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Change 1
As published
128C Enforcement in support of overseas regulatory authority.
(1) The Secretary of State may exercise his disciplinary powers or powers of intervention at the request of, or for the purpose of assisting, an overseas regulatory authority.
(2) The disciplinary powers of the Secretary of State means his powers—
(a) to withdraw or suspend authorisation under section 28 or to terminate or suspend authorisation under section 33,
(b) to give a disqualification direction under section 59,
(c) to make a public statement under section 60, or
(d) to apply for an injunction, interdict or other order under section 61(1);
and the reference to his powers of intervention is to the powers conferred by Chapter VI of this Part.
(3) An “overseas regulatory authority” means an authority in a country or territory outside the United Kingdom which exercises—
(a) any function corresponding to—
(i) a function of the Secretary of State under this Act, the Insurance Companies Act 1982 or the Companies Act 1985,
(ii) a function under this Act of a designated agency, transferee body or competent authority, or
(iii) a function of the Financial Services Authority under the Banking Act 1987, or
(b) any functions in connection with the investigation of, or the enforcement of rules (whether or not having the force of law) relating to, conduct of the kind prohibited by the Company Securities (Insider Dealing) Act 1985, or
(c) any function prescribed for the purposes of this subsection, being a function which in the opinion of the Secretary of State relates to companies or financial services.
(4) In deciding whether to exercise those powers the Secretary of State may take into account, in particular—
(a) whether corresponding assistance would be given in that country or territory to an authority exercising regulatory functions in the United Kingdom;
(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.
(5) The Secretary of State may decline to exercise those powers unless the oveseas regulatory authority undertakes to make such contribution towards the cost of their exercise as the Secretary of State considers appropriate.
(6) The reference in subsection (3)(c) to financial services includes, in particular, investment business, insurance and banking.
Your change, as a redline
128C Enforcement in support of overseas regulatory authority.
(1) The Secretary of State may exercise his disciplinary powers or powers of intervention at the request of, or for the purpose of assisting, an overseas regulatory authority.
(2) The disciplinary powers of the Secretary of State means his powers—
(a) to withdraw or suspend authorisation under section 28 or to terminate or suspend authorisation under section 33,
(b) to give a disqualification direction under section 59,
(c) to make a public statement under section 60, or
(d) to apply for an injunction, interdict or other order under section 61(1);
and the reference to his powers of intervention is to the powers conferred by Chapter VI of this Part.
(3) An “overseas regulatory authority” means an authority in a country or territory outside the United Kingdom which exercises—
(a) any function corresponding to—
(i) a function of the Secretary of State under this Act, the Insurance Companies Act 1982 or the Companies Act 1985,
(ii) a function under this Act of a designated agency, transferee body or competent authority, or
(iii) a function of the Financial Services Authority under the Banking Act 1987, or
(b) any functions in connection with the investigation of, or the enforcement of rules (whether or not having the force of law) relating to, conduct of the kind prohibited by the Company Securities (Insider Dealing) Act 1985, or
(c) any function prescribed for the purposes of this subsection, being a function which in the opinion of the Secretary of State relates to companies or financial services.
(4) In deciding whether to exercise those powers the Secretary of State may take into account, in particular—
(a) whether corresponding assistance would be given in that country or territory to an authority exercising regulatory functions in the United Kingdom;
(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.
(5) The Secretary of State may decline to exercise those powers unless the oveseas regulatory authority undertakes to make such contribution towards the cost of their exercise as the Secretary of State considers appropriate.
(6) The reference in subsection (3)(c) to financial services includes, in particular, investment business, insurance and banking.
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