This section applies if either regulator considers that an authorised person has contravened a requirement in rules made by that regulator to collect, and keep up to date, information of a description specified in the rules.
The regulator may either—
References in this section to a skilled person are to a person—
The regulator must give notice of an appointment under subsection (2)(b) to the authorised person.
The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question.
A requirement imposed under subsection (5) is enforceable, on the application of the regulator in question, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
A contractual or other requirement imposed on a person ("P") to keep any information in confidence does not apply if—
An authorised person may provide information (whether received under subsection (7) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of this section.
A regulator may make rules providing for expenses incurred by it in relation to an appointment under subsection (2)(b) to be payable as a fee by the authorised person.
The powers conferred by this section may also be exercised by the FCA in relation to a recognised investment exchange (and references to an authorised person are to be read accordingly).
The powers conferred by this section may also be exercised by the FCA in relation to a person who is or has been subject to a relevant Part 5A requirement (and references to an authorised person are to be read accordingly).
In this section "authorised person", in relation to the PRA, means PRA-authorised person.