Section 55Q

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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.

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Source: legislation.gov.uk · retrieved 2026-09-04