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Section 55Q: Exercise of power in support of overseas regulator

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part 4A: Permission to carry on regulated activities

Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind.

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Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers.

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In deciding whether or not to exercise its own-initiative powers in response to a request, the UK regulator may take into account in particular—

whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;
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;
the seriousness of the case and its importance to persons in the United Kingdom;
whether it is otherwise appropriate in the public interest to give the assistance sought.

The UK regulator may decide not to exercise its own-initiative powers, in response to a request, unless the overseas regulator concerned undertakes to make such contribution towards the cost of their exercise as the UK regulator considers appropriate.

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In subsections (5) and (6) "request" means a request of a kind mentioned in subsection (1).

In this section—

"UK regulator" means the FCA or the PRA;
"overseas regulator" means a regulator outside the United Kingdom;
"own-initiative powers", in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.