# Financial Services and Markets Act 2000, Section 55Q: Exercise of power in support of overseas regulator


(1) Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) In deciding whether or not to exercise its own-initiative powers in response to a request, the UK regulator may take into account in particular—
(a) whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;
(b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;
(c) the seriousness of the case and its importance to persons in the United Kingdom;
(d) whether it is otherwise appropriate in the public interest to give the assistance sought.
(6) The UK regulator may decide not to exercise its own-initiative powers, in response to a request, unless the overseas regulator concerned undertakes to make such contribution towards the cost of their exercise as the UK regulator considers appropriate.
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) In subsections (5) and (6) “request” means a request of a kind mentioned in subsection (1).
(9) In this section—
(a) “UK regulator” means the FCA or the PRA;
(b) “overseas regulator” means a regulator outside the United Kingdom;
(c) “own-initiative powers”, in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/55Q (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-55Q
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.