty or person—

so that it can verify whether the non-authorised counterparty has complied with the CSD regulation or whether the person is a non-authorised counterparty.

Paragraph (3B) applies where a participant is subject to an obligation under Article 38(5) and (6) of the CSD regulation.

The FCA may, by notice in writing, require the participant—

so that it can verify whether the participant has complied with Article 38(5) and (6) of the CSD regulation.

The information or documents must be provided or produced—

This regulation applies only to information and documents reasonably required in connection with the exercise by the FCA of its functions under the CSD regulation.

The FCA may require any information provided under this regulation to be provided in such a form as it may reasonably require.

The FCA may require—

as it may reasonably require.

A requirement imposed under this regulation is a “relevant requirement” for the purposes of sections 380 M1 (injunctions) and 382 M2 (restitution orders) of the Act.

In this regulation, “specified” means specified in the notice.