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12 Enforcement

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 06 July 2022

Criminal proceedings — Breach of statutory duty — Supervision

This chapter concerns the topic of enforcement. It explains the regulators’ powers to gather information and perform investigations, and it lists the fifteen circumstances in which the regulator can issue a supervisory notice. The processes which the regulators must follow—specifically issuing ‘statutory notices’—when taking formal decisions are explained. The extent of the disciplinary powers of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are then assessed. The jurisdiction, procedure, and track record of the tribunal of first instance for referrals of statutory notices under Financial Services Markets Act (FSMA) 2000 (the Upper Tribunal (Tax and Chancery Chamber) (the ‘Tribunal’)) are assessed. The regulator’s use of injunctions is considered, and the possible criminal offences under the FSMA 2000 and Financial Services Act (FSA) 2012 are given.

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