The Public Offers and Admissions to Trading Regulations 2024
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Change 1
44 Appointment by FCA of persons to carry out investigations
(1) Subsection (1) of section 167 of FSMA 2000 (appointment of persons to carry out general investigations) applies in relation to a person on whom a requirement is imposed by an applicable provision (“a regulated person”) as it applies in relation to a person to whom subsection (1A) of that section applies; and subsection (4A) of that section applies in relation to a person who has at any time been a regulated person as it applies in relation to the persons mentioned in that subsection. (2) Subsection (3) of section 168 of FSMA 2000 (appointment of persons to carry out investigations in particular cases) applies if it appears to the FCA that there are circumstances suggesting that there may have been a breach of the prohibition in regulation 12. (3) Subsection (5) of section 168 of FSMA 2000 applies if it appears to the FCA that there are circumstances suggesting that— (a) a person may have contravened a requirement imposed by an applicable provision other than regulation 12, or (b) a person who was at the material time a relevant officer of a person to whom an applicable provision has applied (“A”) has been knowingly concerned in a contravention by A of an applicable provision. (4) In paragraph (3)(b) “relevant officer” of a person means— (a) a director or other similar officer of the person, or (b) if the affairs of the person are managed by its members, a member of the person. (5) Part 11 of FSMA 2000 applies in relation to an investigation under section 167 or 168(3) or (5) of that Act as applied by paragraph (1), (2) or (3) of this regulation as if— (a) references to an investigator appointed under section 167, 168(3) or (5) were respectively references to an investigator so appointed as a result of paragraph (1), (2) or (3) of this regulation; (b) references to the investigating authority were references to the FCA; (c) in section 170(3)— (i) in paragraph (a), the reference to an investigator appointed as a result of subsection (1), (4) or (4B) of section 168 were a reference to an investigator appointed as a result of paragraph (3) of this regulation; (ii) in paragraph (b), the reference to an investigator appointed as a result of subsection (2) of section 168 were a reference to an investigator appointed as a result of paragraph (2) of this regulation; (d) in section 171(5), the reference to a person conducting an investigation under section 167 were a reference to a person conducting such an investigation as a result of paragraph (1) of this regulation; (e) in section 172(4), the reference to a person appointed as a result of subsection (1), (4) or (4B) of section 168 were a reference to a person appointed as a result of paragraph (3) of this regulation; (f) in section 173(5), the reference to appointment as a result of subsection (2) of section 168 were a reference to appointment as a result of paragraph (2) of this regulation; (g) in section 176— (i) in subsection (3A)(a), the reference to an authorised person were a reference to the person under investigation, and (ii) in subsection (4), the reference to an offence mentioned in section 168 were a reference to an offence under section 85 of that Act. (6) In this regulation “an applicable provision” means— (a) a provision of these Regulations, or (b) a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17.
44 Appointment by FCA of persons to carry out investigations
(1) Subsection (1) of section 167 of FSMA 2000 (appointment of persons to carry out general investigations) applies in relation to a person on whom a requirement is imposed by an applicable provision (“a regulated person”) as it applies in relation to a person to whom subsection (1A) of that section applies; and subsection (4A) of that section applies in relation to a person who has at any time been a regulated person as it applies in relation to the persons mentioned in that subsection. (2) Subsection (3) of section 168 of FSMA 2000 (appointment of persons to carry out investigations in particular cases) applies if it appears to the FCA that there are circumstances suggesting that there may have been a breach of the prohibition in regulation 12. (3) Subsection (5) of section 168 of FSMA 2000 applies if it appears to the FCA that there are circumstances suggesting that— (a) a person may have contravened a requirement imposed by an applicable provision other than regulation 12, or (b) a person who was at the material time a relevant officer of a person to whom an applicable provision has applied (“A”) has been knowingly concerned in a contravention by A of an applicable provision. (4) In paragraph (3)(b) “relevant officer” of a person means— (a) a director or other similar officer of the person, or (b) if the affairs of the person are managed by its members, a member of the person. (5) Part 11 of FSMA 2000 applies in relation to an investigation under section 167 or 168(3) or (5) of that Act as applied by paragraph (1), (2) or (3) of this regulation as if— (a) references to an investigator appointed under section 167, 168(3) or (5) were respectively references to an investigator so appointed as a result of paragraph (1), (2) or (3) of this regulation; (b) references to the investigating authority were references to the FCA; (c) in section 170(3)— (i) in paragraph (a), the reference to an investigator appointed as a result of subsection (1), (4) or (4B) of section 168 were a reference to an investigator appointed as a result of paragraph (3) of this regulation; (ii) in paragraph (b), the reference to an investigator appointed as a result of subsection (2) of section 168 were a reference to an investigator appointed as a result of paragraph (2) of this regulation; (d) in section 171(5), the reference to a person conducting an investigation under section 167 were a reference to a person conducting such an investigation as a result of paragraph (1) of this regulation; (e) in section 172(4), the reference to a person appointed as a result of subsection (1), (4) or (4B) of section 168 were a reference to a person appointed as a result of paragraph (3) of this regulation; (f) in section 173(5), the reference to appointment as a result of subsection (2) of section 168 were a reference to appointment as a result of paragraph (2) of this regulation; (g) in section 176— (i) in subsection (3A)(a), the reference to an authorised person were a reference to the person under investigation, and (ii) in subsection (4), the reference to an offence mentioned in section 168 were a reference to an offence under section 85 of that Act. (6) In this regulation “an applicable provision” means— (a) a provision of these Regulations, or (b) a provision of regulated market admission rules or of designated activity rules made by virtue of regulation 15 or 17.
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