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LLD 2.2 Specification of objective

LLD 2.2.1D

The directions and guidance in this chapter are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the FSA to:

  1. (1)

    comply with its general duty under section 314 of the Act (Authority's general duty);

  2. (2)

    determine whether underwriting agents, or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under the Act;

  3. (3)

    enforce the provisions of the Act, or requirements made under the Act, by enabling the FSA to consider, where appropriate, whether it should use its powers, for example, to:

    1. (a)

      vary or cancel the permission of an underwriting agent, under section 45 of the Act (Variation etc on the Authority's own initiative);

    2. (b)

      withdraw approval from an approved person acting for or on behalf of an underwriting agent, under section 63 of the Act (Withdrawal of approval) (see ENF 7);

    3. (c)

      prohibit an individual acting for or on behalf of an underwriting agent from involvement in regulated activities, under section 56 of the Act (Prohibition orders) (see ENF 8);

    4. (d)

      require an underwriting agent to make restitution, under section 384 of the Act (Power of Authority to require restitution) (see ENF 9);

    5. (e)

      discipline an underwriting agent, or an approved person acting for it or on its behalf, for a breach of a requirement made under the Act, including the Principles, Statements of Principle and rules (see ENF 11, ENF 12 and ENF 13);

    6. (f)

      apply to court for an injunction, restitution order or insolvency order (see ENF 6, ENF 9 and ENF 10); and

    7. (g)

      prosecute any criminal offence that the FSA has power to prosecute under the Act (see ENF 15).

LLD 2.2.2G

Information provided to the FSA by the Society to comply with the Act, requirements under the Act or rules, may also be used by the FSA for the purposes stated in LLD 2.2.1 D.

LLD 2.2.3G

Other sections of LLD covering the provision of information to the FSA are:

  1. (1)

    LLD 3.3 (Information about the Central Fund);

  2. (2)

    LLD 4.3 (Information about the capacity transfer market);

  3. (3)

    LLD 7.4 (Information about complaints); and

  4. (4)

    LLD 15 (Reporting by the Society).