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Section 128 Suspension of investigations.

United Kingdom

(1)

If the F1FCA considers it desirable or expedient because of the exercise or possible exercise of a F2relevant power, it may direct a recognised investment exchange F3, recognised clearing house or recognised CSD—

(a)

to terminate, suspend or limit the scope of any inquiry which the exchange F4, clearing house or central securities depository is conducting under its rules; or

(b)

not to conduct an inquiry which the exchange F5, clearing house or central securities depository proposes to conduct under its rules.

(2)

A direction under this section—

(a)

must be given to the exchange F6, clearing house or central securities depository concerned by notice in writing; and

(b)

is enforceable, on the application of the FCA, by injunction or, in Scotland, by an order under section 45 of the M1Court of Session Act 1988.

F7(3)

In this section “relevant power” means the FCA’s power—

(a)

to impose a penalty or publish a statement of censure under section 123;

(b)

to impose a prohibition under section 123A;

(c)

to impose a suspension or restriction under section 123B;

(d)

to appoint a person to conduct an investigation under section 168 in a case falling within subsection (2)(d) of that section; or

(e)

to appoint a person to conduct an investigation under section 169 (investigation etc in support of an overseas regulator) in a case falling within subsection (2A) of that section.

Annotations

Textual amendments

F1

Word in ss. 121-130A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2

Words in s. 128(1) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(10)(a)

F3

Words in s. 128(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(a) (with regs. 7(4), 9(1))

F4

Words in s. 128(1)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))

F5

Words in s. 128(1)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))

F6

Words in s. 128(2)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(4)(b) (with regs. 7(4), 9(1))

F7

S. 128(3) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(10)(b)

Marginal citations

M1

1988 c. 36.

Notes on Part VIII

Textual amendments

F1

Pt. 8 heading substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 9(2)

Modifications

C1

Pt. 8 applied (with modifications) (18.6.2012) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), regs. 1(2)(b), 6, Sch. 1 (as amended (3.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(b), 9)