Section 401: Proceedings for offences., Financial Services and Markets Act 2000

In this section "offence" means—

an offence under this Act,

an offence under subordinate legislation made under this Act, or

an offence under Part 7 of the Financial Services Act 2012 (offences relating to financial services).

Proceedings for an offence may be instituted in England and Wales only—

by the appropriate regulator or the Secretary of State; or

by or with the consent of the Director of Public Prosecutions.

Proceedings for an offence may be instituted in Northern Ireland only—

by the appropriate regulator or the Secretary of State; or

by or with the consent of the Director of Public Prosecutions for Northern Ireland.

For the purposes of subsections (2)(a) and (3)(a), the PRA is the "appropriate regulator" in respect of each of the following offences—

an offence under section 55P(10) where the contravention is of a requirement imposed by the PRA;

an offence under section 56(4) where the prohibition order is made by the PRA;

an offence under section 177(3) where the investigation is being, or is likely to be, conducted on behalf of the PRA;

an offence under section 177(4) where the requirement is imposed by the PRA;

an offence under section 177(6) where the warrant is issued as a result of information on oath given by the PRA or a person appointed by the PRA to conduct an investigation on its behalf;

an offence under section 191F(1) where the notice should have been given to the PRA;

an offence under any of section 191F(2) to (4) and (5) to (7) where the notice, approval or information was given to or by the PRA;

an offence under section 366(3), unless the activity of effecting or carrying out long-term contracts of insurance is not to any extent a PRA-regulated activity;

an offence under section 398(1) where the information was given to the PRA.

For the purposes of subsections (2)(a) and (3)(a), the Bank of England is the "appropriate regulator" in respect of an offence under section 191F(4A).

For the purposes of subsections (2)(a) and (3)(a), the FCA is the "appropriate regulator" in respect of any other offence.

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In exercising its power to institute proceedings for an offence, the appropriate regulator must comply with any conditions or restrictions imposed in writing by the Treasury.

Conditions or restrictions may be imposed under subsection (5) in relation to—

proceedings generally; or

such proceedings, or categories of proceedings, as the Treasury may direct.

Section 401: Proceedings for offences.

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