OpenLegislation

Section 165A PRA's power to require information: financial stabilityF1F8

United Kingdom

(1)

The F2PRA may, by notice in writing given to a person to whom this section applies, require the person—

(a)

to provide specified information or information of a specified description; or

(b)

to produce specified documents or documents of a specified description.

(2)

This section applies to—

(a)

a person who has a legal or beneficial interest in any of the assets of a relevant investment fund;

(b)

a person who is responsible for the management of a relevant investment fund;

(c)

a person (a “service provider”) who provides any service to an authorised person;

(d)

a person prescribed by an order made by the Treasury or any person of a description prescribed by such an order (and see also section 165C);

(e)

a person who is connected with a person to whom this section applies as a result of any of the above paragraphs.

(3)

This section applies only to

(F3a)

information and documents that the PRA considers are, or might be, relevant to the stability of one or more aspects of the UK financial system F4, and

(b)

information and documents reasonably required by the Bank of England in connection with the exercise by the Bank of its functions in pursuance of its financial stability objective.

(4)

A notice may be given to a service provider, or to a person who is connected with a service provider, only if the PRA considers that—

(a)

the service or the way in which it (or any part of it) is provided, or

(b)

any failure to provide the service (or any part of it),

poses, or would be likely to pose, a serious threat to the stability of the UK financial system.

(5)

Information or documents required under this section must be provided or produced—

(a)

before the end of such reasonable period as may be specified; and

(b)

at such place as may be specified.

(6)

The PRA may require any information provided under this section to be provided in such form as it may reasonably require.

(7)

The PRA may require—

(a)

any information provided, whether in a document or otherwise, to be verified in such manner as it may reasonably require; or

(b)

any document produced to be authenticated in such manner as it may reasonably require.

F5(7A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)

In this section—

  • “management” includes any of the activities listed in F6Schedule 6 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

  • “relevant investment fund” means an investment fund whose assets consist of or include financial instruments which—

    1. (a)

      are traded in the United Kingdom; or

    2. (b)

      were issued by a body incorporated in the United Kingdom;

  • “service” includes facility;

  • “specified” means specified in the notice.

(9)

For the purposes of the definition of “relevant investment fund”—

(a)

arrangements may constitute an investment fund even if there is only one person participating in the arrangements; and

(b)

the reference to financial instruments has the F7same meaning as in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (see article 3(1) of that Order).

(10)

For the purposes of this section a person is connected with another person (“A”) if the person is or has at any relevant time been—

(a)

a member of A's group;

(b)

a controller of A;

(c)

any other member of a partnership of which A is a member; or

(d)

in relation to A, a person mentioned in Part 1 of Schedule 15 (reading references in that Part to the authorised person as references to A).

Annotations

Textual amendments

F1

S. 165A-165C inserted (8.6.2010) by Financial Services Act (c. 28), {ss. 18(2)}, 26(2)

F2

Word in s. 165A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 2(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3

S. 165(3)(a): words in s. 165A(3) renumbered as s. 165A(3)(a) (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 37(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F4

S. 165A(3)(b) and word inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 37(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5

S. 165A(7A) omitted (1.1.2024 at 1.00 a.m.) by virtue of Financial Services and Markets Act 2023 (c. 29), ss. 9(4), 86(3); S.I. 2023/1382, reg. 10(a)

F6

Words in s. 165A(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 43(2); 2020 c. 1, Sch. 5 para. 1(1)

F7

Words in s. 165A(9)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 43(3); 2020 c. 1, Sch. 5 para. 1(1)

F8

Word in s. 165A heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 12 para. 2(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Notes on Part XI

Modifications

C1

Pt. 11 modified (1.12.2001) by S.I. 2001/2657, arts. 1(1), 18(2) (which was revoked (8.10.2001) by S.I. 2001/3083, arts. 1(2), 23); S.I. 2001/3538, art. 2(1)

Pt. 11 modified (1.12.2001) by S.I. 2001/3083, arts. 1(2), 18(2)(4); S.I. 2001/3538, art. 2(1)

Pt. 11 extended (with modifications) (1.12.2001) by S.I. 2001/3646, arts. 1(1), 6-9

C2

Pt. 11 applied (with modifications) (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 95, Sch. 5 para. 3 (with reg. 3) (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. 155(6)(c) (with Sch. 2 para. 156); and (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 24(9) (with regs. 8, 15))

C3

Pt. 11 applied (with modifications) (11.2.2010) by The Cross-Border Payments in Euro Regulations 2010 (S.I. 2010/89), reg. 19, Sch. para. 2

C4

Pt. 11 applied (with modifications) (15.1.2013) by The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I. 2012/3122), reg. 1, Sch. para. 2 (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. 248(6)(b))

C5

Pt. 11 applied (with modifications) (E.W.) (9.7.2013) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Referral Fees) Regulations 2013 (S.I. 2013/1635), regs. 1, 13

C6

Pt. 11 applied (with modifications) (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services Act 2012 (Consumer Credit) Order 2013 (S.I. 2013/1882), arts. 1(1), 3(5)

C7

Pt. 11 modified (temp. to 1.4.2014) (31.12.2013) by The Financial Services and Markets Act 2000 (Consumer Credit) (Transitional Provisions) Order 2013 (S.I. 2013/3128), arts. 1(1), 4(1)(2)

C8

Pt. 11 applied (with modifications) (12.12.2014) by The Immigration Act 2014 (Bank Accounts) Regulations 2014 (S.I. 2014/3085), regs. 1, 14

C9

Pt. 11 applied (with modifications) (1.1.2016) by The Small and Medium Sized Business (Finance Platforms) Regulations 2015 (S.I. 2015/1946), regs. 1(2), 23

C10

Pt. 11 applied (with modifications) (1.1.2016) by The Small and Medium Sized Business (Credit Information) Regulations 2015 (S.I. 2015/1945), regs. 1(2), 26

C11

Pt. 11 applied (with modifications) (18.9.2016) by The Payment Accounts Regulations 2015 (S.I. 2015/2038), reg. 1(2)(b), Sch. 7 para. 2

C12

Pt. 11 applied (with modifications) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 1 para. 19(1) (with reg. 7)

C13

Pt. 11 applied (with modifications) (3.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Data Reporting Services Regulations 2017 (S.I. 2017/699), regs. 1(2)(a)(b), 33

C14

Pt. 11 applied (with modifications) (1.1.2018) by The Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I. 2017/1127), reg. 1, Sch. 1 para. 2

C15

Pt. 11 applied (with modifications) (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 19

C16

Pt. 11 modified (10.5.2018) by Financial Guidance and Claims Act 2018 (c. 10), s. 37(1)(f), Sch. 5 para. 1

C17

Pt. 11 modified (E.W.S.) (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 82(13)

C18

Pt. 11 applied (with modifications) (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 3 (with Sch. 1 paras. 13, 14)

C19

Pt. 11 applied (with modifications) (10.6.2019) by The Proxy Advisors (Shareholders Rights) Regulations 2019 (S.I. 2019/926), regs. 1, 20, 22 (as amended by S.I. 2020/628, regs. 1(4), 15(5))

C20

Pt. 11 applied in part (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 75 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

C21

Pt. 11 applied in part (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 36 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

C22

Pt. 11 applied (with modifications) (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 62, Sch. 3 para. 3 (with reg. 3) (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. 196(5)(c); and (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(4), 18(4)(b); and (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 19 and (31.12.2020) by S.I. 2018/1201, reg. 1(3), Sch. 2 para. 21(3)(a)-(c) (with reg. 4, Sch. 3 Pt. 1) (with further transitional provisions in Sch. 3 Pt. 1A as inserted by S.I. 2019/405, regs. 1, 10 and as amended by S.I. 2019/1010, regs. 1(3), 7; S.I. 2019/1212, regs. 1(2), 7; and S.I. 2020/56, regs. 1, 8) and (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 62(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv))

C23

Pt. 11 applied (with modifications) (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 18(1) (as amended by S.I. 2020/1384, regs. 1(4), 50(3)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

C24

Pt. 11 applied (with modifications) (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 6 para. 4 (with reg. 3) (as amended by S.I. 2018/1201, reg. 1(3), Sch. 2 para. 72(3) (with reg. 4, Sch. 3 Pt. 2) (as amended by S.I. 2020/56, regs. 1, 8); and (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 72(b) (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(iv))

C25

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes) by The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 10 (with reg. 52(3), Sch. 3)

C26

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 44(4) (with regs. 48-50)

C27

Pt. 11 applied (with modifications) (5.4.2024) by The Data Reporting Services Regulations 2024 (S.I. 2024/107), regs. 1(2), 18; S.I. 2023/1382, reg. 4(c)

C28

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by The Securitisation Regulations 2024 (S.I. 2024/102), reg. 2(1)(e)(2), Sch. 1 para. 10 (with reg. 52(3), Sch. 3); as amended by S.I. 2024/705, regs. 1(2), 2(2)

C29

Pt. 11 modified (15.7.2025 for specified purposes, 15.7.2026 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (S.I. 2025/859), arts. 1(2)(3), 10(6)

C30

Pt. 11 applied (with modifications) (3.11.2025) by S.I. 2024/105, reg. 44(5) (as substituted by The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 (S.I. 2025/1076), regs. 1(2), 2)

C31

Pt. 11 modified (1.1.2026) by The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (S.I. 2025/1145), regs. 1(2), 13(5), 14(8)

C32

Pt. 11 applied (with modifications) (30.1.2024 for specified purposes, 19.1.2026 in so far as not already in force) by The Public Offers and Admissions to Trading Regulations 2024 (S.I. 2024/105), regs. 2(2)(3), 44(4) (with regs. 48-50); S.I. 2025/1078, reg. 5(b) (with reg. 12)