Created by Mark Varela
over 10 years ago
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Copied to Note by Mark Varela
over 10 years ago
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Withdraw firms authorisation
Discipline authorised firms & people approved by FCA to work in them
requiring skilled persons report (s166) on any aspects of regulatory compliance
imposing penalties for market abuse
applying to Court for injunction & restitution orders
prosecuting various offences
Investigates where firms breach FCA rules or provisions of FSMA
Enforcement & disciplineFSMA gives FCA powers to take action under insider dealing provisions of Criminal Justice Act 1993 & Money Laundering Regulations 2007. Gives power to interview people & require them to hand over docs. Sets out circumstances when allowed to use powersFCA investigates people carrying on regulated activities without authorisation as breach of general prohibition. Imprisonment & other sanctions may apply.Work with other regulatory bodies & law enforcement agencies in UK & abroad.Take risk-based approach in selecting cases to pursue; considering Regulatory Objectives, Principles of Good Regulation, & Referral Criteria. Consider carefully proportionate response, exercise common standard of fairness, act in manor consistent with Human Rights Act 1998.Regulatory Decisions Committee consider cases prepared & recommended by enforcement staff.Settlement is possible & decisions made by two senior FCA staff. RDC is decision-maker for matters which do not settle. Independent Upper T|ribunal (Tax & Chancery Chambers) handle appeals.
FCA's Enforcement Division
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