Paragraph 5

Section 165 (regulators’ powers to require information: authorised persons etc) is amended as follows.

In subsection (7), after paragraph (a) insert—

“(aa)

by the FCA, to impose requirements on a person who is or has been subject to a relevant Part 5A requirement;”.

After that subsection insert—

“(7A)

For the purposes of the exercise by virtue of subsection (7)(aa) of the powers conferred by subsections (1) and (3) in relation to a person who is not an authorised person, the reference in subsection (4)(a) to functions conferred by or under this Act is to be read as referring only to functions so conferred which relate to the carrying on of a designated activity.”.