Paragraph 5 Dedicated communication channels
The FCA must establish independent and autonomous communication channels, which are both secure and ensure confidentiality, for receiving and following up reports of contraventions of the market abuse regulation (“dedicated communication channels”).
Dedicated communication channels are considered independent and autonomous provided that they meet all the following criteria—
they are separated from general communication channels of the FCA, including those through which the FCA communicates internally and with third parties in its ordinary course of business;
they are designed, set up and operated in a manner that ensures the completeness, integrity and confidentiality of the information and prevents access by non-authorised staff members of the FCA; and
they enable the storage of durable information in accordance with paragraph 6 to allow for further investigations.
The dedicated communication channels must allow a report of a contravention to be made in one or more of the following ways—
a written report of a contravention in electronic or paper format;
an oral report of a contravention through telephone lines, whether recorded or unrecorded; or
physical meeting with FCA dedicated staff members.
The FCA must provide the information referred to in paragraph 3(2) to the reporting person before or immediately on receipt of the report of a contravention, unless the FCA reasonably believes that providing that information would jeopardise the protection of the reporting person's identity.
The FCA must ensure that a report of a contravention received by means other than dedicated communication channels is promptly forwarded without modification to FCA dedicated staff members using the dedicated communication channels.
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 23) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xv)