Section 45

This regulation applies to an employer who— provides regulated financial services, carries on regulated activities in reliance on the exemption in section 327 of FSMA 2000 (exemption from the general prohibition), or is a recognised investment exchange, a recognised clearing house, a recognised CSD or a third country central counterparty. The employer must have in place appropriate internal procedures for their employees to report, through an independent channel, contraventions or potential contraventions of an applicable provision. In this regulation— “an applicable provision” has the same meaning as in regulation 44; “employer” and “employee” each has the meaning given in section 230 of the Employment Rights Act 1996; “regulated financial services” has the meaning given in section 1H(2) of FSMA 2000.

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