Section 169(1) states that at the request of an overseas regulator, the FSA may use its power under section 165 of the Act (FSA's power to require information) power to require information and documents, or appoint a person to investigate any matter. These are referred to as the FSA's investigative powers.
Under section 169(4), in deciding whether or not to use its investigative power, the FSA may take into account in particular the following factors:
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;
whether it is otherwise appropriate in the public interest to give the assistance sought.
When it considers whether to use its investigative power, and whether section 169(4) applies, the FSA will first consider whether it is able to assist without using its formal powers, for example by getting the information voluntarily. Where that is not possible, the FSA will take account of all the factors in ENF 2.8.5 G, but may give particular weight to the seriousness of the case and its importance to persons in the United Kingdom, and to the public interest.