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Paragraph 11A F1F2

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The Treasury may (subject to this paragraph) at any time by direction require the FCA to publish a report containing information about—

(a)

any of the matters mentioned in paragraphs (a) to (ia) of paragraph 11(1);

(b)

such other matters that the direction may specify.

(2)

The Treasury may give a direction under this paragraph requiring information to be published only if the Treasury consider that—

(a)

the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the FCA’s functions, and

(b)

other available information is not sufficient to meet that purpose.

(3)

Subject to sub-paragraph (4), the FCA must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.

(4)

Nothing in this paragraph requires the inclusion in the report of any information whose publication would be against the public interest.

(5)

A direction under this paragraph may not—

(a)

require a report to be published more than once in each quarter;

(b)

require the publication of information that is confidential information for the purposes of Part 23 (see section 348(2)).

(6)

The Treasury must consult the FCA before giving a direction under this paragraph.

(7)

In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the FCA of any of its other functions.

(8)

The Treasury must—

(a)

lay before Parliament a copy of a direction given under this paragraph, and

(b)

publish the direction in such manner as the Treasury think fit.

(9)

A direction under this paragraph may be varied or revoked by the giving of a further direction.

Annotations

Textual amendments

F1

Schs. 1ZA, 1ZB substituted for Sch. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 3 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.

F2

Sch. 1ZA para. 11A and cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 39(2), 86(3); S.I. 2023/779, reg. 4(cc)

Notes on Schedule 1ZA

Modifications

C1

Sch. 1ZA applied (with modifications) (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 1 paras. 2(2)(a), 5(1)(2) (with art. 3)

Notes on Part 1

Modifications

C1

Sch. 1ZA Pt. 1 modified by S.I. 2007/3298, reg. 4(4) (as amended) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 131(c)

C2

Sch. 1ZA Pt. 1 modified (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regs. 1(2), 46(9), 63(8) (with regs. 8, 15)