Related provisions for SUP 2.3.6
1 - 8 of 8 items.
The appropriate regulator uses various methods of information gathering on its own initiative which require the cooperation of firms:55(1) Visits may be made by representatives or appointees of the appropriate regulator. These visits may be made on a regular basis, on a sample basis, for special purposes such as theme visits (looking at a particular issue across a range of firms), or when the appropriate regulator has a particular reason for visiting a firm. Appointees of the
The appropriate regulator expects to request meetings or access to business premises during reasonable business hours. The appropriate regulator also normally expects to be able to give reasonable notice to a firm or connected person when it seeks information, documents, meetings or access to business premises. On rare occasions, however, the appropriate regulator may seek access to premises without notice. The prospect of unannounced visits is intended to encourage firms to
(1) A firm must permit representatives of the appropriate regulator, or persons appointed for the purpose by the appropriate regulator, to have access, with or without notice, during reasonable business hours to any of its business premises in relation to the discharge of the appropriate regulator's functions under the Act or its obligations under the short selling regulation3.(2) A firm must take reasonable steps to ensure that its agents, suppliers under material outsourcing
Under section 289 of the Act (Applications: supplementary) or (for an RAP applicant)
regulation 2 of the RAP regulations,3 the FCA5 may
require the applicant to provide additional information, and may require the
applicant to verify any information in any manner. In view of their likely
importance for any application, the FCA5 will normally wish to arrange for its own inspection of an applicant's
information technology systems.55
1The Money Laundering Regulations also provide investigation powers that the FCA can use when investigating whether breachesof the Regulations have taken place. These powers include: • the power to require information from, and attendance of, relevant and connected persons (regulation 37); and• powers of entry and inspection without or under warrant (regulations 38 and 39).The use of these powers will be limited to those cases in which the FCAexpects to take action under the
The FCA uses
a variety of tools to monitor whether a firm,
once authorised, remains in compliance
with regulatory requirements. These tools include (but are not limited to):(1) desk-based reviews;(2) liaison with other agencies or
regulators;(3) meetings with management and other
representatives of a firm;(4) on-site inspections;(5) reviews and analysis of periodic
returns and notifications;(6) reviews of past business;(7) transaction monitoring;(8) use of auditors; and(9) use
1The regulatory powers which the Payment Services Regulations provide to the FCA include: the power to require information;powers of entry and inspection;power of public censure;the power to impose financial penalties;the power to prosecute or fine unauthorised providers; andthe power to vary an authorisation on its own initiative.
The FCA1 would not normally seek to gather information using the methods described in SUP 2.3 or SUP 2.4 in a situation where the FCA1 could not have obtained it under the powers in Part XI of the Act (Information Gathering and Investigations). In particular, the limitations in the following sections of the Act are relevant to this chapter:11(1) section 175(5) (Information and documents: supplementary powers) under which no person may be required under Part XI of the Act (Information